EQUITIES
Asia-Pacific markets mostly lower on Monday. Hong Kong’s Hang Seng index led the losses for about -1.23%. Mainland Chinese stocks was down -0.46%, South Korea’s KOSPI shed -0.54%, and the S&P/ASX 200 dropped -0.53%. Otherwise, Singapore’s edged higher to 0.21%.
Japanese markets were closed for a public holiday.
Closed on Friday last week, U.S. stocks declined with the Dow down 0.9%, the S&P 500 losing 1.1% and Nasdaq Composite dropping 1.07%.
OIL
Oil prices steady as third storm in month is to be expected. Brent crude futures traded to $43.00 a barrel, while U.S. crude at $40.98.
On Friday, Brent closed at $43.15 per barrel, while WTI futures ended at $41.11 per barrel.
CURRENCIES
The dollar was steady against a basket of major currencies to 92.81, clung to late-week gains.
The risk-sensitive Australian dollar was slightly higher at $0.7319. The New Zealand dollar was flat at $0.6770, ahead of a Reserve Bank of New Zealand rate-setting meeting later in the week.
GOLD
Gold currently trading at $1,950.70 per ounce, while stands around $1,958.70 per ounce for gold futures. Previously closed at $1,948.90 and $1,962.10, respectively.
Silver trading at $26.92, platinum trading at $932.00 and palladium trading at $2,259.00.
ECONOMIC OUTLOOK
Asian shares lower on Monday, as investors awaited developments on U.S. fiscal stimulus and coronavirus vaccines amid a resurgence of infections in Europe.
Oil prices steady as third storm in month takes aims at U.S. Oil and gas producers had been restarting their offshore operations over the weekend after being disrupted by Hurricane Sally.
China’s one-year and five-year Loan Prime Rate (LPR) on Monday were kept unchanged at 3.85% and 4.65%, respectively.
South Korea’s exports returned to growth for the first time in six months. Exports grew 3.6% YoY, while imports declined 6.8% on-year, Korea Customs Service data showed on Monday.
To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 30.93 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 959 thousand fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 104.699 and 104.913.
- Support line of 104.271 and 104.057.
Commentary/ Reason:
- Against the safe haven yen, the greenback eased to 104.30 after tumbled to its more than 1-month low of 104.265 earlier today.
- The situation came as uncertainty over everything from the U.S. election to the global economic recovery had investors seeking safety, and as U.S. real yields sink lower.
- U.S. Fed implying looser monetary policy could drive further to yen strength.
