EQUITIES

Asia-Pacific markets traded lower on Thursday. Except for the South Korea’s KOSPI and the Shanghai Composite that rose 0.31% and 0.24%, respectively, others slipped.

The Hong Kong’s Hang Seng index at -0.48% lower, %. Japan’s Nikkei 225 down -0.16%, the Australia’s S&P/ASX 200 lose -0.46%, and the Singapore’s Straits Times index retreated -0.46%.

Overnight on Wall Street, the Dow Jones Industrial Average fell 0.35%. The S&P 500 lost 0.79% after hitting a record high earlier in the day, while the Nasdaq Composite dropped 1.94%.

OIL

Oil prices rose on Thursday, buoyed by a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States, which could spur a rebound in fuel demand, despite a large build in U.S. crude stocks last week. The Brent crude futures traded to $49.13 a barrel, while U.S. crude at $45.78.

On Wednesday, Brent closed at $48.86 per barrel, while WTI futures ended at $45.52 per barrel.

CURRENCIES

Against a basket of currencies, the U.S. dollar at 90.99, off last Friday’s 2 1/2-year low of 90.471.

The Australian dollar strengthened 0.38% to $0.7474, while the offshore Chinese yuan also hovered below its 2 1/2-year high set on Wednesday to trade at 6.5453 per dollar.

Bitcoin was last up 1.7% at $18,622.

GOLD

Gold currently trading at $1,839.40 per ounce, while stands around $1,843.50 per ounce for gold futures. Previously closed at $1,839.30 and $1,848.50, respectively.

Silver trading at $24.00, platinum trading at $997.00 and palladium trading at $2,166.00.

ECONOMIC OUTLOOK

Asian markets looked set to slide Thursday as investors awaited further news on economic stimulus and COVID-19 vaccines. And ongoing negotiations between the British and European Union over the terms of Britain's exit added another dash of uncertainty for investors.

In the U.S., Congress continued talks on additional economic stimulus, with House lawmakers voting to pass a one-week stopgap funding bill to give more time for talks.

Meanwhile, British PM Boris Johnson warned the EU on Wednesday it must scrap demands that he says are unacceptable if there is to be a Brexit trade deal to avoid a turbulent breakup in three weeks. A 3-hour meeting between U.K. and EU leaders on Wednesday evening ends with no agreements.

U.S. crude inventories rose by 15.2 million barrels to 503.2 million barrels last week, according to the EIA, while the imports of crude oil also rose by 2.7 million bpd last week, the biggest increase on record, boosted U.S. Gulf Coast stocks up 11.8 million barrels, most in one week ever. Meanwhile, exports plunged.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 68.863 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.568 million fatality globally.

TECHNICAL OUTLOOK

[USDJPY]

Important Levels to Watch for Today:

- Resistance line of 104.476 and 104.623.

- Support line of 103.998 and 103.806.

Commentary/ Reason:

- The dollar changed hands at 104.416 per dollar, strengthening from an earlier level around 104.18, added some 0.22% on the day.

- USD/JPY recovered from early losses and posted modest gains on strength in the dollar. The dollar rebounded and the yen weakened on deadlocked stimulus talks as negotiations over a pandemic relief package drag on.