EQUITIES

Asia-Pacific markets traded mixed on Tuesday. The South Korea’s KOSPI led the gain at 1.26%, followed by the Shanghai Composite at 0.09%, and Japan’s Nikkei 225 at 0.06%. Meanwhile, Singapore’s Straits Times index slipped -0.48%, and the Hong Kong’s Hang Seng index down -0.07%, with the Australia’s S&P/ASX 200 marginally moved.

Overnight on Wall Street, the Dow Jones Industrial Average rose 185.28 points, or 0.63%, to 29,823.92, the S&P 500 gained 40.82 points, or 1.13%, to 3,662.45 and the Nasdaq Composite added 156.37 points, or 1.28%, to 12,355.11.

OIL

Oil prices extended losses after oil-producing countries delayed a decision on output cuts. The Brent crude futures traded to $47.03 a barrel, while U.S. crude at $44.13.

The prices dropped more than 1% overnight, as Brent closed at $47.42 per barrel, while WTI futures ended at $45.55 per barrel.

CURRENCIES

Bets on more easing from the U.S. Federal Reserve weighed on the dollar as riskier currencies rose. Against major currencies, the dollar index fell 0.18% to 91.14.

In a speech released late on Monday, Fed Chair Jerome Powell said a slowing recovery and a surging pandemic meant the U.S. was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.

The Australian dollar higher at $0.7382 after the release of the country’s GDP. The Kiwi steadied after an overnight jump to 2 1/2-year highs as the dollar broadly weakened.

Bitcoin pulled back after hitting a record high of US$20,000 on Tuesday amid scepticisms over the cryptocurrency’s intense rally.

GOLD

Spot gold currently trading at $1,809.40 per ounce, while stands around $1,813.10 per ounce for gold futures. Previously closed at $1,815.20 and $1,818.90, respectively.

Silver trading at $23.67, platinum trading at $984.00 and palladium trading at $2,272.00.

ECONOMIC OUTLOOK

Asian stocks traded mixed after reverses earlier gains on Wednesday lifted by solid November manufacturing PMIs in the region, along with COVID-19 vaccine optimism and major indexes on Wall Street that surged to record highs overnight.

OPEC+, which includes Russia and other oil producing countries postponed talks on crude oil output policy for 2021 to Thursday from Tuesday.

Industry data from the API showed U.S. crude inventories rose by 4.1 million barrels last week.

Australia’s GDP beats expectations by expanded 3.3% in the September quarter.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 63.788 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.48 million fatality globally.

TECHNICAL OUTLOOK

[USDJPY]

Important Levels to Watch for Today:

- Resistance line of 104.547 and 104.78.

- Support line of 103.793 and 104.560.

Commentary/ Reason:

- The greenback held its ground at 104.363 against the safe haven yen, having touched a weekly high overnight at 104.576.

- USD/JPY posted moderate gains as COVID-19 vaccine optimism and rally in global equity markets curbed the safe-haven demand for the yen.

- The positive moves by dollar, however, were subdued by weaker-than-expected U.S. manufacturing activity data and speculation that the Federal Reserve will act to support the economy before vaccinations become available.