EQUITIES
Shares in Asia-Pacific mostly rose in Friday trade. The South Korea’s KOSPI led gains regionally, climbed 1.42% higher. Japan’s Nikkei 225 rose 1.01%, and Australian stocks also rose as the S&P/ASX 200 gained 0.86%.
Hong Kong’s Hang Seng index gained 0.7% in morning trade, with shares of JD.com soaring nearly 5% following the Singles Day online shopping sales event, while Alibaba edged around 0.3% higher. Mainland Chinese stocks lagged the broader region, with the Shanghai composite traded fractionally lower.
Elsewhere, the S&P BSE Sensex in India rose 0.57%, while the Singapore’s Straits Times index added 0.05%
OIL
Oil prices drifted slightly lower on Friday, wiping out gains from the previous session, as the market grappled with a stronger U.S. dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices.
The Brent now traded at $82.35 per barrel, and U.S. crude futures traded at $81.05 per barrel. Both contracts were poised to end the week roughly unchanged after sharp moves up and down throughout the week.
Overnight, the Brent ends at $82.87 a barrel, and the WTI settled at $81.59 per barrel.
CURRENCIES
The U.S. dollar headed for its best week in almost five months against major peers on Friday, amid bets the U.S. central bank will bring forward plans to raise rates to tame inflation. The dollar index hit a fresh 16-month high of 95.250, on track for a 1.08% gain this week, the most since the period ended June 20.
Bond yields ticked up, with the 10-year U.S. Treasuries yield rising 1.9 basis points to 1.577% on Friday after a market holiday on Thursday.
GOLD
Gold was flat on Friday but stayed near Wednesday's five-month highs as investors sought inflation hedges. The metal is on track for its biggest weekly jump in six months.
Spot gold was steady at $1,856.40 per ounce, and U.S. gold futures edged down slightly to $1,858.00.
Spot silver slipped 0.4% to $25.19 per ounce and headed to its best week in three. Platinum was down 0.5% at $1,089.00 and was on course for its biggest weekly rise in a month. Palladium shed 0.2% to $2,057.50.
ECONOMIC OUTLOOK
Asian share prices advanced on Friday as a shock from a surprisingly strong U.S. inflation reading ebbed, with investors now hopeful that the worst price hikes could be soon over. China's markets were supported by property giant Evergrande avoiding default again.
Due for earnings releases on November 12 including AstraZeneca, Spectrum Brands, Deutsche Telekom, Sumitomo, Nippon Paint, Toshiba, Bakkt Holdings, Richemont, Foxxcon, and Toshiba.
