Friday 25th November 2022: Asian markets end the week higher than previous

Global Markets:

• Asian Stock Markets : Nikkei down 0.35%, Shanghai Composite up 0.40%, Hang Seng down 0.49%, ASX up 0.24%
• Commodities : Gold at $1752.60 (+0.40%), Silver at $21.34 (-0.11%), Brent Oil at $86.06 (+0.84%), WTI Oil at $78.94 (+1.28%)
• Rates : US 10-year yield at 3.683, UK 10-year yield at 3.079, Germany 10-year yield at 1.890

News & Data:

• (NZD) Retail Sales q/q 0.40% vs 0.50% expected
• (EUR) German ifo Business Climate 86.3 vs 85 expected

Markets Update:

Asian stocks slipped on Friday but posted weekly gains on optimism over a less hawkish Fed. A cautious undertone prevailed amid concerns over record-high domestic daily COVID-19 cases in China. 

China’s Shanghai Composite index rose 0.40 percent to 3,101.69 after a choppy session as the country grappled with increasing lockdowns that have fueled frustration among the population. November’s PMI readings, due next week, are set to shine more light on China’s economy, with data from October already painting a sour picture for the fourth quarter. Japan’s Nikkei 225 index fell 0.3% as rising inflation in the country’s capital heralded more economic headwinds for the country. Southeast Asian stock markets were the best performers this week, as traders piled into heavily discounted, high-risk, and high-yield assets.

U.S. markets were closed on Thursday for the Thanksgiving holiday and will close early today. The dollar was set to lose 1% this week, as dovish signals from the Fed spurred bets that U.S. inflation and the Fed’s pace of rate hikes had peaked this year. A falling greenback helped support broader metal markets.

Upcoming Events:

No upcoming events this week