investingLive Asia-pacific market news wrap: Australian GDP underwhelms

• Australia Q3 GDP +0.4% q/q vs +0.7% expected
• RBA’s Bullock: Inflation expectations are still anchored
• RBA’s Bullock: Inflation has surprised on the upside
• India rupee falls to record low, crosses 90 per US dollar
• Trump cancels interviews, zeroes in on Fed chair candidate — report
• China RatingDog general services PMI 52.1 vs 52.6 prior
• Japan November S&P Global final services PMI 53.2 vs 53.1 prior
• Trump tweets that he declares Biden pardons null and void
• Trump said he had a very productive call with Lula
• What we learned from the Tennessee House special election
• US private oil inventory data shows sizeable builds in crude, gasoline and distillates

Markets:

• Gold up $12 to $4219
• WTI crude oil up 7 cents to $58.71
• Nikkei up 1.6%
• S&P 500 futures up 0.2%
• AUD leads, CAD lags

A risk on mood has crept into markets, in part due to more smoke around a dovish Fed chair.

In terms of economic data, the softer GDP number initially weighed on AUD but it quickly rebounded and is now leading the way. Some of that might be a closer look at the hotter inflation metrics in the GDP report and the hawkish comments from Bullock, along with the positive risk mood.

The Chinese data was soft and that could stoke fresh talk of stimulus focused on consumers.

This article was written by Adam Button at investinglive.com.