Global Markets:
- Asian Stock Markets : Nikkei up 0.03%, Shanghai Composite down 0.08%, Hang Seng down 1.13% ASX down 0.03%
- Commodities : Gold at $2059.5 (0.47%), Silver at $24.63 (0.24%), Brent Oil at $79.92 (0.73%), WTI Oil at $74.47 (0.74%)
- Rates : US 10-year yield at 3.898, UK 10-year yield at 3.448, Germany 10-year yield at 1.974
News & Data:
- (USD) Unemployment Claims 205K vs 214K expected
- (USD) Final GDP q/q 4.9% vs 5.2% expected
- (CAD) Core Retail Sales m/m 0.6 vs 0.4 expected
- (CAD) Retail Sales m/m 0.8 vs 0.7 expected
Markets Update:
Asia-Pacific markets showed mixed performances on Friday. The Bank of Japan’s October meeting minutes highlighted discussions among board members on how to communicate their shift in yield control stance. In Japan, the headline inflation rate slowed to 2.8% in October, marking the slowest pace since July 2022, down from 3.3%. Core inflation, excluding fresh food prices, matched economists’ expectations at 2.5%, lower than October’s 2.9%.
Australia’s S&P/ASX 200 saw a slight decline, closing at 7,501.6 while hovering near the flatline throughout the session. Japan’s Nikkei 225 rebounded, recovering from losses in Asia on Thursday, with a 0.3% increase, and the Topix surged by 0.54%. South Korea’s Kospi gained 0.24%, but the small-cap Kosdaq dipped by 0.1%.
In Hong Kong, tech stocks plummeted after China released draft regulations to curb excessive gaming and spending, causing significant drops for heavyweights like Tencent and NetEase. Overnight in the U.S., all three major indexes bounced back, with the S&P 500 rising by 1.03%, recovering from its most significant drop since September, signaling a year-end rally. The broad market index now sits about 1% away from its closing high and 1.5% from its intraday record. The Dow Jones Industrial Average gained 0.87%, while the Nasdaq Composite surged by 1.26% to reach 14,963.87.
Upcoming Events:
- 1:30 PM GMT – CAD GDP m/m
- 1:30 PM GMT – USD Core PCE Price Index m/m
- 1:30 PM GMT – USD Core Durable Goods Orders m/m
- 1:30 PM GMT – USD Durable Goods Orders m/m
- 3:00 PM GMT – USD New Home Sales
