Global Markets:
- Asian Stock Markets : Nikkei down 0.60%, Shanghai Composite down 0.38, Hang Seng down 0.58% ASX down 0.76%
- Commodities : Gold at $2013.05 (0.53%), Silver at $24.70 (1.50%), Brent Oil at $79.71 (-0.96%), WTI Oil at $74.74 (-1.06%)
- Rates : US 10-year yield at 4.499, UK 10-year yield at 4.336, Germany 10-year yield at 2.629
News & Data:
- (CAD) Core retail sales 0.2% vs -0.3% expected
- (CAD) Retail sales m/m 0.6% vs 0.0% expected
- (USD) Flash Manufacturing PMI 49.4 vs 49.9 expected
- (USD) Flash Services PMI 50.8 vs 50.4 expected
Markets Update:
The Asia-Pacific markets opened the week on a downward trend. Chinese markets were weighed down by property stocks, while Japan saw a notable surge in service inflation, hitting a 45-month high. Japan’s service Producer Price Index (PPI) rose to 2.3% in October, marking its highest level since January 2020, surpassing the previous month’s 2% reading. Meanwhile, China reported a slowdown in the contraction of industrial profits for November, the slowest decline in almost a year according to government data released on Monday.
Looking ahead, attention is on upcoming economic indicators. China is set to release official factory activity figures for November on Thursday, while Australia’s October inflation data, due Wednesday, will offer insights into the central bank’s strategies. India’s GDP figures for the three months ending in September are expected late Thursday.
Market movements reflected the news: Hong Kong’s Hang Seng index dropped by 0.58%, mainland China’s CSI 300 index fell by 1.03%, and Australia’s S&P/ASX 200 initially gained but eventually dropped by 0.76%. Japan’s Nikkei 225 slipped by 0.60%, inching closer to surpassing its 33-year high reached on July 3. The Topix index also declined by 0.39%. In contrast, South Korea’s Kospi was the sole major benchmark in positive territory, climbing by 0.1%, while the small-cap Kosdaq slid by 0.36%.
In the U.S. on Friday, the three primary indexes had mixed results in a shortened trading session. The Dow Jones Industrial Average rose by 0.33%, the S&P 500 saw a slight increase of 0.06%, and the tech-heavy Nasdaq Composite fell by 0.11%. Retail giants had modest gains as Black Friday marked the start of the holiday shopping season: Walmart and Target rose by 0.9% and 0.74%, respectively, while Amazon saw a marginal increase of 0.02%.
Upcoming Events:
- 2:00 PM GMT – EUR ECB President Lagarde Speaks
- 3:00 PM GMT – USD New Home Sales
