Overnight Market Wrap: 14 November 2022

Overnight Market Wrap: 14 November 2022

Key Points:

  • Greenback supported by rates comments from Fed’s Waller
  • Cryptocurrencies remain under pressure on FTX fallout

Asian equities advanced on Monday with a tailwind from the biggest weekly gain in US stocks since June and China’s policy shifts on Covid curbs and the property sector.

A gauge of the region’s shares headed for the highest in more than two months, led by an extended rally in Hong Kong and mainland China. Contracts for the S&P 500 and Nasdaq 100 declined as the dollar climbed.

Stocks in Japan were lower amid a slump of more than 10% in SoftBank Group Corp. after the company failed to announce a widely-expected stock buyback. 

A gauge of the greenback had slumped more than 1% on Friday and fell for a fourth straight week in its worst performance since 2020. 

Cryptocurrencies remained under pressure amid FTX’s deepening woes. A swift plunge inthe value of FTX’s key crypto assets and unauthorized withdrawals of funds after it filed for bankruptcy suggest customers have little chance of recovering much of their deposits.

Investors will keep a wary eye on the Group of 20 summit in Indonesia, where US President Joe Biden and Chinese leader Xi are expected to meet. Biden’s hand has been strengthened by the Democrats defying political forecasts and historical trends to keep control of the Senate.

Oil advanced for a third session as investors weighed the outlook for Chinese demand as the market tightens heading into winter.

The positive sentiment from China also filtered through to Australian iron ore miners and steel companies as their shares surged. Gold declined on the stronger dollar.

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