Overnight Market Wrap: 29 November 2022

Overnight Market Wrap: 29 November 2022

Key Points:

  • Investors focused on pushback against China Covid restrictions
  • Bullard says markets underestimate chances of higher Fed rates

A gauge of Asian stocks climbed as Chinese shares rebounded from the selloff sparked by nationwide unrest over Covid curbs. The dollar weakened against most major currencies as demand for haven assets eased.

Hong Kong’s benchmark share index rose more than 3% and its mainland counterpart advanced about 2% after a heavy police presence in major cities deterred a repeat of the weekend’s demonstrations. Some investors speculated that the protests may hasten a shift away from Covid-Zero policies while others took heart from the lifting of a multi-year ban on share sales by builders.

Chinese government health officials were due to hold a briefing at 3 p.m. on the implementation of Covid prevention and control measures.

Stocks remained lower in Japan while those in Australia eked out small gains. US futures rose slightly after after the S&P 500 pared its monthly gain during the Wall Street session.

Fed Bank of St. Louis President James Bullard said markets may be underestimating under the chances of higher rates. His New York counterpart John Williams noted policymakers have more work to do to curb inflation. Fed Vice Chair Lael Brainard said the string of supply shocks is keeping inflation risks elevated.

A gauge of the dollar fell following two days of gains. The Japanese yen rose, as did an index of emerging-markets currencies.

Treasuries were little changed. Benchmark government yields made small gains in Australia and New Zealand.

Elsewhere in markets, oil and gold both steadied. 

Trade the global markets with a broker that has integrity, honesty and transparency at its core

過去のニュース

Market Wrap: 24 August 2023

Stocks Rally on Tech Optimism, Fed Rate Outlook:  Lackluster US, Europe economic data opens door for rate pause Nvidia’s bullish sales outlook prompts after-hours stock

Read More »

Market Wrap: 15 August 2023

Yuan Falls on PBOC Rate Cuts; Asian Stocks Mixed:  Japan’s economy shows resilience as growth beats estimates Economic woes mount in China as post-pandemic recovery

Read More »

Market Wrap: 11 August 2023

China Tech Pulls Asian Stocks Lower; Dollar Steady:  US core CPI posts smallest back-to-back increases in two years Daly says Fed has ‘more work to

Read More »

Market Wrap: 31 July 2023

Asian Stocks Echo US Rally on Soft Landing Hopes:  Yen declines after unscheduled Bank of Japan bond buying China manufacturing PMI data shows contraction in

Read More »

Market Wrap: 27 July 2023

Stocks Rise, Dollar Slips as Rates Peak in Sight:  ECB will raise rates by another quarter-point, survey shows US data Thursday include GDP, initial jobless

Read More »

This website is owned and operated by the Ox Securities group of companies, which include:
Ox Securities Pty Ltd registered address Level 37, 1 Macquarie Place, Sydney NSW 2000 Australia. AFSL 438402 ACN 163 551 602
Ox Securities Limited (SV) registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines
Risk Warning: The information contained on this website is general in nature and does not constitute advice or a recommendation to act upon the information or an offer. The information on this website does not take into account your personal objectives, circumstances, financial situations or needs. You are strongly recommended to seek independent professional advice before opening an account with us and/or acquiring our services/products. Ox Securities Limited (SV) do not accept applications from residents of the United States of America and Australia
Before you decide whether or not to invest any products referred to on this website, being over the counter (OTC) derivatives, it is important for you to read and consider our Financial Services Guide (FSG), Product Disclosure Statement (PDS), and Terms and Conditions (T&C), and ensure that you fully understand the risks involved. Fees, charges and commissions apply. OTC derivatives, including margin foreign exchange contracts and contract for differences, are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone. You may incur losses that are substantially greater than your initial investment. You do not own, or have any rights to, the underlying assets which the OTC derivative is referring to. You should only trade with money you can afford to lose. There are also risks associated with online trading including, but not limited to, hardware and/or software failures, and disruptions to communication systems and internet connectivity.

Copyright © OxSecurities 2020. All rights reserved