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. 

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