Overnight Market Wrap: 8 December 2022

Overnight Market Wrap: 8 December 2022

Key Points:

  • Shares in Australia and Japan fall; Hong Kong bounces higher
  • Dollar resumes gains on haven demand, offshore yuan weakens

Stocks in Asia fluctuated following signs China would further relax its Covid restrictions, while Treasuries flashed warning signs of recession. The dollar strengthened in an indication of demand for havens.

The dollar resumed gains after a small decline Wednesday. Equities in Japan, Australia and South Korea dropped, along with futures for US and European benchmarks. Stocks in Hong Kong rose after media reports that mask-wearing requirements would be scrapped. Shares in mainland China seesawed. 

Bonds rose in Australia, with the 10-year yield falling 3 basis points to 3.33%. Treasury yields of the same maturity rose after a sharp decline in the prior session. 

Iris Pang, chief economist for Greater China at ING Groep NV, said China’s economy would face further strain next year despite relaxed Covid restrictions.

“The manufacturing sector in 2023 is not going to look good because of the very weak export sector and a likely recession in the US and Europe,” she said in an interview with Bloomberg Television. “We can’t be too optimistic for retail sales to boost growth in 2023. It may happen in the second half but not in the first half.”

Elsewhere in markets, oil rise after a four-day drop as investors weighed the impact of China’s moves to ease virus curbs against a looming US slowdown.

Gold was little changed after rising 0.9% in the previous session on weakness in Treasury yields, with traders looking to Friday’s US producer price report to gauge the Federal Reserve’s next monetary policy moves. – Read more: https://buff.ly/3W4o2ul

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