Morning wrap (09.12.2022)

9:47 am 9 December 2022

  • Wall Street indices snapped a losing streak and finished yesterday's trading with decent gains. S&P 500 gained 0.75%, Dow Jones moved 0.55% higher and Nasdaq added 1.13%. Russell 2000 moved 0.63% higher

  • Indices from Asia-Pacific followed into footsteps of US peers and traded higher today. Nikkei gained 1.2%, S&P/ASX 200 added 0.5%, Kospi moved 0.8% higher and indices from China traded up to 2.5% higher. Nifty 50 was a laggard with 0.3% drop

  • DAX futures point to a higher opening of the European cash session

  • According to US Treasury Secretary Yellen, recent moves on the US dollar market reflect fundamentals of the US economy

  • Chinese CPI inflation decelerated in-line with expectations in November, moving lower from 2.1 to 1.6% YoY. PPI inflation remained unchanged at -1.3% YoY (exp. -1.5% YoY)

  • New Zealand manufacturing sales climbed 3.1% QoQ in Q3 2022. This was the first positive reading since Q4 2021 as data for Q1 and Q2 showed -4.9% QoQ and -3.5% QoQ, respectively

  • TC Energy said that oil spill from Keystone pipeline leakage is estimated a 14k barrels of oil, making it one of the biggest oil spills in the US in the past decade. It remains uncertain for how long the pipeline will remain shut

  • Cryptocurrencies trade without a clear, common direction. Bitcoin gains 0.1% while Ethereum and Dogecoin trade 0.4% lower. Graph rallies over 4% while Waves drops almost 3%

  • Energy commodities trade mixed this morning - oil trades a touch high while US natural gas prices drop almost 2%

  • Precious metals benefit from USD weakening - gold gains 0.3%, silver adds 0.5% and platinum trades 0.8% higher

  • NZD and JPY are the best performing major currencies while USD and CAD lag the most

Nasdaq-100 (US100) bounced off the 11,500 pts support zone, snapping a 5-day losing streak. The index maintained an ongoing trading range. Near-term resistance to watch can be found at the upper limit of the range in the 12,100 pts area. Source: xStation5

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