Morning wrap (17.11.2021)

9:49 am 17 November 2021

  • Wall Street indices gained yesterday. S&P 500 gained 0.39% and reclaimed 4,700 pts area. Dow Jones added 0.15% and Nasdaq moved 0.76% higher

  • Stocks in Asia traded mostly lower. Nikkei, S&P/ASX 200 and Kospi moved lower while indices from China traded mixed

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

  • US President Biden said that he will decided on a new Federal Reserve Chair in around 4 days

  • US Trade Representative spoke with the Japanese Minister of Economy, Trade and Industry. THe two agreed their countries should collaborate more on labour and trade issues

  • China will ease restrictions for domestic developers to finance via asset-backed securities

  • According to Hong Kong media, United States want China to release its strategic oil reserves in order to ease oil prices

  • According to Washington Post, US government officials will not attend Beijing Winter Olympics

  • OPEC chief said that oil market may swing to surplus this December

  • Japanese core machinery orders were flat month-over-month in September (exp. +1.8% MoM)

  • API report pointed to a 0.65 million barrel build in US oil inventories (exp. +1.5 mb)

  • Cryptocurrencies remain under pressure after yesterday's strong sell-off. Bitcoin trades near $59,500

  • Precious metals gain, oil drops and industrial metals trade mixed

  • NZD and GBP are the best performing major currencies while CHF and EUR lag the most

EURUSD deepened decline today and dropped below 1.1300. However, the pair managed to recoup some losses and climbed back above the 1.1290 support marked with the 61.8% retracement of the post-pandemic recovery move. Source: xStation5

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