Morning wrap (21.11.2022)

9:52 am 21 November 2022

  • Indices from Asia-Pacific traded lower during the first stock market session of a new week. S&P/ASX 200 dropped 0.2%, Kospi traded 1.0% lower and Nifty 50 moved 0.8% lower. Indices from China traded 0.5-1.7% lower

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

  • US index futures traded little changed compared to Friday's cash close

  • China reported 3 Covid deaths over the weekend - there were the first deaths in the country since May

  • Fed's Bostic said that he thinks another 75-100 points of tightening will be sufficient to get grip over the inflation

  • People's Bank of China left 1- and 5-year loan prime rates unchanged at 3.65% and 4.30%, respectively. Decision was in-line with expectations

  • South Korean exports dropped 16.7% YoY in the first 20 days of November. Imports were 5.5% YoY lower. Semiconductor exports were 29.4% lower. Exports to China dropped 28.3% YoY

  • According to Reuters report, FTX owes $3.1 billion to its 50 biggest creditors

  • Cryptocurrencies are trading lower. Bitcoin briefly traded below $16,000 but has managed to recover back above this hurdle

  • Oil deepens declines at the beginning of a new week. WTI drops 0.8% and moved below $80 per barrel

  • Precious metals are pulling back amid US dollar strengthening. Gold drops 0.2% while silver trades 0.5% lower

  • USD and CAD are the best performing major currencies while GBP and EUR lag the most

Bitcoin dropped below the $16,000 mark this morning but has managed to climb back above this hurdle. Similar situation took place on November 14 and the coin continued to move sideways after defending the $16,000 area. Source: xStation5

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