CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily summary: China Covid protests weigh on global indices

19:04 28 November 2022
  • European finished today's session lower, with DAX losing over 1.0%, mostly dragged down by oil, mining and industrial goods and services companies as protests against covid restrictions sparked in major Chinese cities over the weekend . 
  • Goldman Sachs point out that Beijing may ease its zero-Covid policy earlier than anticipated due to growing anger against strict Covid measures, though fears of a government crackdown continued to weigh on market sentiment

  • Fresh comments from ECB President Christine Lagarde and Dutch central bank chief Klaas Knot pointed to more rate hikes in the future, which also halted market bulls.

  • Major Wall Street indexes are trading 1.0% lower, dragged by not only by concerns over second biggest economy by also hawkish comments from several FED members.

  • Stocks of companies which have major production facilities in China, like Apple, were under pressure. US-listed Chinese companies, such as e-commerce giants Alibaba Group and JD.com, also took a hit.

  • FED Mester does not believe the Fed is close to a pause on tightening,  while Bullard said that markets are under-pricing the risk the FOMC might be more aggressive. Fed's Williams notices signs of moderating inflation amid supply chain improvement, however more interest rate increases will aid in the restoration of economic balance.

  • Oil prices swing wildly in volatile session. In the morning sellers took the advantage as anti-covid protests in Beijing, Shanghai and other major Chinese cities sparked demand concerns. Moods reversed in the evening, after an unconfirmed report from Eurasia Group pointed out that OPEC members may be considering a new production cut when they meet on December 4th. 

  • Gold and precious metals gave up early gains and moved south amid a stronger dollar. Gold fell 0.80% and is trading around $1742 mark, while silver lost 1.80% and broke below $21.00 level.

  • Dollar index rose above 106.40 as global growth concerns lifted demand for safe-haven assets. EURUSD briefly jumped to its highest level since June 2022, however buyers failed to break above 1.05 level and the pair pulled back to 1.0370 level, while GBPUSD returned below the 1.20 mark. 

  • Bitcoin briefly fell below $16,000, while Ethereum tested $1150 level  after crypto lender BlockFi  filed for Chapter 11 bankruptcy, which raised more fears over contagion effect which could spread across the industry after crypto exchange FTX went from a $32 billion valuation to bankruptcy in a short period of time due to liquidity issues. BlockFi has over 100,000 creditors and a balance sheet with liabilities and assets ranging from $1 billion to $10 billion. 

OIL.WTI has recently been moving in a strong downtrend. Looking at the H4 interval, the key resistance is located around the $79.10-$80 zone, which is marked with the upper limit of the 1:1 structure and previous price reactions. It is also worth paying attention to the currently tested EMA100 (green line), which previously also acted as resistance. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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