Morning wrap (03.01.2022)

7:35 AM 3 January 2022
  • Stocks in Asia traded mixed during the first session of 2022.
  • DJ New Zealand is trading flat, Kospi added 0.33% while HangSeng fell nearly 1%. 
  • US futures are trading slightly higher compared to last week close 
  • DAX futures point to lower opening of the European session
  • Evergrande has suspended trading in its shares in Hong Kong
  • The biggest Chinese developer was ordered to demolish 39 residential buildings due to an incorrectly obtained permit 
  • Libya expects its oil output to decline by another 200K bpd over the next week
  • OPEC technical committee expects the impact of the Omicron variant of COVID-19 to be mild and short-lived
  • Turkey has raised electricity prices by up to 130% and gas prices by 50%
  • Bitcoin fell slightly and is testing support at $47,000 . Ethereum is trading above $3,800 mark
  • USD strengthens which puts pressure on precious metals
  • EUR and AUD are the worst performing major currencies while USD and JPY gain the most

USDTRY - Turkish lira weakens at the beginning of new year. Pair broke above the major resistance at 13.30 which coincides with 38.2% Fibonacci retracement of the last downward correction. Source: x Station5

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