Morning wrap (06.12.2024)

Indexes from the Asia-Pacific region are trading with mixed sentiments. Chinese indexes are gaining between 1.70-2.00%, while other markets are trading lower. The Japanese Nikkei 225 index is down 0.60% to 39,000 points, Singapore's SG20cash contracts are losing 0.50%, and the Australian AU200.cash index is trading 0.60% lower.

On the forex market in the first part of the day, the New Zealand dollar and the Australian dollar are the top gainers. The gains range between 0.3-0.5%. On the other hand, among the most gaining currencies are the Japanese yen and the US dollar, although these gains are limited to 0.2-0.4%.

The Reserve Bank of India maintained its key policy rate at an unchanged level of 6.50% as expected on Friday. However, it cut the cash reserve ratio (CRR) by 50 basis points to 4.0% to boost liquidity in the economy.

Shaktikanta Das, the Governor of the Reserve Bank of India, stated that the central bank revised India's GDP growth forecast for fiscal year 2025 downward to 6.6%. In October, the RBI had forecast growth of 7.2%.

Japanese household spending fell in October at a slower-than-expected rate of -1.3% year-on-year, compared to expectations of -2.5% year-on-year and -1.1% year-on-year previously.

Gold is rebounding by 0.30% to $2,630 per ounce. Silver is also gaining, albeit slightly less, up by 0.10% to $31.30.

OIL.WTI is down 0.15% to $68.35 per barrel.

Today's key publication will be the NFP report from the US labor market, scheduled for release at 1:30 PM GMT.

David Sacks, a venture capital investor and early executive at PayPal, has been appointed by Donald Trump to oversee technology related to AI and cryptocurrencies. Sacks is a close friend of Elon Musk and was among those who encouraged Musk to support the Republican Party in the November elections.

The leader of South Korea's ruling party stated that President Yoon Suk Yeol must be removed from power for the safety of the country over his attempt to declare martial law. Nonetheless, the ruling People Power Party in South Korea said it opposes impeachment, but this stance may change.

In the cryptocurrency market, Bitcoin is rebounding 1.00% to $98,000. This comes after a correction late yesterday pushed prices down from around $104,000 to $97,000. Ethereum is up 3.25% to $3,900.