Morning Wrap (26.11.2021)

7:54 AM 26 November 2021
  • Risk sentiment deteriorated during the Asian session as markets became worried about a new coronavirus variant from South Africa. Nu variant is said to be the more transmissible and more resistant to neutralizing antibodies

  • UK Health Security Agency said that it is the most challenging coronavirus variant yet

  • Nikkei dropped 2.5%, Kospi moved 1.5% lower and S&P/ASX 200 plunged 1.7%. Indices from China traded 0.5-2.0% lower

  • DAX futures and US futures trade lower

  • Safe haven currencies, like CHF or JPY, gained. Commodity currencies, like AUD, NZD and CAD, are the weakest in the G10 basket

  • Gold moved above $1,800. WTI and Brent drop around 3% each. Industrial metals trade slightly lower

  • Bitcoin and other cryptocurrencies trade lower

  • Singapore will not allow arrivals from South Africa and nearby countries. Similar move is reportedly considered by Japan

  • Australian retail sales increased 4.9% MoM in October (exp. 2.2% MoM)

WTI (OIL.WTI) erased almost all of the gains made following the SPR release announcement. New coronavirus variant is pressuring markets with risk assets taking a big hit today. It is said that it is more transmissible and more resistant to antibodies. Source: xStation5

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