Morning wrap (13.12.2022)

• US indices finished yesterday's session higher with all major Wall Street indices gaining over 1%. S&P 500 gained 1.43%, Dow Jones moved 1.58% higher and Nasdaq jumped 1.26%. Russell 2000 added 1.22%

• Indices from Asia-Pacific traded mixed today. Nikkei and Nifty 50 gained 0.4%, S&P/ASX 200 traded 0.3% higher, Kospi dropped 0.1% and indices from China traded mixed

• DAX futures point to a slightly higher opening of the European cash session

• Authorities in Hong Kong announced that citizens will no longer be required to have Covid tracing mobile app and that 3-day monitoring period for arrivals will be removed

• Sam Bankman-Fried, CEO of collapsed cryptocurrency exchange FTX, has been taken into custody in Bahamas and is likely to face extradition to the United States, where criminal charges were filed against him

• Bank of Canada Governor Macklem said that more clear evidence of inflation coming down should surface next spring.

• Japanese Trade Minister said that he is in talks with US Commerce Secretary over export controls and chip-related exports curbs to China, what may hint that Japan is considering imposing restrictions similar to US and the Netherlands

• Cryptocurrencies are trading lower. Bitcoin drops 0.1%, Ethereum trades 0.3% lower and Dogecoin dips 0.8%. Apecoin and Waves drop over 7% each

• Oil is trading higher driven by fundamentals - China continues to reopen, hinting at demand pick-up, while supply in the United States continues to be impacted by Keystone pipeline shutdown. Brent and WTI trades over 1% higher today

• Precious metals benefit from USD weakening - gold gains 0.2% while silver and platinum trade 0.7% higher

• AUD and NZD are the best performing major currencies while JPY and USD lag the most

WTI (OIL.WTI) managed to defend the $72.00 support zone and started to recover. Price extends yesterday's upward move today and breaks back above $74 per barrel, amid demand-positive news from China. Source: xStation5