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Markets Update: APAC Stocks Mixed, DXY Rangebound, UST Futures Slip, Israel-Hamas Truce Begins.
Economic Calendar
Global Markets Roundup: 24 Nov 2023
Asia-Pacific stocks traded mixed on Friday as markets headed into the start of the Israel-Hamas truce and in the absence of a lead from Wall Street, which remained closed for the Thanksgiving holiday. The US Dollar Index (DXY) traded rangebound amid a lack of drivers and in holiday conditions with many in the US likely to stay away for Black Friday. European equity futures are indicative of a marginally softer open, with the Euro Stoxx 50 index down 0.1%. A four-day truce in the Israel-Hamas war took effect at 7:00 am local time (05:00 GMT) on Friday, with hostages held in the Gaza Strip set to be released later in the day in exchange for Palestinian prisoners. OPEC+ is moving closer toward a compromise with African oil producers, according to Reuters citing two OPEC+ sources.
The Australian ASX 200 index edged higher on Friday, led by strength in utilities, financials, and the energy sector. Gains were capped by weakness in the tech sector and concerns over Australia's sailing of a warship through the Taiwan Strait, which could raise tensions with China. The Japanese Nikkei 225 index outperformed on its return from a holiday closure, with investors digesting data releases including national CPI, which printed softer than expected but still showed an acceleration from the previous month. The Hong Kong Hang Seng index and the Chinese Shanghai Composite index were pressured despite the lack of obvious catalysts. Efforts by the People's Bank of China (PBoC) to inject liquidity into the market and news that China is considering unprecedented support for the property sector by allowing banks to offer unsecured short-term loans to qualified developers failed to lift sentiment.
FX
The US Dollar Index (DXY) traded rangebound on Friday, reflecting the lack of drivers and holiday conditions with many market participants in the US likely to stay away for Black Friday.
EUR/USD fluctuated around the 1.0900 level as investors await fresh catalysts from today's scheduled ECB speakers.
GBP/USD was indecisive at the 1.2500 handle, with momentum from yesterday's encouraging PMI data fading.
USD/JPY remained near 149.50 after the latest inflation data and mixed PMIs from Japan failed to spark significant price action.
AUD and NZD were little changed amid the mixed risk appetite and lackluster commodities complex. The People's Bank of China (PBoC) set the USD/CNY mid-point at 7.1151 vs exp. 7.1440 (prev. 7.1212).
COMMODITIES
Crude oil futures were lackluster in the absence of any major catalysts and following the postponement of the OPEC+ meeting to November 30th. Despite this delay, Reuters reported that the group is moving closer towards a compromise with African oil producers.
Spot gold traded sideways beneath the psychological USD 2,000/oz level, with price action subdued by the uneventful dollar.
Copper futures eked out mild gains, with price action indecisive amid the mixed risk appetite in Asian trade.
Looking ahead, key highlights include German GDP and Ifo, Canadian Retail Sales, US PMI (Flash), and speeches from ECB officials, including President Lagarde.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team