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Markets Update: APAC Stocks Retreat, DXY Holds Above 104, Ahead of Key Data.
Economic Calendar
Global Markets Roundup: 07 Dec 2023
Asia-Pacific stocks declined on Thursday, following the weak lead from Wall Street, as markets digested mixed Chinese trade data. Chinese trade figures showed the first expansion in exports since April, while imports surprisingly contracted. European equity futures are pointing to a weaker open, with the Euro Stoxx 50 futures down 0.5% after the cash market closed up 0.7% on Wednesday.
The ASX 200 underperforming due to weakness in the energy sector following the recent drop in oil prices. The Nikkei 225 also suffered, slipping back below the 33,000 level amid headwinds from a firmer currency and higher yields. Meanwhile, the Hang Seng and Shanghai Composite were mixed, with the mainland market choppy amid mixed Chinese trade data and the Hong Kong benchmark weighed down by Moody's revision of its credit outlook for the special administrative region to negative.
FX DXY held on to 104.00 range, amid weak risk appetite and ahead of jobless claims and NFP data. EUR/USD languished near prior day's lows after ECB comments and drop from resistance at 1.0800. GBP/USD stuck near 2-week trough near 1.2550. USD/JPY retreated beneath 147.00 amid JGB yield rise and risk-off sentiment, despite BoJ Governor's reaffirmations on YCC. AUD and NZD extended declines amid risk-off mood and mixed Chinese trade data.
COMMODITIES Crude oil futures slightly recovered after multi-month lows, but capped by mixed inventories and global growth concerns. Russia, Kuwait support OPEC+ agreement. Venezuelan PDVSA authorized loading of first two crude cargoes to India. Spot gold traded sideways amid rangebound dollar and awaiting jobs data. Copper futures rebounded off lows but capped by widespread downbeat mood and mixed Chinese trade data.
Key data releases to watch include UK Halifax House Prices, French Trade, Italian Retail Sales, EZ Employment (Final), GDP (Revised), US IJC, US Wholesale Sales, NZ Manufacturing Sales, Japanese Cash Earnings & GDP (Revised), Speech from ECB’s Elderson, Supply from Spain, France & US.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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