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Thursday 17th December: Asian markets gain as Fed commits to rates.

17 Dec 2020

Global Markets:

  • Asian Stock Markets : Nikkei up 0.18%, Shanghai Composite up 1.13%, Hang Seng up 0.77%, ASX up 1.16%
  • Commodities : Gold at $1879.00 (+1.07%), Silver at $25.89 (+3.33%), Brent Oil at $51.77 (+1.35%), WTI Oil at $48.49 (+1.40%)
  • Rates : US 10-year yield at 0.931, UK 10-year yield at 0.285, Germany 10-year yield at -0.562

News & Data:

  • (AUD) Unemployment Rate 6.80% vs 7.00% expected
  • (AUD) Employment Change 90.0K vs 40.9K expected
  • (NZD) GDP q/q 14.00% vs 12.90% expected
  • (USD) Federal Funds Rate <0.25% vs <0.25% expected
  • (USD) Flash Services PMI 55.3 vs 55.7 expected
  • (USD) Flash Manufacturing PMI 56.5 vs 55.9 expected
  • (USD) Retail Sales m/m -1.10% vs -0.30% expected
  • (USD) Core Retail Sales m/m -0.90% vs 0.10% expected
  • (CAD) CPI m/m 0.10% vs 0.00% expected
  • (GBP) Flash Services PMI 49.9 vs 50.5 expected
  • (GBP) Flash Manufacturing PMI 57.3 vs 55.9 expected
  • (EUR) Flash Services PMI 47.3 vs 41.9 expected
  • (EUR) Flash Manufacturing PMI 55.5 vs 53 expected
  • (EUR) German Flash Services PMI 47.7 vs 44.1 expected
  • (EUR) German Flash Manufacturing PMI 58.6 vs 56.4 expected

Markets Update:

Asian stock markets are turning in a mixed performance on Thursday after the U.S. Federal Reserve revealed plans to continue its asset purchase program and U.S. lawmakers made progress toward a $900 billion coronavirus relief deal. Nevertheless, worries about the continued surge in global coronavirus cases and lockdown measures weighed on the markets.

Shares in Australia jumped, with the S&P/ASX 200 up 1.2%. Mainland Chinese stocks closed higher, with the Shanghai composite jumping 1.1% and the Shenzhen component advancing 1%.

The Hang Seng index in Hong Kong rose about 0.8%, as of its final hour of trading. In Japan, the Nikkei 225 gained 0.2% while the Topix index ended its trading day 0.3% higher.

U.S. Treasuries steadied with the yield on benchmark ten-year government bonds flat at 0.9246%. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.952 following levels above 90.6 seen earlier in the week.

Upcoming Events:

  • 08:30 AM GMT – (CHF) SNB Monetary Policy Assessment
  • 08:30 AM GMT – (CHF) SNB Policy Rate
  • 09:00 AM GMT – (CHF) SNB Press Conference
  • 12:00 PM GMT – (GBP) MPC Official Bank Rate Votes
  • 12:00 PM GMT – (GBP) Monetary Policy Summary
  • 12:00 PM GMT – (GBP) Official Bank Rate
  • 12:00 PM GMT – (GBP) MPC Asset Purchase Facility Votes
  • 01:30 PM GMT – (CAD) ADP Non-Farm Employment Change
  • 01:30 PM GMT – (USD) Philly Fed Manufacturing Index
  • 01:30 PM GMT – (USD) Unemployment Claims

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