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Monday 21st December: Asian markets slightly lower at the beginning of a slow week

21 Dec 2020

Global Markets:

  • Asian Stock Markets : Nikkei down 0.18%, Shanghai Composite up 0.76%, Hang Seng down 0.63%, ASX down 0.08%
  • Commodities : Gold at $1902.30 (+0.71%), Silver at $27.04 (+3.88%), Brent Oil at $50.64 (-3.10%), WTI Oil at $47.74 (-3.05%)
  • Rates : US 10-year yield at 0.908, UK 10-year yield at 0.184, Germany 10-year yield at -0.611

News & Data:

  • (CAD) Retail Sales m/m 0.40% vs 0.10% expected
  • (CAD) Core Retail Sales m/m 0.00% vs 0.10% expected
  • (EUR) German ifo Business Climate 92.1 vs 90.2 expected
  • (GBP) Retail Sales m/m -3.80% vs -4.00% expected
  • China leaves lending benchmark LPR unchanged but rate hike expectations grow

CFTC Positioning Data:

  • EUR long 142K vs 156K long last week. Longs trimmed by 14K
  • GBP long 4K vs 6K short last week. Longs trimmed by 2K
  • JPY long 44K vs 48K long last week. Longs trimmed by 4K
  • CHF long 9K vs 10K long last week. Longs trimmed by 1K
  • AUD short 9K vs 10K short last week. Shorts trimmed by 1K
  • NZD long 14K vs 11K long last week. Longs increased by 3K
  • CAD short 16k vs 21K short last week. Shorts trimmed by 5K.

Markets Update:

Asian stocks were moving lower in cautious trade on Monday, though the downside remained limited after U.S. Congressional leaders on Sunday reached a hard-fought agreement on a $900 billion stimulus package.

The deal offers temporary $300 per week supplemental jobless benefit and a $600 direct stimulus payment to most Americans. The agreement also includes a new round of subsidies for hard-hit businesses and money for schools, health care providers and renters facing eviction.

Mainland Chinese stocks were higher by their close, with the Shanghai composite up 0.8% while the Shenzhen component surged 2%. Hong Kong’s Hang Seng index declined about 0.6% In Japan, the Nikkei 225 and the Topix both dipped 0.2%. Shares in Australia declined, with the S&P/ASX 200 down 0.1%.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.427 — off a recent slump below the 90 level. Oil prices ran into profit-taking after notching up seven straight weeks of gains, with travel restrictions in Europe a further blow to demand.

Upcoming Events:

Tuesday, December 22, 2020

  • 01:30 PM GMT – (USD) Final GDP q/q

Wednesday, December 23, 2020

  • 01:30 PM GMT – (CAD) GDP m/m

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