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Wednesday 23rd December: Asian markets advance On US sentiment

23 Dec 2020

Global Markets:

  • Asian Stock Markets : Nikkei up 0.33%, Shanghai Composite up 0.76%, Hang Seng up 0.73%, ASX up 0.66%
  • Commodities : Gold at $1873.10 (+0.15%), Silver at $25.67 (+0.53%), Brent Oil at $49.95 (-0.26%), WTI Oil at $46.88 (-0.30%)
  • Rates : US 10-year yield at 0.921, UK 10-year yield at 0.186, Germany 10-year yield at -0.596

News & Data:

  • (EUR) German Import Prices m/m 0.50% vs 0.30% expected
  • (AUD) Private Sector Credit m/m 0.10% vs 0.10% expected
  • (USD) Existing Home Sales 6.69M vs 6.70M expected
  • (USD) CB Consumer Confidence 88.6 vs 97.1 expected
  • (USD) Richmond Manufacturing Index 19 vs 11 expected
  • (CNY) CB Leading Index m/m 1.20% vs 1.30% previous
  • (USD) Final GDP Price Index q/q 3.50% vs 3.60% expected
  • (USD) Final GDP q/q 33.40% vs 33.10% expected
  • Trump says covid aid-spending bill has unnecessary components
  • The outlook for London isn’t good after Brexit: Expert

Markets Update:

Asian stocks advanced on Wednesday as worries over a new Covid-19 strain eased and U.S. lawmakers approved a $900 billion relief package for the world’s biggest economy.

U.S. President Donald Trump said he wants an increase in the stimulus checks for individuals to $2,000 from $600, or he may veto the legislation. Chinese shares rose after a coronavirus vaccine candidate developed by the Chinese Academy of Sciences (CAS) was found to be safe and triggered immune responses in early and mid-stage trials.

Mainland Chinese stocks were higher on the day, with the Shanghai composite up 0.8% while the Shenzhen component advanced 1.0%. Shares in Australia edged higher by their close, with the S&P/ASX 200 gaining 0.7%. Hong Kong’s Hang Seng index gained about 0.7%, as of its final hour of trading.

Gold nursed losses following the dollar’s Tuesday gains and was mostly steady at $1,864 an ounce. The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 90.445 following an earlier high of 90.666.

Upcoming Events:

  • 01:30 PM GMT – (CAD) GDP m/m

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