Daily analysis 30November

  • US indices finished yesterday’s trading mixed. S&P 500 dropped 0.16%, Nasdaq moved 0.59% lower, Dow Jones finished flat and Russell 2000 added 0.31%
  • In spite of a weaker-than-expected Chinese PMI reading, indices from Asia-Pacific traded mostly higher. Equities in Australia, India, South Korea and China gained while indices from Japan lagged
  • Chinese manufacturing PMI index dropped from 49.2 to 48.0 in November (exp. 49.0). Services gauge moved from 48.7 to 46.7 (exp. 48.0). Chinese National Bureau of Statistics noted that both production and demand continues to slow and that product orders are falling
  • DAX futures point to a higher opening of the European cash session today
  • According to Business Times, air traffic in China sits at just 35% of 2019 levels
  • According to Wall Street Journal, OPEC+ is likely to keep policy and output level unchanged at December meeting
  • Chevron plans to send the first shipment of Venezuelan crude under new license as soon as December 2022
  • Australian CPI inflation decelerated from 7.3% to 6.9% YoY in October (exp. 7.4% YoY)
  • Japanese industrial production dropped 2.6% MoM in October (exp. -1.5% MoM)
  • Australian building approvals dropped 6.0% MoM in October (exp. -1.5% MoM)
  • API report on US oil inventories pointed to a 7.85 million barrel drop (exp. -2.5 mb)
  • Cryptocurrencies trade higher. Bitcoin gains 2.2%, Ethereum adds 3.7% and Dogecoin jumps 3.2%. Fantom rallies 10%
  • Oil is trading little changed on the day with Brent price holding near $85 per barrel
  • Precious metals trade mostly higher with platinum and gold gaining 0.2% and palladium rallying over 2%. Silver is a laggard and drops 0.1%
  • AUD and NZD are the best performing major currencies while CHF and USD are top laggards

In spite of a poor PMI readings, Chinese CHNComp index extended upward move today. Index tested 6,300  pts area marked with a local high from the first half of November 2022 but has failed to break above

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