The latest set of economic data indicates economic recovery in China continued. Growth in industrial production improved slightly, while manufacturing investment accelerated, thanks to strong exports growth. Retail sales growth accelerated, suggesting internal circulation has taken effect. Industrial production expanded +7% y/y in November, inline with expectations and up +0.1 ppt from a month ago.
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SINGAPORE: Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand, while an extension of Brexit talks eased jitters on that front for now. Brent crude futures for February rose 8 cents, or 0.2%, to $50.05 a barrel by
The global markets are quickly back in risk-on mode today. DOW future is back above 30k handle, as coronavirus vaccine rollout began. There seems to be some progress in the US Congress for fresh fiscal stimulus too. Dollar is under broad based selling pressure, followed by Canadian and Yen for the moment. On the other
Eurostat – December 14 Prior -0.4%; revised to +0.1% Industrial production WDA -3.8% vs -4.4% y/y expected Prior -6.8%; revised to -6.3% Industrial production picking up a touch and higher revisions will be welcome news for Q4. The EURUSD is supported this am on the Dollar weakness. One area to watch is that if the EUR
NEW DELHI: Gold and silver futures prices in the domestic market slipped on Monday as the US started getting its first shipment of Covid-19 vaccines, lifting the spirit of investors who moved towards riskier assets. The first shipments of Covid-19 vaccine began on Sunday, after a U.S. regulator approved Pfizer Inc and BioNTech SE’s vaccine.
Sterling opens broadly higher as Brexit trade negotiation is extending through the Sunday deadline. The Pound is taking Euro and Swiss Franc slightly higher today. Nevertheless, it should be noted that no important resistance level is broken by Sterling. Traders are just lighting their shorts. Markets are rather mixed elsewhere, with weakness seen in Dollar.
EU Commission President von der Leyen and UK Prime Minister Boris Johnson have decided to continue talks. Thus the UK Coordination Group will have an exchange of views with EU chief negotiator Barnier at 9.30am Brussels time. Why am I thinking of this? Cable is posting early gains on the hopium/optimism. Early level here. Its
As suggested in the CFTC Commitments of Traders report in the week ended December 8, NET SHORT of USD Index futures more than doubled to 6 486 contracts. Speculative long positions decreased -500 contracts and short positions gained +2 911 contracts. Concerning European currencies, NET LENGTH in EUR futures jumped +16 535 contracts to 156
Chief of Staff Meadows sends the message White House Chief of Staff Mark Meadows on Friday told Stephen Hahn, the commissioner of the FDA, if the coronavirus vaccine is not approved by the end of day, he should submit his resignation. This is according to sources as reported by the Washington Post. For bank trade ideas, check out eFX
Cottonseed oil cake prices on Friday declined by Rs 4 to Rs 2,048 per quintal in futures trade as participants reduced their bets tracking a weak trend in spot market. Analysts said sell-off by participants at existing levels amid subdued trend in market mainly weighed on cottonseed oil cake prices. On the National Commodity and
These numbers are really not a surprise California is reporting a record 35,468 new virus cases. The average test positivity rate rises to 9.7% Covid hospitalizations jump 3.6% to record 12,000 hundred 40 The numbers are really not a surprise coming after the Thanksgiving Day holiday. Bring on the vaccine but the trend is likely to continue
Mumbai: Even as there was a complete shutdown of business in June quarter due to COVID-19 related disruptions, diamond jewellery witnessed sharp recovery from October onwards and the industry is expected to do 70-85 per of last year’s sales, De Beers India Managing Director Sachin Jain has said. “I would certainly predict that we will
Sterling was in free fall last week after both UK and EU admitted that a no-deal Brexit is more likely than not. Negotiation deadline was ended to end of Sunday. Euro and Dollar, followed as the next weakest and focus turned to rally in commodity currencies. In particular, Australian Dollar was pulled up by surging
Forex news for North American trading on December 11, 2020 No Brexit deal. No covid stimulus deal. London may have to go to Tier 3 restrictions as a result of increasing Covid cases. NYC will close all restaurants on Monday. The electoral college will be decided on Monday as the Pres (and some states) look to orchestrate a Supreme
Oil prices settled lower on Friday, as demand worries due to new coronavirus-related restrictions on business in New York overshadowed progress toward vaccination programs. Brent futures settled down 28 cents, or 0.6% at $49.97 a barrel. The contract rose above $51 a barrel on Thursday to an early-March high. U.S. West Texas Intermediate (WTI) crude
As promised, the ECB “recalibrated” the existing monetary policy measures at the December meeting. The aim is to ensure that the current level of stimulus remains in presence through to 2020. On the economic projections, the staff revised lower the GDP growth forecast for 2021 but higher for 2022. Inflation forecasts were downgraded quote significantly.