- Asia-Pacific shares stay mostly positive, except for China’s big tech companies.
- RBNZ announced additional to LSAP, introduced FLP while keeping rates unchanged.
- Vaccine hopes combat off in the US, light calendar elsewhere.
Asian equities trade in green while heading into Wednesday’s European session. While portraying the mood, MSCI’s index of Asia-Pacific shares rises 0.12% whereas stocks from Australia, New Zealand and Japan mark over 1.0% intraday gains each.
The RBNZ’s fresh tool for cheap funding propels NZX 50 to post over 1.30% profits on a day while Australia’s ASX 200 and Japan’s Nikkei 225 follow the suit amid hopes of further stimulus from the US, as recently signaled by the US President-elect Joe Biden. Also favoring the mood was news concerning quarantine-free travel between Singapore and Hong Kong, starting from November 22. Additionally, recovery in the Indonesian Retail Sales and upbeat comments from Japan’s Chief Cabinet Secretary Katsunobu Kato also favored the market optimists.
On the contrary, China’s Banking and Insurance Regulatory Commission suggests further hardships for the financial technology companies and dragged the domestic shares southward. Meanwhile, the dragon nation’s mandatory ‘patriotism” for Hong Kong members of the local legislature joins the record-high US hospitalization to challenge the risk-on sentiment.
Against this backdrop, equities in Indonesia, South Korea and India print mild gains while the US dollar index (DXY) hesitantly marks the second day of losses. The same help gold and oil prices while keeping the US stock futures up 0.17% by press time.
Moving on, a lack of major data/events, coupled with the US holiday, will restrict the market moves unless any surprise news wobbles the risk catalysts.
Share
