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Market Talk – December 2, 2021

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China’s property downturn is expected to continue into the first half of 2022, with home prices and sales falling as tight credit policies and a looming property tax dampen demand, a Reuters poll showed. Home prices are expected to drop 1.0% in H1 2022 and Property investment in H1 2022 is expected to slump 3.0%. China is also planning Property tax pilot scheme to introduce in 2022.

India’s manufacturing activity grew at the fastest pace in 10 months in November, buoyed by a strong pick-up in demand, but higher inflationary pressure left factories worried about their prospects, a private survey showed on Wednesday. Compiled by IHS Markit, the Purchasing Managers’ Index rose to 57.6 in November from 55.9 in October. The reading was the highest since January and the fifth straight month above the 50-mark that separates growth from contraction. But the optimism was darkened to some extent by soaring input price inflation. Barring October, the input prices sub-index was at the highest in almost eight years owing to supply constraints and rising transportation costs.


The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 182.25 points or -0.65% to 27,753.37
  • Shanghai decreased 3.05 or -0.09% to 3,573.84
  • Hang Seng increased 130.01 points or 0.55% to 23,788.93
  • ASX 200 decreased 10.70 points or -0.15 to 7,225.20
  • Kospi increased 45.55 points or 1.57% to 2,945.27
  • SENSEX increased 776.50 points or 1.35% to 58,461.29
  • Nifty50 increased 234.75 points or 1.37% to 17,401.65



The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00138 or -0.19% to 0.70948
  • NZDUSD decreased 0.00043 or -0.06% to 0.68077
  • USDJPY increased 0.35 or 0.31% to 113.22
  • USDCNY increased 0.00049 or 0.01% to 6.37201


Precious Metals:

  • Gold decreased 19.00 USD/t oz. or -1.07% to 1,763.66
  • Silver increased 0.027 USD/t. oz or 0.12% to 22.333


Some economic news from last night:


Foreign Bonds Buying decreased from -6.8B to -1,343.2B

Foreign Investments in Japanese Stocks decreased from -47.2B to -309.6B

Monetary Base (YoY) decreased from 9.9% to 9.3%

South Korea:

CPI (MoM) (Nov) increased from 0.1% to 0.4%

CPI (YoY) (Nov) increased from 3.2% to 3.7%

GDP (YoY) (Q3) remain the same at 4.0%

GDP (QoQ) (Q3) decreased from 0.8% to 0.3%


Exports (MoM) (Oct) increased from -6% to -3%

Home Loans (MoM) decreased from -2.7% to -4.1%

Imports (MoM) (Oct) decreased from -2% to -3%

Invest Housing Finance (MoM) decreased from 1.4% to 1.1%

Retail Sales (MoM) increased from 1.3% to 4.9%

Trade Balance (Oct) decreased from 12.243B to 11.220B

New Zealand:

Terms of Trade – Exports Prices (Q3) decreased from 8.3% to 4.6%

Terms of Trade – Exports Volume (QoQ) (Q3) decreased from 2.9% to -3.0%

Terms of Trade – Imports Prices (Q3) decreased from 4.8% to 3.8%

Terms of Trade Index (QoQ) (Q3) decreased from 3.3% to 0.7%


Some economic news from today:


Household Confidence (Nov) remain the same at 39.2


Manufacturing PMI (Nov) decreased from 50.8 to 50.6




Britain’s largest long-term savings provider has urged ministers to reform EU solvency rules that still apply in the UK to help it unleash up to £50bn in investments to revive the economy, boost infrastructure and meet climate change pledges. FTSE 100 life insurer Phoenix Group, which has £300bn of assets under management and 13m customers, made the appeal at an event last week hosted by the prime minister, chancellor and other ministers. Phoenix says the right regulatory and policy changes could enable it to invest £40bn-£50bn in illiquid and sustainable assets to accelerate the government’s “leveling-up” plans for revitalizing poorer regions and its moves to decarbonize the economy. In August, Boris Johnson and Rishi Sunak challenged the largest institutional funds to invest hundreds of billions of pounds to help drive the UK’s recovery through investments in infrastructure, the green economy and innovative start-ups. In response, Phoenix has pledged to invest £20bn of its annuity-backing funds into illiquid and sustainable investments over five years.

The major Europe stock markets had a negative day:

  • CAC 40 decreased 86.12 points or -1.25% to 6,795.75
  • FTSE 100 decreased 39.47 points or -0.55% to 7,129.21
  • DAX 30 decreased 209.56 points or -1.35% to 15,263.11



The major Europe currency markets had a mixed day today:

  • EURUSD decreased 0.00181 or -0.16% to 1.13022
  • GBPUSD increased 0.00209 or 0.16% to 1.32994
  • USDCHF decreased 0.00001 or 0.00% to 0.92061


Some economic news from Europe today:


Retail Sales (YoY) (Oct) decreased from 2.6% to 1.2%


Spanish Unemployment Change decreased from -0.7K to -74.4K


Italian Monthly Unemployment Rate (Oct) increased from 9.2% to 9.4%

Euro Zone:

PPI (YoY) (Oct) increased from 16.1% to 21.9%

PPI (MoM) (Oct) increased from 2.8% to 5.4%

Unemployment Rate (Oct) decreased from 7.4% to 7.3%


US jobless claims are back to pre-pandemic levels. Claims during the week of November 27 totaled 222,000, beating expectations of 240,000. The week prior was revised down to 194,000 from the initially reported 199,000. Continuing claims declined by 107,000, bringing the total to below two million for the first time since March 2020.

The US announced a slew of enhanced travel precautions due to the omicron variant. All travels to the US will be required to take a COVID test within 24 hours of departure. The mask mandate on flights will be extended until March 18 as well. Fines for non-compliance with wearing masks will be between $500 and $3,000.

US Market Closings:

  • Dow advanced 617.75 points or 1.82% to 34,639.79
  • S&P 500 advanced 64.06 points or 1.42% to 4,577.1
  • Nasdaq advanced 127.27 points or 0.83% to 15,381.32
  • Russell 2000 advanced 58.91 points or 2.74% to 2,206.33


Canada Market Closings:

  • TSX Composite advanced 297.43 points or 1.45% to 20,762.03
  • TSX 60 advanced 18.48 points or 1.49% to 1,257.81


Brazil Market Closing:

  • Bovespa advanced 3,691.67 points or 3.66% to 104,466.24




The oil markets had a mixed day today:


  • Crude Oil increased 0.38 USD/BBL or 0.58% to 65.9500
  • Brent increased 0.26 USD/BBL or 0.38% to 69.1300
  • Natural gas decreased 0.15 USD/MMBtu or -3.52% to 4.1080
  • Gasoline increased 0.0155 USD/GAL or 0.79% to 1.9666
  • Heating oil increased 0.016 USD/GAL or 0.77% to 2.0931


The above data was collected around 13:05 EST on Thursday


  • Top commodity gainers: Wheat (3.85%) and Canola (1.73%), Palladium (1.63%), Lumber (5.18%)
  • Top commodity losers: Bitumen (-2.84%), Aluminum (-2.36%), Rubber (-2.14%), and Natural Gas (-3.52%)


The above data was collected around 13:13 EST on Thursday




Japan 0.061%(-0.3bp), US 2’s 0.6186% (+0.07%), US 10’s 1.4545%(+5.08bps); US 30’s 1.7711% (+0.03%), Bunds -0.368% (-3.7bp), France 0.010% (-4bp), Italy 0.968% (-5.6bp), Turkey 20.29% (+11bp), Greece 1.204% (-1.7bp), Portugal 0.331% (-3.8bp); Spain 0.393% (-3.94bp) and UK Gilts 0.813% (-0.8bp).