Asian stocks were mixed on Tuesday and oil fell as investors tried to digest the economic implications of China’s COVID policy adjustments and a rescue package for the country’s struggling property sector. Oil prices fell in choppy trading on Tuesday and have fallen sharply this week as weak economic data from China raised concerns about sluggish demand, although the prospect of a smaller U.S. interest rate hike and tightening supplies helped limit losses.
Minimize Loss Maximize Profit, Use the Following Account! Want to Earn Tens of Millions Consistently? Do This!

Asian Stock Market Today




MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%, following a modest decline for the U.S. overnight. Australian shares lost 0.28%, while Japan’s Nikkei index fell 0.16%. In Hong Kong, the Hang Seng Index was flat while China’s CSI300 Index fell 0.3%. Several cities in China have begun cutting routine community testing, days after China announced it was easing some of its tough coronavirus measures. At the same time, however, the number of COVID cases in the country continues to rise. Chinese property stocks gave up some of the sharp gains made the previous day on the rescue package. Jack Siu, chief investment officer of China at Credit Suisse, said that “while the COVID changes and the housing package will mitigate some of the downside risks, they are not enough to significantly boost China’s economic growth.” Chinese data out on Tuesday were also less encouraging. Industrial output rose 5.0% in October from a year earlier, slowing from the 6.3% pace seen in September while retail sales fell 0.5%, the first decline since May when Shanghai was in a citywide lockdown. Analysts had expected retail sales to rise 1.0%.

Oil Prices, Crypto and the Dollar Today

Oil fell amid concerns China could impose further lockdowns in some cities. U.S. crude fell 0.43% to $85.43 a barrel while Brent crude fell 0.2% to $92.81. China reported 17,909 new COVID-19 infections on Nov. 14 compared with 16,203 the previous day. "The surging number of cases continues to be a major downside risk. Another round of lockdowns cannot be ruled out if cases continue to rise," ANZ economists said on Tuesday. Chinese President Xi Jinping met with U.S. President Joe Biden at the G20 meeting in Bali on Monday evening but the talks failed to prompt a major financial market reaction. In Asian hours, Bitcoin rose 1.1% to $16,593. U.S. regulators opened an investigation into the collapse of crypto exchange FTX while other major crypto exchanges have scrambled to reassure investors of their stability amid the FTX crash. Bitcoin remains down 64.2% so far in 2022. Inflation in the United States remains a top concern for many global investors as they await producer price index data due later Tuesday. The dollar rose 0.34% against the yen to 140.15. It remains some distance from this year’s high of 151.94 hit on Oct. 21. The European single currency was down 0.1% at $1.0317, having gained 4.4% in the month, while the dollar index, which tracks the greenback against a basket of currencies of its major trading partners, was mostly flat at 106.99. The yield on the benchmark 10-year Treasury note rose to 3.8686% compared with a U.S. close of 3.867% on Monday. The two-year yield, which rises with traders’ expectations of higher Fed funds rates, touched 4.4014% compared with a U.S. close of 4.408%. Gold was slightly lower, with spot gold trading at $1,768.22 an ounce.
Minimize Loss Maximize Profit, Use the Following Account! Want to Earn Tens of Millions Consistently? Do This!
The Asian Stock Market will continue to be updated with news on commodities, crypto, gold, and other stocks through the GIC Journal. Don't forget to use an ECN account when trading at GIC so you can enjoy the Expert Advisor Indicator that GIC has created premium for its customers! Also, join the GIC Prize Explosion to win free trips and cars without a draw!