Asian Stocks - U.S. stock futures and commodities slipped in Asia on Monday after Beijing denied it was considering easing its zero-COVID-19 policy, although resilience in Asian equities took some of the hit from the selling. Risk assets had rallied on Friday amid speculation China was preparing to ease pandemic restrictions, but over the weekend health officials reiterated their commitment to a “dynamic clearance” approach to COVID cases as soon as they emerge.
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Asia Stock Today




“Despite the denials, the idea that China will pivot to living with COVID in the new year is unlikely to be dismissed given the very real toll that zero-COVID has taken on the economy,” said Tapas Strickland, head of market economics at NAB. “With China entering winter, most analysts think a zero-COVID turnaround is unlikely until at least March.” Speculation that China may be opening up its economy saw copper surge 7% on Friday in its biggest one-day rally since 2009, while a range of resources all benefited from hopes of improved demand. It also sent the yuan surging and sparked a round of profit-taking on long US dollar positions, particularly against commodity-sensitive currencies such as the Australian dollar.

Asian Stock Price Changes

Little of that reversed on Monday, with the Aussie down 0.7% at $0.6421 after jumping 3% on Friday. The dollar gained 0.7% on the offshore yuan. The U.S. dollar index rose 0.3% after falling nearly 2% late last week. The dollar was up 0.4% against the yen at 147.22 yen, while the euro weakened slightly to $0.9929. S&P 500 futures fell 0.2%, while Nasdaq futures lost 0.3%. EUROSTOXX 50 futures lost 0.2% and FTSE futures 0.6% amid reports the British government is planning tax hikes and spending cuts. Chinese blue chips edged up 0.2%, a respectable performance considering data released earlier showed China’s exports and imports contracted in October and missed estimates. Illustrating the cost of Beijing’s tighter policies, Apple Inc (NASDAQ: AAPL ) said on Sunday it expected lower shipments of its iPhone 14 Pro and iPhone Pro Max than previously anticipated as COVID-19 restrictions temporarily disrupted production. Still, investors appeared hopeful there might be something to the China easing story and MSCI’s broadest index of Asia-Pacific shares outside Japan added 1.0%. Japan’s Nikkei rose 1.2% and South Korea’s 0.8%. In commodities markets, gold fell back to $1,671 an ounce after jumping more than 3% on Friday. Oil futures shed some of their recent gains with Brent down $1.07 to settle at $97.50, while U.S. crude fell $1.26 to settle at $91.35 a barrel.

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