Asia Stocks Set To Open Mixed As Dollar, Oil Slip: Markets Wrap
November 24, 2023
“Shares in Asia were primed for a mixed open with the Thursday holiday in the US offering little guidance. The dollar edged lower.” – Bloomberg.
The futures of Japanese shares were pretty stable, but a profit for the contracts in the previous session indicated thresholds are to play catch up post the holidays.
The contracts for the Australian shares also edged higher, while the ones for the Hong Kong shares dropped after a rally on Thursday.
Cash Treasuries started trading in Asia after the sales on Wednesday pushed the yields higher. The Bloomberg dollar index also dropped on Thursday while the greenback gave up profits against some of the major currencies. New Zealand and Australian yields advanced as well.
Oil thresholds dropped further on news that the OPEC+ will hold its postponed meeting online and not in person. The delay and dissonance between members over the quotas have caused doubt about the possibility of further cuts in production.
In Asia, the economic data that is set for release includes inflation and the PMI reports for Japan, Taiwan’s money supply, and the consumer prices of Malaysia. Simultaneously, the central bank of Sri Lanka is anticipated to cut the interest rates. In the United States, manufacturing the PMI data will be forecasted later by Friday.
Investors will also be focusing on the property market of China after measures aimed at supporting the sector buoyed developer stocks previously in the week.China may as well allow banks to offer unprotected short term loans to all the qualified developers for the very first time, as per the people who are familiar with the matter, the latest effort to ease the country’s property woes. A Bloomberg Intelligence measure of property developer stocks rose to 8.9% on Thursday and is on pace for its best week since December.
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