Observations + Charts
Europe and US futures are not doing much so far.
Asia saw a mixed day following a generally strong Nov – w/Tech-linked indexes giving up some recent gains.
Greater China closed lower with HSI hitting 12m lows and breaking through its 17K support level.
KOSPI still trading in tight range despite SK export growth picked up in Nov with chip shipments rising for first time in 16m.
Elsewhere- Indian Nifty 50 hit record high for its best monthly performance since Jul22.
Main European benchmarks on track for another positive week. SXXP 3rd d of gains eyeing the 470 level.
No change in sentiment. Equity markets mildly supportive following big gains in November.
Final Eurozone PMI showed stabilization at weak levels.
China expo names higher helped by manuf nos while perf in EU Luxury mixed w/LVMH being downgraded away again today.
EU cyclicals back in green +80bps pushed higher by miners stks (+380bps). GSXEMINE eyeing the 200dma. AAL (+7%) RIO also upgraded away.
All sectors in green w/Basic Resources Tech & Industrials leading the way. Defensive space lagging.
DXY -20bp. Brent is dipping back toward $80. US nat gas -70bp and +330bp in Europe. Copper +100bp. Bitcoin +225bp while gold +44bp.
US futures mixed w/ESZ3 +3.00, HIWZ3 +60.00, RTYZ3 +5.60 and NQZ3 -8.50.