Asia Morning Call – Global Markets | Reuters

December 10 (Reuters) ——————————————– – ——————————————-

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SHARES

GLOBAL – Global stock markets stalled at two-week highs and oil prices fell on Thursday as tightening restrictions in some parts of the world holding back the spread of Omicron’s COVID-19 variant dampened investor optimism for the economic recovery.

As a result, the global stock index MSCI (.MIWD00000PUS) hovered around two-week highs, but failed to make significant progress after three days of solid growth. It is up more than 3% this week and should see its largest weekly gain since early February.

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NEW YORK – US stocks fell on Thursday after three days of gains following positive updates on the Omicron coronavirus variant, with the focus now on inflation data that could provide clues about a policy decision by the Federal Reserve.

At 12:02 pm ET, the Dow Jones Industrial Average (.DJI) is down 33.45 points, or 0.09%, to 35,721.30, the S&P 500 (.SPX) is down 15.52 points, or 0 , 33%, to 4685.69, and the Nasdaq Composite (.IXIC) fell 117.12 points, or 0.74%, to 15669.87.

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LONDON – European stocks closed lower on Thursday under pressure from COVID-19 fears as high-value tech stocks continued to decline as oil prices plummeted energy companies.

Pan-European STOXX 600 (.STOXX) slumped early in its rally and fell 0.1%, continuing to hesitate mid-week amid concerns that the newly discovered variant of the Omicron coronavirus could impede global recovery as governments tighten measures to slow its spread …

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TOKYO. The average Nikkei share in Japan fell on Thursday, ending a two-day winning streak as investors were cautious ahead of key central bank meetings next week.

Nikkei 225 (.N225) fell 0.47% to 28,725.47, continuing its decline after the lunch break.

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SHANGHAI – Chinese stocks rose on Thursday for a third straight session as a slowdown in factory inflation boosted investor hopes that policymakers can take action to accelerate the slowdown in economic growth.

The CSI300 Blue Chip Index (.CSI300) jumped 1.66%, up more than 3.6% for the week.

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AUSTRALIA – Australian stocks posted a four-day streak on Thursday as tech and energy stocks plummeted, while Sydney Airport rallied after regulatory approval for a buyback and helped contain losses.

The S & P / ASX 200 (.AXJO) fell 0.3% to 7,384.5. The index rose 1.3% on Wednesday, its best session since October 4.

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SEOUL – South Korean stocks closed at their highest level in more than six weeks on Thursday, as test data showing the Pfizer-BioNTech COVID-19 vaccine provided some protection against the Omicron coronavirus variant increased risk appetite.

The KOSPI Index (.KS11) closed up 27.77 points, or 0.93%, to 3,029.57 points, the highest level since October 26 and rising for the seventh straight session.

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FOREIGN CURRENCY

NEW YORK – The US dollar edged higher against a basket of currencies on Thursday as tightening restrictions in some parts of the world to contain the spread of COVID-19, including the new Omicron variant, dampened investor appetite for riskier currencies.

The US dollar index rose 0.3% to 96.193.

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SHANGHAI – The Chinese yuan hovered at more than 3-1 / 2-year highs against the dollar on Thursday due to continued seasonal corporate demand at the end of the year, although some investors were wary of how much more Beijing would allow the currency to strengthen.

Both onshore and offshore renminbi have advanced, surpassing this year’s peak and psychologically critical 6.35 per dollar on Wednesday, reaching their most stable level since May 2018, with analysts and economists attributing this strength to sustained exports, record trade surpluses and ample dollar liquidity on land. …

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AUSTRALIA – The Aussie and New Zealand dollars continued their gains on improved global risk sentiment on Thursday, as investors expected the Omicron to be “moderate” and the rise in the Chinese yuan created an additional tailwind.

The Australian dollar held steady at $ 0.7166, climbing another 0.7% overnight to $ 0.7183. It is thus some distance from its recent 13-month low of $ 0.6994, although greater resistance is now at $ 0.7210.

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SEOUL – The Korean won closed at a 1-month high, while benchmark yields also rose on Thursday.

The won ended at 1,174.5 per dollar on the land-based settlement platform, the highest close since Nov. 3 and 0.12% higher than the previous session.

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HIDDEN TREASURES

NEW YORK – US Treasury yields fell on Thursday after three consecutive days of 10-year bond yields following the release of labor market data and ahead of key inflation figures.

The yield on the 10-year Treasury bond fell 2 basis points to 1.489%.

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LONDON – Eurozone government bond yields plunged to recent 3-1 / 2-month lows on Thursday as news that the European Central Bank is broadly considering temporarily increasing its bond buying plan at next week’s policy meeting was received as a “pigeon step”.

The yield on Germany’s 10-year government bonds fell 4 basis points to -0.357%. On Wednesday, it briefly fell to the end-August low of minus 0.41%.

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TOKYO – Japanese government bond yields rose on Thursday in line with moves in the US Treasury market as demand for safe haven assets eased amid encouraging news of the effectiveness of existing coronavirus vaccines against the Omicron strain.

JGB’s benchmark 10-year futures fell 0.04 points to 152.03 on a 14,140 lot volume, although the JGB 10-year cash yield ended at 0.045%, losing slightly from the previous day.

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GOODS

GOLD – Gold fell on Thursday after the dollar strengthened and as data showed a large decline in US jobless claims ahead of an inflation report that could affect the Federal Reserve’s monetary strategy.

Spot gold fell 0.3% to $ 1,776.58 an ounce by 12:28 pm ET (1728 GMT), while US gold futures fell 0.5% to $ 1,777.20.

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IRON ORE – Benchmark iron ore futures in Asia on Thursday bounced off six-week highs hit during the relief rally earlier this week, which was largely fueled by political support from China, especially debt-ridden developers.

The most traded iron ore for May delivery on the China Dalian Mercantile Exchange ended day trading 3.2% lower at 642.50 yuan ($ 101.29) a tonne after a three-day gain.

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BASE METALS – Copper prices rose sharply in three days on Thursday as government restrictions to contain the spread of the Omicron variant lifted the dollar and reduced risk appetite.

Benchmark copper on the London Metal Exchange (LME) lost 1.1% to $ 9,542 a tonne by 17.20 GMT.

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OIL – Oil prices fell on Thursday amid concerns over the economic outlook for the world’s largest oil importer following the downgrade of two Chinese property developers and after some governments took action to tackle the Omicron coronavirus.

Brent crude futures fell $ 1.01, or 1.3%, to $ 74.81 a barrel by 12:05 pm ET (1705 GMT), from a session high of $ 76.70. WTI (West Texas, US) crude oil futures fell $ 1, or 1.4%, to $ 71.36, after peaking at $ 73.34.

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PALM OIL – Malaysian palm oil futures reversed Thursday’s early gains and closed lower for the second straight session ahead of data that is expected to show declining exports in early December.

Palm oil contracts for February delivery on the Malaysian Derivatives Exchange in Bursa fell RM 66, or 1.36%, to RM4,775 ($ 1,132.86) a tonne. It rose 1.6% earlier in the session.

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RUBBER – Japanese rubber futures plummeted on Thursday amid concerns that continued microchip shortages would delay a recovery in auto production and that new restrictions from some countries to curb the spread of the Omicron variant of the coronavirus would hurt the global economy.

Osaka Exchange rubber for May delivery closed down 7.8 yen, or 3.3%, at 228.7 yen ($ 2.0) a kg, after hitting its lowest level since November 19 at the level of 225.4 yen.

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