analysis.hotforex.comLive Commentary | 07 December 2022

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Live Commentary | 07 December 2022

Stock markets across Europe are in the red, after a broadly lower close across Asia. China may have announced an easing of virus restrictions, but trade data looked dismal and revived recession concerns.

At the same time Australia’s output slowed slightly more than anticipated in the third quarter. Against that background, the Nikkei closed -0.7% lower, the ASX lost -0.9% and Hang Seng and CSI 300 corrected -3.0% and -0.3% respectively. DAX and FTSE 100 meanwhile are down -0.4% and -0.1 respectively. German production numbers at the start of the session held up better than anticipated, but this along with a further rise in Eurozone consumer inflation expectations will only add to the arguments of the hawks at next week’s council meeting. ECB and BoE are both expected to hike rates again next week, with central banks now fretting about wage increases and second round effects. Bonds have pared early gains and yields are nudging higher in Europe and the US. The DXY dollar index has essentially moved sideways in choppy trade, while oil prices fell to new lows for the year.

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Stuart Cowell

Head Analyst

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Source: Live Commentary | 07 December 2022