Morning Markets



Asian equity markets tracked its global counterparts higher following further speculation of easing by the ECB. This supported the ASX 200 (+0.3%) and Nikkei 225 (+0.5%) with gains in the latter capped by a stronger JPY. There were reports that Apple are to introduce OLED displays in iPhones which saw the KOSPI (+1.1%)  index outperform amid gains in LG and Samsung Electronics, as Co.’s are expected to be suppliers of the OLED screen. Shanghai Comp. (+0.4%) was lifted by materials following the rally in prices, while Hang Seng (+0.8%) was bolstered by energy stocks after energy giant PetroChina said it will consolidate its Kunlun units. 10yr JGBs tracked the gains in Bunds and USTs on the back of the aforementioned ECB speculation, while the BoJ also entered the market to purchase JPY
780bln government bonds.

PBoC permitted the 1st batch of foreign central banks, financial institutions and sovereign wealth funds to enter domestic FX market. (Financial Press)

South Korea are seeking inclusion into the MSCI Developed Market Index. (BBG)


AUD underperformed after Australian Capex widely missed expectations which saw AUD/NZD break below 1.1000. The USD-index remained range bound back below the 100.00 level with minimal price action seen as the US head into Thanksgiving holiday.

Australian Private Capital Expenditure (Q3) Q/Q -9.2% vs. Exp. -2.9% (Prev. -4.0%)
- Capex estimate 2015 - 2016 (Est. 3) AUD 120.4bln (Prev. 114.8bln). (RTRS) 

New Zealand Trade Balance (Oct) M/M -963M vs. Exp. -1000M (Prev. -1222M)
- Exports (Oct) M/M 3.83B vs. Exp. 4.00B (Prev. 3.69B)
-  Imports (Oct) M/M 4.79B vs. Exp. 4.97B (Prev. 4.91B). (RTRS)

WTI crude futures held onto yesterday’s gains following the less than expected build in US DOE inventories coupled with the decline in US oil output, while gold prices saw quiet trade overnight though it did continue to bounce off yesterday’s lows, as USD-index retreated back below the 100.00 level. Furthermore, copper prices also advanced overnight amid a continued rebound seen in Chinese metal trading which saw Shanghai nickel gain around 8% as regulators are said to investigate malicious short selling at metal exchanges.

US EIA Natural Gas Storage Change (20-Nov) W/W 9 vs. Exp. 7 (Prev. 15). (BBG)