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Asian markets decline as China reports weak trade data

Shares fell in Asia on Wednesday after Wall Street declined on fears the Federal Reserve will need to keep the brakes on the economy to get inflation under control, risking a sharp recession. Oil prices were mixed. 11:41 p.m. Dec. 6, 2022

These stocks should do even better than the S&P 500 once the Fed pivots to lower interest rates

Fed easing could weaken the U.S. dollar, which favors both non-U.S. markets and dollar-based investors. 2:23 p.m. Dec. 6, 2022

China’s economic outlook has ‘darkened noticeably,’ IMF’s Gopinath says

The economic outlook for China is darker than had been expected, said Gita Gopinath, the No. 2 official at the International Monetary Fund on Tuesday. 10:55 a.m. Dec. 6, 2022

Today in Commodities

Gold futures settle higher after strong jobs report; copper gains 7.5% on China reopening speculation

Gold futures climbed on Friday, buoyed by weakness in the U.S. dollar following the October non-farm payrolls report. Copper futures, meanwhile, climbed 7.6% to end the session at their highest since August 26. Analysts said speculation that China may ease its COVID restrictions lifted demand expectations for the industrial metal. Gold for December delivery rose $45.70, or 2.8%, to settle at $1,676.60 an ounce on Comex, with most-active contract prices up 1.9% for the week. On Thursday, gold settled at $1,630.90, the lowest finish for a most-active contract since early April 2020, FactSet data show. December copper rose 26 cents, or 7.6%, to settle at $3.6865 a pound, ending the week 7.5% higher.

3:11 p.m. Nov. 4, 2022

Today in Bonds

30-year Treasury yield hits lowest since September amid fears that Fed hikes will trigger U.S. slowdown

Treasury yields fall on Tuesday as the likelihood of further rate hikes by the Federal Reserve collides with fears of a U.S. slowdown.

3:49 p.m. Dec. 6, 2022

Currencies Headlines

Asian markets retreat as strong economic data hits hopes for dovish Fed

Stocks were mostly lower in Asia on Tuesday after Wall Street pulled back as surprisingly strong economic reports highlighted the difficulty of the Federal Reserve’s fight against inflation.

11:28 p.m. Dec. 5, 2022
Global financial system vulnerable to $80 trillion-plus problem in FX market, warns BIS

Fabrice Coffrini/Agence France-Presse/Getty ImagesThere’s a “huge, missing and growing” problem inside the round-the-clock foreign-exchange market, and it’s one that can’t be seen. That’s according to the Bank for International Settlements, which cited trillions in dollar debt by non-U.S. borrowers contained in FX swaps/forwards and currency swaps which do not appear on balance sheets and are missing from statistics. Non-U.S. banks owe upwards of $35 trillion, while non-bank entities outside the U.S. owe as much as $25 trillion, the BIS said in a quarterly report. The total amount in outstanding obligations embedded inside the foreign-exchange market, however, is closer to “$80 trillion-plus,” the report said.“The $80 trillion-plus in outstanding obligations to pay US dollars in FX swaps/forwards and currency swaps, mostly very short-term, exceeds the stocks of dollar Treasury bills, repo and commercial paper combined,” according to the report written by Claudio Borio, Patrick McGuire, and Robert McCauley.FX swap markets, in particular, are vulnerable to funding squeezes and the lack of information about the dollar debt “makes it harder for policy makers to anticipate the scale and geography or dollar rollover needs,” they said. “Thus, in times of crisis, policies to restore the smooth flow of short-term dollars in the financial system (eg central bank swap lines) are set in a fog.”A global squeeze on dollars is one big way that the strong greenback can reverberate around the world. For much of 2022, the dollar has been on a tear and wreaking havoc, though it fell off dramatically in November — shrinking its gain over the past 12 months to 8.9% from 20.6% in late October, based on the ICE U.S. Dollar Index DXY.The Bank for International Settlements, based in Basel, Switzerland, is regarded as the central bank for central banks, with a unique but often overlooked role in the international financial system.

11:56 a.m. Dec. 5, 2022
U.S. factory orders rise in October

Orders for manufactured goods rose 1% in October, the Commerce Department said Monday. 

10:12 a.m. Dec. 5, 2022

Benchmark Rates

/zigman2/quotes/210561242/realtime/sampled
1.0458
-0.0764%
-0.0008
/zigman2/quotes/210561789/realtime/sampled
137.5630
+0.3692%
+0.5060
/zigman2/quotes/210561263/realtime/sampled
1.2128
-0.0165%
-0.0002

Key Cross Rates

United States DollarUSD United Kingdom PoundGBP European EuroEUR Japanese YenJPY
United States DollarUSD /zigman2/quotes/210561263/realtime/sampled0.8245 /zigman2/quotes/210561242/realtime/sampled0.9563 /zigman2/quotes/210561789/realtime/sampled137.5630
United Kingdom PoundGBP /zigman2/quotes/210561263/realtime/sampled1.2128 /zigman2/quotes/210561278/realtime/sampled1.1597 /zigman2/quotes/210561291/realtime/sampled166.8100
European EuroEUR /zigman2/quotes/210561242/realtime/sampled1.0458 /zigman2/quotes/210561278/realtime/sampled0.8623 /zigman2/quotes/210561215/realtime/sampled143.8565
Japanese YenJPY /zigman2/quotes/210561789/realtime/sampled0.0073 /zigman2/quotes/210561291/realtime/sampled0.0060 /zigman2/quotes/210561215/realtime/sampled0.0070

Currency Converter

 

Key Currencies

Symbol Bid Ask High Low Time(ET)
USDJPY/zigman2/quotes/210561789/realtime/sampled 137.5580 137.5680 137.8550 136.8250 02:09:42
USDCHF/zigman2/quotes/210561981/realtime/sampled 0.9419 0.9423 0.9439 0.9414 02:09:42
GBPUSD/zigman2/quotes/210561263/realtime/sampled 1.2127 1.2129 1.2151 1.2106 02:09:42
EURUSD/zigman2/quotes/210561242/realtime/sampled 1.0456 1.0459 1.0478 1.0448 02:09:42
AUDUSD/zigman2/quotes/210560947/realtime/sampled 0.6692 0.6696 0.6717 0.6679 02:09:32
USDCAD/zigman2/quotes/210561978/realtime/sampled 1.3654 1.3659 1.3668 1.3632 02:09:44
EURCHF/zigman2/quotes/210561153/realtime/sampled 0.9849 0.9852 0.9868 0.9849 02:09:42
EURJPY/zigman2/quotes/210561215/realtime/sampled 143.8306 143.8824 144.0792 143.1700 02:09:42
NZDJPY/zigman2/quotes/210561685/realtime/sampled 86.9229 87.0118 87.0600 86.4387 02:09:42
AUDCHF/zigman2/quotes/210560928/realtime/sampled 0.6302 0.6312 0.6325 0.6295 02:09:42
AUDNZD/zigman2/quotes/210560938/realtime/sampled 1.0578 1.0598 1.0609 1.0570 02:09:18
CADJPY/zigman2/quotes/210560992/realtime/sampled 100.7087 100.7529 100.9400 100.2100 02:09:44
EUR= European Euro CHF= Swiss Franc NZD= New Zealand Dollar
USD= United States Dollar JPY= Japanese Yen GBP= United Kingdom Pound
AUD= Australian Dollar

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