- European finished first session of the week lower, with DAX retreating 0.56% as disappointing economic data overshadowed news that more Chinese cities were easing covid restrictions.
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Eurozone business activity plunged for a fifth month in November, suggesting the possibility of a mild recession, while retail sales in October also disappointed.
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Dow Jones is trading 1.20% lower, while S&P500 and Nasdaq fell 1.65% and 1.75% respectively as the latest ISM Services report unexpectedly topped market estimates, which lowered chances that FED may further ease the tightening process. Money markets are pricing in a terminal rate of close to 5% in the middle of 2023.
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Apple is considering shifting some iPad production to India, according to CNBC
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Tesla stock fell over 6% after warning about a cut in the December output of the Model Y at its Shanghai plant.
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Dollar erased early gains and rallied after ISM services print. Dollar index bounced off daily lows at 104.15 and is approaching major resistance at 1.0530. Currently USD and EUR are the best performing currencies while JAP and NZD lag the most.
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The Canadian dollar weakened nearly 0.90% against the USD dragged by oil. OIL.WTI fell to around $77.80 per barrel, a sharp reversal from daily highs of $82.7 as investors digested the improving situation in China, G7 price cap and latest OPEC+ decision. Cartel decided to stick to its existing policy of reducing oil output by 2 million bpd from November through 2023. However moods worsened following upbeat data from the US services sector and a potential increase in Libya's oil production.
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Precious metals also gave back early gains and plunged sharply in the evening amid stronger dollar and higher treasury yields. Gold over 1.6% to $1767 level, while silver is trading 3.5% lower around $22.20.
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NATGAS prices plunged 8.0% amid warmer weather forecasts in the US.
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Corn futures fell to below $6.4 per bushel, a level not seen since late August as top grower Brazil is expected to produce a record 126 million tonnes in the current marketing year, 9% higher than the previous period, according to the USDA's Global Agricultural Information Network report.
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Downbeat sentiment prevails also on the cryptocurrency market. Bitcoin pulled back from daily highs at $17400 and buyers try to defend major support at $17000. Ethereum briefly jumped above $1300 level, however upward momentum quickly faded away and price pulled back to $1260 mark.
SILVER - buyers failed to uphold last week's momentum and today we could observe dramatic pullback. Price pulled back from daily high at $23.50 and is currently moving towards key support at $22.00. Source: xStation5
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