Morning wrap (12.10.2021)

• US indices launched yesterday's trading higher but moods quickly deteriorated. S&P 500 dropped 0.69%, Dow Jones moved 0.72% lower and Nasdaq finished trading 0.64% lower.

• Stocks in Asia traded mostly lower today. Nikkei dropped 0.8%, S&P/ASX 200 moved 0.3% lower and Kospi plunged 1.1%. Indices from China dropped

• DAX futures point to a lower opening of the European session

• Chinese Evergrande failed to make a third bond payment

• According to Platts, 19 OPEC+ members were producing 570k bpd less than the cartel agreed they would

• Qatar, world's largest LNG producer, said that it cannot solve natural gas deficit as it is already producing at maximum capacity

• According to Reuters, Maersk, one of the world's largest shipping companies, is ordering large container ships destined for the UK to sail to other ports. Supply chain disruptions has led UK ports to be full on containers with no capacity to store more

• South Korean exports increased 63.5% YoY in the first 10 days of October. Semiconductor exports increased 22% YoY

• Japanese PPI inflation reached 0.3% MoM in September (exp. 0.3% MoM)

• AUD and NZD are the best performing major currencies while CHF and CAD lag the most

• Bitcoin reached an overnight high near $57,700 mark but has pulled back below $57,000 since. Majority of altcoins trade lower today

• Precious metals as well as oil trade higher. Industrial metals and agricultural commodities trade mixed

Recovery on the US100 looks to have been short-lived as the index has resumed declines. Price is once again approaching the lower limit of a local market geometry (yellow box) at the 14,560 pts. If bears manage to push the price below this time, the way towards the lower limit of the Overbalance structure at 14,050 pts will be left open. Source: xStation5