US stocks fell once again today, driven, in large, by the economic releases as well as anticipation ahead of Jerome Powell’s speech later today. US job opening data showed the number of available positions fall to 10.3m, a hopeful sign for the Federal Reserve to slow down the pace of hikes in December. The government’s updated gauge for GDP showed mixed Q3 performance, growing by 2.9%, with upward revisions in consumer and business spending. Meanwhile, US pending home sales fell for the fifth straight month in October, with buyers’ demand remaining sluggish in the face of higher mortgage rates. The dollar tested the resistance of 107 in the latter part of the day, and the 10yr US Treasury yield edged higher.
Sentiment has improved across the board today, supported by Chinese optimism, as speculations grow for the government to shift away from zero-covid policy and increase the scope and scale of vaccinations amongst adults. Indeed, China is considering rolling out the fourth wave of covid vaccines, with the decision to become finalised in the coming days. Aluminium jumped higher, breaking resistance at $2,400/t to settle at $2,477.50/t, offsetting two previous weeks of losses. Nickel also jumped higher to $26,987/t. Copper upside, however, was muted comparatively after the news that Chile saw its output increase by 2.2% y/y and 11% m/m, the first expansion since summer last year, a sign that the nation might be recovering from operational challenges. The metal settled at $8,239/t. Lead and zinc closed higher at $2,193/t and $3,037.50/t, respectively.
Oil futures rallied back above $80/bl following the data showing US stockpiles falling to the lows now seen since 2019; WTI and Brent now trade at $80/bl and $85/bl. Gold and silver strengthened into $1,755/oz and $21.75/oz, respectively.
All price data is from 30.11.2022 as of 17:30