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1. The WTI crude oil futures contract closed up 1.92% at $57.83 per barrel; the Brent crude oil futures contract rose 1.66% to $61.24 per barrel. Geopolitical tensions disrupted global energy markets. Peace talks between Russia and Ukraine failed to achieve a breakthrough, while Kazakhstans December crude oil production fell by about 6% due to Ukrainian drone attacks disrupting exports, exacerbating market concerns about supply and pushing oil prices higher. 2. Most London base metals fell. LME lead rose 0.73% to $2009.0 per tonne, LME copper rose 0.21% to $12187.5 per tonne, LME nickel fell 0.16% to $15760.0 per tonne, LME zinc fell 0.21% to $3084.0 per tonne, LME aluminum fell 0.34% to $2950.5 per tonne, and LME tin fell 6.55% to $40010.0 per tonne. 3. On Monday, spot silver broke through the $80/ounce mark for the first time in early Asian trading, quickly surging to near $84, a gain of nearly 6%. However, the market then reversed course sharply, with the price falling by more than 11% at one point during the New York session. The silver plunge dragged down other precious metals, with spot palladium plummeting by as much as 17%, spot platinum falling by 15%, and spot gold falling by more than 5%. Domestically, platinum and palladium both hit their daily limit down; Shanghai silver plunged at the end of the session, erasing all of its intraday 10% gains, and further fell by 8.74% in the night session; Shanghai gold closed down nearly 1%, and further fell by 4% in the night session. COMEX gold futures closed down 4.45% at $4350.2/ounce, and COMEX silver futures closed down 7.2% at $71.64/ounce. 4. Domestic futures contracts showed mixed performance, with asphalt, methanol, and low-sulfur fuel oil rising by more than 1%, while coated paper, corn, iron ore, soybean meal, and coking coal saw slight increases. In terms of declines, pulp, benzene, BR rubber, and TSR20 rubber all fell by more than 1%, while PVC, caustic soda, and rubber saw slight decreases. 5. US Treasury yields fell across the board: the 2-year Treasury yield fell 2.45 basis points to 3.450%, the 3-year Treasury yield fell 2.52 basis points to 3.502%, the 5-year Treasury yield fell 3.11 basis points to 3.663%, the 10-year Treasury yield fell 1.95 basis points to 4.108%, and the 30-year Treasury yield fell 2.02 basis points to 4.797%. 6. All three major US stock indexes closed lower: the Dow Jones Industrial Average fell 0.51% to 48,461.93 points, the S&P 500 fell 0.35% to 6,905.74 points, and the Nasdaq Composite fell 0.5% to 23,474.35 points. Goldman Sachs and American Express fell by more than 1%, leading the Dow Jones decline. Profit-taking put pressure on AI-related stocks, with the Wind US Tech Giants Index falling 0.6%, Tesla down over 3%, and Nvidia down over 1%. Most Chinese concept stocks declined, with Dingdong Maicai falling over 7% and Silvercorp Metals & Mining down nearly 7%. European stock indices closed mixed: the German DAX rose 0.05% to 24351.12 points, the French CAC40 rose 0.1% to 8112.02 points, and the UK FTSE 100 fell 0.04% to 9866.53 points. A weaker pound and the Bank of England maintaining a high interest rate of 3.75% weighed on the UK stock market, while a recovery in the Eurozone services PMI supported the German and French stock markets.Ukrainian President Zelensky: The meeting with US President Trump was productive.Faraday Future plans to change its name to Faraday Future Artificial Intelligence Electric Vehicle Company, and will hold a special meeting on February 13th next year.ALEXANDR WANG, Chief AI Officer at Meta: We are pleased to announce that Manus AI has joined Meta to help us build AI products.On December 30th, general-purpose GPU company Tianshu Zhixin announced on the Hong Kong Stock Exchange that it plans to issue 25,431,800 H shares in its Hong Kong listing, priced at HK$144.60 per share. Trading of the H shares is expected to commence on January 8th next year.

Australia welcomes "Freedom Day", and the Australian dollar rises to a new one-month high! Target or aim 0.74

Oct 26, 2021 11:01

On Monday (October 11), the Australian dollar rose to a one-month high against the backdrop of a surge in commodity prices. At the same time, the Australian dollar was also supported by the relaxation of restrictions on the epidemic in Australia’s most populous state of New South Wales.


Sydney reopens


Sydney’s cafes, gyms and restaurants welcomed fully vaccinated customers on Monday after being locked down for nearly four months, because Australia’s goal is to start coexisting with the coronavirus and gradually reopen with a high vaccination rate.

Dominic Perrottet, Governor of New South Wales (NSW), told reporters in the state capital of Sydney: "I think this is a day of freedom. This is a day of freedom. We are leading the country out of this. A pandemic, but it will be a challenge."

Perrottet warned that infections will increase after the reopening, and virus-free states such as Western Australia and Queensland are paying attention to the situation of the epidemic because of concerns that the health system may be overwhelmed.

Perrottet has announced the end of the New South Wales blockade and strongly supports the reopening of Sydney. Since the outbreak of the highly contagious Delta virus in mid-June, more than 5 million residents of Sydney have been severely restricted.

The epidemic has since spread to Melbourne and Canberra, forcing these cities to lock down, although the number of cases in New South Wales is declining.

As the scope of vaccination expands, Australia plans to gradually return to normal, allowing fully vaccinated residents to freely enter and leave the country from November. Australia closed its international borders in March 2020, helping to keep its coronavirus population at a relatively low level.

The outlook for the Australian dollar


OCBC Bank analysts believe that the Australian dollar against the US dollar may target 0.7400 after closing above 0.7300 last week.

"Australian Treasury bond yields underperformed U.S. bonds, providing the Australian dollar with some additional support in addition to risk sentiment," the analyst added.

In addition, Credit Suisse analysts predict that the downtrend line of approximately 0.7365 in 2021 will limit its rebound.

He said that the Australian dollar has broken through the resistance level 0.7312/17, which means that it will be revised upwards to the 2021 downward trend line 0.7365 in the short term. Since then, the support level was initially seen at 0.7291/87, below this level will confirm a fall to a lower level, and retest the 0.7179/70 low.

A break below the low of 0.7179/70 should clear the way for another test of the main support level of 0.7126/06 and extend it down to the 0.7053 and 0.6991 levels. A break below the latter marks a significant change in the trend towards a downward trend.

(Australian dollar against the dollar daily chart)

GMT+8 22:26, the Australian dollar was quoted at 0.7367 against the US dollar.

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