China reopening rumours (read from the bottom up for the chronology):
- China State Council press conference at 0700 GMT on COVID - rumours on ending COVID zero
- AUD and NZD are moving higher as China reopening chatter spreads
- Here's an interesting item that suggests China may soon dump the COVID zero policy
Also:
- CHF traders - Swiss National Bank's Schlegel is speaking on Tuesday, 29 November 2022
- Bank of England MPC member Mann is speaking on Tuesday, 29 November 2022
- ECb speakers coming up on Tuesday, 29 November 2022 - Guindos, Cos, Schnabel
- NZIER expects the Reserve Bank of New Zealand cash rate to peak at 5% in 2023
- Toyota says its 'adjusting' operation in China - citing lockdowns
- PBOC sets USD/ CNY central rate at 7.1989 (vs. estimate at 7.1617)
- What's ahead for the Reserve Bank of New Zealand - terminal rate of 5.5%?
- More from Fed's Barkin - I am focused on bringing inflation down
- Magnitude 4.6 earthquake, Chile
- Japan - retail trade data for October -0.2% m/m (-0.3% was the expected)
- Fed's Barkin says if inflation remains high then the Fed needs to keep moving rates higher
- Japan October unemployment rate 2.6% (expected 2.5%, prior 2.5%)
- Biden calls on Congress to pass the deal between railroad workers and operators
- ANZ-Roy Morgan Australian consumer sentiment index +1.8% w/w
- Société Générale are targeting oil even lower
- Fed's Brainard warns of "more volatile inflation" in the years ahead
- Federal Reserve Chair Powell speaks mid-week - "a hawkish policy message" expected
- Trade ideas thread - Tuesday, 29 November 2022
- Forexlive Americas FX news wrap: US dollar reverses and then runs higher
Chinese shares and China-proxy FX (AUD, NZD) rose during the session here on market chatter that Chinese authorities would soon abandon their ‘zero’ policy. The chatter seems to have blossomed from this overnight:
It spread further in the region today. There is a State Council ( the Joint Prevention and Control Mechanism of the State Council) news conference on COVID scheduled for 3pm Beijing time, which is 0700 GMT.
Also notable from China today were the large police presence dissuading further protest and also mover moves from authorities to support property developers. Both of these were a tailwind for Chinese stocks also.
As an aside, China's new daily Covid infections dropped for the first time in more than a week, according to official data.
On the data front Japan was the focus. Job availability rose for the 10th month in October. This is indicative of further labour-market tightness ahead that should keep upward pressure on wages. As a slight offset, the unemployment rate ticked up by 0.1% to 2.6% in October.
Central bank-speak was from Federal Reserve Richmond branch president Barkin, who made very hawkish noises indeed (see bullets above).
Shanghai Composite:
