Strong downward correction in Asian equities

Record-high level for US equities on Friday, but strong downward correction in Asia overnight, after Chinese authorities announced a broad set of reforms for private education companies “hijacked by capital”. They will be banned from making profits, raising capital or going public. These measures are coming in the wake of a broader campaign against the growing power of Chinese tech companies.

US bond yields are down (below 1.25% for the “10y”) in this context, but also because the Fed meeting (Tuesday-Wednesday this week) fuels come uncertainty. The quick spread of the pandemic continues to be a source of concerns for markets but it is important to underline that the number of new Covid cases has now declined for the 5th day in a row in the UK, suggesting the peak has been reached, while new admissions to hospitals have remained contained.

The German IFO survey will be released this morning. The EUR/USD exchange rate has stabilized around 1.1780.

covid in the UK
Share this news :

You might also read :

November 5, 2021

Prices dropped as Russia Yamal flows resumed

Prices dropped yesterday in most European gas markets, pressured by the additional increase in pipeline supply. Indeed, Russian supply increased again yesterday, to 250 mm…
July 29, 2021

EUAs rose alongside the stronger energy complex

The power spot prices plunged in northwestern Europe yesterday amid forecasts of surging wind output, stronger solar generation, slightly improved French nuclear production and weaker…
April 8, 2021

Builds across US refined product markets

Despite dwindling US crude inventories, global crude prices fell on Wednesday and remained below 63 $/b for prompt ICE Brent contracts, as surprise builds in US gasoline…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet?