Overly dramatic headlines are already in place—it’s only Day 2 of the trading calendar, yet I read on Bloomberg that Chinese stocks have extended the worst start to the year since 2016. The CSI is down 1.18%, but the Hang Seng is up 0.37%. Chinese 10-year government bond yields slipped below 1.6% for the first time ever amid concerns about the state of the country’s economy. Another major headline is related to Tesla, where shares slid 6% after the company reported its first annual drop in deliveries. On a positive note, oil prices are heading for their second weekly gain.
Data-wise, Singapore’s November retail sales fell 0.7% y/y, reversing 2.4% growth in the prior month. Looking ahead, the day features US ISM manufacturing and vehicle sales. Market-wise, Bitcoin fell 0.5% to $96,616.76, Ether was little changed at $3,447.93, the yield on 10-year Treasuries declined by one basis point to 4.56%, West Texas Intermediate crude opens at $73.30 per barrel, and spot gold is priced at $2,653 per ounce.
With Japan off today, the overnight session has been quiet. In Europe, everyone will be back to work on Monday. We know it’s quiet when darts and 17-year-old Luke Littler are the talk of the town! Have a good weekend.
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