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Below are Views On Daily Global Market Update 30 December 2021 By Asheesh Chanda, Kristal.AI

More of the same

Equities were mostly sideways but SPX managed to inch its way to its 70th record close of the year. The Energy sector was lower despite Crude gaining on the day after lower than expected weekly US inventories. The US yield curve steepened significantly after a weaker than expected 7Y auction sent the long end higher. The 10Y moved to 1.55% and the 30Y is likely to make another run at the 2% mark soon. The US dollar saw some volatility too, initially spiking higher before coming off later in the session. Crypto continues to struggle with the support now at 46k for Bitcoin and 3.6k for Ethereum.

China names fell once again following uncertainty around Didi's delisting in the US. HK's last pro democracy press establishment was forced to close after police raided its offices and froze its bank accounts. Biden and Putin are scheduled to speak today for the second time in a month (at Russia's request) to help de-escalate the situation in Ukraine. The US Iran talks are reportedly not progressing as intended with the allies unlikely to grant sanctions relief upfront to the extent Iran that is demanding. This ought to help Crude prices stay supported in the near term too.

We're almost at the end of the year with most markets either open half day tomorrow or closed entirely. The US still has two full sessions to go but price action is expected there is likely to be sideways. Ahead today we have the US weekly unemployment numbers, which are once again expected to maintain their steady downtrend.”

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