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Global Economy

Risk aversion was broadly witnessed in global markets after Covid variant Omicron posed threat to global economic growth with chances of further mobility restrictions and lockdowns.

Major global equity gauges across globe declined last week except China’s benchmark SSE composite index that steadied with mild changes.

US economy expanded an annualized 2.1 percent in Q3 2021, slightly higher than 2 percent in the advance estimate.

Jerome Powel is nominated for a second term as chair of the US Federal reserve by the president Joe Biden.

Fed's Raphael Bostic says he remains open to faster taper and one or two rate hikes in 2022.

Currencies

US Dollar index tested above an yearly high of 96.93 marks, and settled lower with moderate weekly gain.

Euro gained 0.26 percent against USD. Japanese Yen gained 0.59 percent while Chinese Yuan shed .10 percent.

Indian Rupee shed 0.94 percent to 75.04 against USD in the last week.

Silver

Silver prices in LBMA and COMEX shed 5.93 percent and 6.75 percent respectively.

India’s domestic silver spot prices declined 6.64, MCX futures fell 5.36 percent

Physical holdings of Silver backed ETFs with iShare silver trust steadied in November.

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