Daily Alert – Tuesday 29th November 2022: China may be easing zero-covid policy

Mark NugentDaily Alert, Nov 2022

Daily Alert – Tuesday 29th November 2022: China may be easing zero-covid policy

Good morning.

Yesterday saw the first non-indecisive risk sentiment in over two weeks. We were risk-off, driven by pressure on the global economy caused by the zero-covid strategy in China and the endless lockdowns that result.

However, although the protest we saw over the weekend have been suppressed, there are signs that the government is trying to set the scene for easing of restrictions by ramping up attempts to vaccinate the elderly, the most vulnerable group. Local stock markets are bullish and general commentary is becoming more positive. This has spilled over into the west as Monday’s China-inspired equity slump halts.

I went a bit crazy and placed pending orders on S&P500, Japan225, GBPUSD and AUDJPY, all short. Only the Japan225 was triggered and is now sitting at the entry price.

Later today we have German inflation and Canadian GDP.

I’ll be back tomorrow.

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