Here is what you need to know.
China Fx reserves hit their lowest level since 2011. China’s foreign exchange reserves fell by by $69.06 billion in November to $3.052 trillion, according to data released by the People’s Bank of China.
Australia GDP turns negative. The Australian economy contracted by 0.5% in the third quarter, its largest quarterly decline since the financial crisis. Australia’s economy is in the midst of a streak of 25 years without a recession (two consecutive quarters with negative GDP). The Australian dollar is lower by 0.2% at .7448 against the dollar.
The Reserve Bank of India holds. India’s central bank unexpectedly held its key interest rate at 6.25%, suggesting its assessment of the economy was “clouded” by the government’s decision to remove 86% of the rupees in circulation in an effort to crackdown on corruption. The Indian rupee down 0.4% at 67.6350 per dollar.
UK industrial output tumbled. Industrial output fell by 1.3% in October as mining and quarrying weighed, the Office for National Statistics said in the report. The British pound is weaker by 0.6% at 1.2604 against the dollar.
Citi is being investigated for its role in the pound’s “flash crash.” Citi’s Japanese trading operation is being investigated by the Bank of England for exacerbating the pound’s October flash crash by placing a large number of sell orders after the initial fall began, people with knowledge of the investigation told the Financial Times.
Credit Suisse is cutting more costs. The Swiss investment is looking to slim down costs by an additional 1 billion Swiss francs ($1 billion) after already cutting 6,050 jobs this year, according to Bloomberg.
A major supplier to Apple is looking to grow its presence in the US. Foxconn, the world’s largest electronics manufacturer, is in preliminary discussions to expand its operations in the United States, Reuters reports.
Stock markets around the world are higher. Japan’s Nikkei (+0.7%) outperformed overnight and Italy’s MIB (+4.2%) leads the charge in Europe. The S&P 500 is set to open little changed near 2,212.
Earnings reporting remains light. Lululemon Athletica and Costco Wholesale will release their quarterly results after markets close.
US economic data trickles out. JOLTs Job Openings will be reported at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.37%.
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