Asian Markets Start On Firm Footing On Vaccine, U.S. Aid Hopes

Investors now await China’s third-quarter gross domestic product (GDP), monthly production and retail sales due later in the Asia morning.

“Chinese growth has bounced back well from its early COVID-19 losses and this data will be key to identify how the economy has progressed,” said Steven Dooley, chief strategist at Western Union Business Solutions.

Later in the week, key events include minutes of Australia’s central bank meeting, the final U.S. presidential debate and global manufacturing indicators.

Action in currencies was muted with the U.S. dollar, usually perceived as a safe-haven asset, flat at 93.696 against a basket of six major currencies

The euro was also unchanged at $1.1715.

Sterling traded near two-week lows at $1.2925 after UK Prime Minister Boris Johnson told businesses to get ready for a no-deal Brexit in case negotiations with the European Union fail to produce a free trade agreement.

“EU-UK trade talks are flirting with collapse,” ANZ economists said.

“UK Prime Minister Johnson said the UK needs to prepare for a no-deal outcome, as both sides cannot agree on a Canada-style FTA. Talks resume in London on Monday, but without the political willingness to shift ground, there is little the negotiators can achieve.”

In commodities, Brent crude futures added 5 cents to $42.98 a barrel, and U.S. West Texas Intermediate (WTI) crude futures climbed 5 cents to $40.9 a barrel.

Spot gold was a shade firmer at $1,899.9 an ounce.

(Editing by Sam Holmes)

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