Which I suppose is a way to say stuff is bid.
Let's go visit Mr. Chandler at Marc to Market:
No Follow-Through After Month-End Adjustments
Overview: The near-record rallies seen in the major equity markets in November may have contributed to the month-end drama yesterday. There has been no follow-through activity. Stocks bounced back, and the US dollar is heavy, with few exceptions. In the Asia Pacific region, all the markets are higher, and most rose by more than 1%. The European Dow Jones Stoxx 600 is recouping most of yesterday's 1% loss, and the S&P 500 is nearly 1% higher too. Benchmark yields are most 1-2 basis points firmer in Europe and the US, leaving the 10-year Treasury yield around 0.86%. The dollar is lows against all the major currencies, led by the Scandis. The euro remains within striking distance of the $1.20-level and sterling flirted with $1.34. Emerging market currencies broadly are recovering, and the South African rand and Hungarian forint are leading today's advance. The Turkish lira is a notable exception, falling for the first time in five sessions. Gold is nearly 1.8% higher and has resurfaced above $1800 an ounce. Oil is little changed with the January WTI contract hovering around $45 a barrel, as OPEC+ has delayed their meetings day amid discord.
Asia Pacific
The Caixin manufacturing survey was considerably stronger than expected at 54.9 from 53.6 in October. This is the highest in a decade and is consistent with the recovery seen in other data. South Korea exports, which are also seen to be driven by Chinese demand, were also strong, rising 4% year-over-year in November after a revised 3.8% decline in October (initially -3.6%). When adjusted for the number of working days, the value of average daily exports rose 6.3%, the most in two years.
The final look at Japan's November manufacturing PMI revised away the initial decline to 48.3 from 48.7 and instead rose to 49.0, the highest since August 2019. However, the employment situation deteriorated slightly, and the October unemployment rate ticked up to 3.1% from 3.0%. This is a new cyclical high and matches the highest level since 2017. The job-to-applicant ratio rose to 1.04 from 1.03. It stood at 1.58 a year ago.
As widely expected after easing policy last month, the Reserve Bank of Australia stood pat. The RBA says it is ready to do more if needed. Separately, the Markit manufacturing PMI slipped to 55.8 from 56.1 preliminary reading, but still better than October's 54.2. It was just below 50 a year ago. First thing tomorrow, Australia reports Q3 GDP. It is expected to have expanded by 2.5% in the quarter after a 7.0% contraction in Q2....
....MUCH MORE
