It was half market day for the US markets due to Thanksgiving holidays.
Chinese COVID situation is developing into the chaos this weekend and Chinese Central Bank is lowering the rate by 0.25%. It was Black Friday but sales would be huge enough for everyone?
US stock market was downed a bit. It was very thin market and finished earlier. DJ Index was downed by 0.5%, S&P 500 Index was downed by 0.03% and NASDAQ index fell 0.5% today.
Apple’s China plant is still struggling with their labor issues and iPhone supply will be in trouble. Apple’s stock fell 1.9%, MS fell 0.04%, Amazon was downed by 0.8% and Tesla was downed by 0.2%.
US Dollar Index have not moved a lot today, fell by 0.01%, settled at 106.06 points.
Chinese Central Bank lowered their prime rate by 0.25%.
They need to lower the rate and to focus on rebuilding of real-estate industry.
Crude oil market price fell another 1.7% today, ending at $84 per barrel, based on NYMEX Brent oil. Crude oil price finished low three weeks in a row.
More COVID cases in China pushed Chinese government into heavier lockdown modes and that’s not good news for bullish crude oil market.
G7 heads are still debating what to do about price cap on cheap Russian crude oil exports.
In the agricultural markets, wheat markets were mostly down with better cash movements out of Black Sea ports.
Australian wheat is doing good as well. It’s clear bearish sign for the wheat market.