A glance at overnight markets

December 28, 2015

Key Quotes:

"After rallying last week, oil prices are off 2%, base and precious metals lower. No end to the political uncertainty in Spain, but Spanish 10-year bonds are matching regional performance. 

Equities have a heavier bias. Asian shares were mixed. 

The Nikkei rose 0.6% while the Shanghai Composite fell 2.6%. Reports suggest that the anticipation of the end of the sales ban on large investors and a new IPO regime, weighed on Chinese sentiment. This is the biggest decline in a month for Chinese shares. Weak industrial profits, especially among state-owned enterprises (-9.5%) also took a toll. 

"The US dollar is mixed. European currencies are a little firmer while the dollar-bloc is softer. 

Last week, the dollar eased against the Chinese yuan every day on a closing basis, but bounced back smartly today after the PBOC fixed it higher. The close (CNY6.4873) represents a new four-year high. "

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