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Daily Review 29.11.2016

Asia markets open mixed, dollar slips

 Asia markets opened mixed, taking cues from the U.S. where a post-election rally appeared to stumble.

The Nikkei opened down 0.41 percent, while the Topix fell 0.34 percent. In South Korea, the Kospi was flat at 1,977.69, with shares of electronics giant Samsung up 0.18 percent.

Japanese shares were likely pressured by a slightly stronger yen, which traded at 111.94 against the dollar on Tuesday morning in Asia, climbing from levels near 113.00 in the previous week.

The Dow Jones Industrial Average close 54.24 points or 0.28 percent lower at 19,097.90. The S&P 500 index fell 11.63 points or 0.53 percent, to close at 2,201.72, while the Nasdaq dropped 30.11 points or 0.56 percent to end at 5,368.81.

In the currency market, the dollar slipped back and traded at 101.33, after falling to a session low of 100.64 earlier. The Australian dollar was at $0.7492, up from levels below $0.7400 last week. The euro was at $1.0614, climbing from below $1.055, while the pound traded at $1.2409.

Gold advances its biggest in four weeks as dollar declines

Gold futures posted the biggest gain almost four weeks as the dollar fell and investors bet the recent selloff excessive. Palladium hit a 17-month high.

Gold has slumped more than 6 percent this month as U.S. President-elect Donald Trump’s pledge to increase infrastructure spending. It boosts speculation that the Federal Reserve will raise interest rates in December, curbing demand for assets that don’t provide yield.

Gold futures for February delivery rose 1.1 percent to $1,193.80 an ounce. That marks the biggest gain for a most-active contract since Nov. 2. The metal fell below $1,200 last week for the first time since February.

In other precious metals, Palladium for March delivery rose as much as 2.6 percent to $762 an ounce on the New York Mercantile Exchange. Platinum also advanced on the Nymex, while silver climbed on the Comex.

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