Asia-Pacific stocks mixed; Singapore Q3 GDP grew 7.1% Y/Y

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• Japan -1.53%. Preliminary PMIs for November: Manufacturing 53.5 vs. expected 54.5, prior 53.2.
• Services PMI 52.1, prior 50.7. Composite PMI 52.5, prior 50.7.
• China +0.28%.
• Hong Kong +0.69%.
• Australia -0.15%.
• Singapore +0.22%. Singapore’s economy grew 7.1% Y/Y in Q3, higher than an earlier estimate for 6.5% growth.
• On a quarter-on-quarter, seasonally adjusted basis, Q3 GDP expanded by 1.3%.
• The Ministry of Trade and Industry now sees 2021 GDP growth at around 7.0% (previous forecast 6.0% to 7.0%); sees 2022 GDP growth of 3.0% to 5.0%.
• New Zealand’s currency weakened after the nation raised interest rates to 0.75% to curb price pressures, a smaller move than some had expected. The central bank projected 2% benchmark borrowing costs by the end of 2022.
• Overnight on Wall Street, Dow Jones gained 194.55 points to 35,813.80, S&P 500 climbed about 0.17% to 4,690.70, while Nasdaq fell 0.5% to 15,775.14.
• The rise in Treasury yields has weighed on technology stocks on Wall Street. It last sat at 1.6374%, compared with levels around 1.55% seen earlier in the week.
• The benchmark 10-year U.S. Treasury yield has climbed since President Joe Biden announced his renomination of Jerome Powell as Federal Reserve chair.
• Oil prices were mixed, with Brent crude futures down 0.17% to $82.17/barrel. U.S. crude futures hovered mildly higher at $78.52/barrel.
• Gold prices edged higher. Spot gold rose 0.2% to $1,792.68 per ounce. U.S. gold futures added 0.5% to $1,792.90.
• Spot silver fell 0.3% to $23.58 per ounce. Platinum rose 0.7% to $975.40 and palladium gained 1.1% to $1,888.63.
• U.S. stock futures muted. Dow Jones -0.04%; S&P 500 +0.02%; Nasdaq +0.20%.