Asian equities are trading positive into the weekend as the region improves on the sideways performance on Wall Street, where price action was contained by quasi-holiday conditions owing for Veterans Day. The dollar index continued to add to fresh 2021 highs while Treasury futures saw sustained selling pressure but nowhere near the same extent as post-hot US CPI and weak US 30-year bond auction. There are no major data releases for today.
On the trade front, a virtual meeting between US President Biden and China President Xi has tentatively been scheduled for Monday evening. Also worth noting that the US and China stunned COP26 with a joint pledge to slow climate change. They stated that they are firmly committed to working together and with others to strengthen the implementation of the Paris Agreement. Traders are keeping an eye on the growing concerns about a deepening liquidity crisis in the Chinese property sector as it continues to weigh on iron prices, which are currently trading at their lowest level since June last year.
