FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold and Silver Prices Plunge as Trump Taps Kevin Warsh for Fed Chair 
Gold Prices Stabilize in Asian Trade After Sharp Weekly Losses Amid Fed Uncertainty 
Russia Stocks End Flat as MOEX Closes Unchanged Amid Mixed Global Signals 
Canada’s Trade Deficit Jumps in November as Exports Slide and Firms Diversify Away From U.S. 
Wall Street Slides as Warsh Fed Nomination, Hot Inflation, and Precious Metals Rout Shake Markets 
U.S. Stock Futures Slip as Markets Brace for Big Tech Earnings and Key Data 
Indonesia Stocks Face Fragile Sentiment After MSCI Warning and Market Rout 
UK Employers Plan Moderate Pay Rises as Inflation Pressures Ease but Persist 
Asian Stocks Waver as Trump Signals Fed Pick, Shutdown Deal and Tech Earnings Stir Markets 
Japan Election Poll Signals Landslide Win for Sanae Takaichi, Raising Fiscal Policy Concerns 
According to the latest report from DBS Group Research, Hong Kong’s gross domestic product (GDP) growth has been downgraded to zero percent from 2.5 percent for 2019, and to 0.5 percent from 2 percent in 2020.
While growth was benign at 0.6 percent y/y in 2Q19, it contracted 0.3 percent q/q. Another quarter of negative sequential growth in 3Q19 would tip Hong Kong into a technical recession. Second quarter growth was hurt by lingering trade tensions between China and the US, Hong Kong’s top two export destinations.
Merchandise exports growth have contracted eight straight months since November 2018; the -9 percent y/y print in June was the biggest drop since February 2016. By country, outward shipment to the US and China fell 6.6 percent and 5.3 percent respectively.
Meanwhile, exports to advanced economies were also sluggish; EU and Japan fell by 7.4 percent and 6.5 percent correspondingly. Likewise, outward cargoes to emerging market such as ASEAN were also flat from a year ago.
