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Market Drivers – Asian Session 16-11-2021

The Nikkei index rose 0.11 percent to 29,808.12 points, while the broader Topix index also rose 0.11 percent to 2,050.83 points.

During the session, investors watched a meeting between US President Joe Biden and Chinese President Xi Jinping.

The Japanese indices rose after Chinese state media published a report that the Chinese president told his US counterpart in a virtual meeting that the two countries should strengthen communication and coexist peacefully.

The yuan hit a five-month high in Asian trade on Tuesday, as traders welcomed the dialogue between US President Joe Biden and Chinese President Xi Jinping, while the dollar settled near a 16-month high against the euro ahead of US retail sales data that could affect the outlook. Interest rate expectations.

Gold futures rose 0.16% to $1,869.55 as concerns about inflation added to the allure of safe-haven bullion. The dollar, which usually moves in reverse with gold, also rose on Tuesday and remained near a 16-month high.

The Turkish lira fell by about 0.8 percent on Tuesday to a new record low of 10.14 against the dollar, weighed by expectations of another interest rate cut from the central bank this week.

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