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Asian equities had a strong session overnight, with the Hang Seng rising 1.6% and the Nikkei gaining 1.21%. Markets are eagerly awaiting details from China’s two-day Central Economic Work Conference, where policies to bolster economic activity and growth for next year are expected.

A busy overnight session: Asian stocks had a poor performance. Gold dropped from $2,695 to $2,675 in a heartbeat, with the GCG5 basis widening to $55 from around $27 at the open.

Overnight, the RBA left rates unchanged but opened the door to a cut. This led to a move lower in the currency, with its next meeting scheduled for 18 February.