– US indices finished yesterday’s trading higher, erasing part of Wednesday’s sell-off. Firstly, S&P 500 gained 1.42%, Dow Jones added 1.82% and Nasdaq finished 0.83% higher. Secondly, Russell 2000 rallied 2.74%
– US index futures dropped after session close on reports of Omicron cases being detected in New York state, Los Angeles and Hawaii. However, indices recouped losses during the Asian session
– Stocks in Asia traded higher today. Nikkei gained 1%, S&P/ASX 200 added 0.2% and Kospi jumped 0.8%
– DAX futures point to a higher opening of the European cash session
– US Congress passed a funding bill to avoid government shutdown
– China services PMI (Caixin/Markit) for November dropped from 53.8 to 52.1 pts (exp. 51.0 pts)
– Oil erased all of the losses made after OPEC+ decided to leave output policy unchanged yesterday. Brent is trading near $71 per barrel while trades slightly below $68
– USD and CAD are the best performing majors. NZD and AUD lag the most
– Precious metals and industrial metals gain in spite of USD strengthening
Futures markets point to a higher opening of the European cash session today. DAX futures are trading near yesterday’s highs. USD and CAD are the best performing major currencies. Both currencies will get a chance to move later today during release of US and Canadian jobs data. NFP report is a key event of the day and may cement a decision on accelerating the pace of tapering during the FOMC meeting on December 15. Apart from that investors will be offered services PMI revisions from Europe and US services ISM release at 3:00 pm GMT.
OIL plunged yesterday after OPEC+ decided to increase production in January by 400k barrels per day in January. However, the drop was quickly erased and a hammer candlestick pattern was painted at an important price zone.
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