Trade overview: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
In Asia this morning a mixed trend was recorded. The Nikkei index closed with a decrease of about 0.3% led by industrial and infrastructure companies, including the Tokyo Electric Company, Tokyo Gas and Sumitomo Cement. The car manufacturer Subaru stood out with an increase of about 2.5%. In Australia, the flagship index ASX climbed by about 0.4% and in Taiwan the main index advanced by 1.2%.
In the Chinese sector, the Hang Seng index in Hong Kong, which jumped by more than 5% yesterday, rises by 0.3%, as does the index in Shenzhen, while a slight decrease is recorded in Shanghai. In the macro, the Purchasing Managers’ Index in the manufacturing sector in China stood at 48 points in November when the expectation was 49 points, it was announced early this morning. Before the opening of trade in Europe, growth and inflation data will be published in France.
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In New York, there is stability in trading on the futures contracts, after a relatively calm trading day on Wall Street last night closed mainly in declines. The Dow Jones ended the day unchanged, but the S&P 500 shed almost 0.2% and the Nasdaq retreated by about 0.6%. US government bond yields recorded small increases last night and this morning they are stable – the 10-year bond yield stands at 3.72% and the two-year bond yield is 4.46%, similar to its level yesterday.
The real drama in the global macro sector will take place in the afternoon. At 12:00 (Israel time) preliminary inflation data for the month of November in the Eurozone will be published – when according to forecasts the consumer price index is expected to moderate for the first time in a year and a half, to an annual increase rate of 10.4%. At 15:00, final growth data in the US for the third quarter will be published (a 2.6% increase is expected after two consecutive quarters of GDP decline). At 20:30 Israel time, the chairman of the Fed, Jerome Powell, will speak for the last time before the interest rate decision on December 14, which may shake the markets.
American oil prices rose last night by about 1.5% after Iraq claimed that the OPEC Plus organization plans to cut production by 2 million barrels of oil per day. This morning the prices rise by another 1%. The price of American oil is $78.9 per barrel and Brent oil is $83.8. Gold is also strengthening slightly and its price of an ounce reaches 1,754 dollars.
Increases are recorded in the crypto market. Bitcoin advances by 2.5% and trades around $16,800 and Ethereum jumps by 5.5% and trades at $1,268.
Also tomorrow (Thursday) interesting macro data will be published, including the personal income and expenditure data in the US for the month of October and the PCE index which is expected to register an increase of 0.3% (the core inflation index preferred by the Fed). On Friday the employment report in the US will be published, when economists An addition of 200,000 new jobs is expected, compared to the addition of 261,000 jobs last month.