Month-end cautious approach

A wait-and-see stance is all but assured at the last policy meetings of 2023 for the key central banks, the FOMC, ECB, BoE, BoC, and BoJ. Disinflationary trends in the West have afforded central bankers the opportunity to move to the sidelines to observe. But we and they will have to monitor the data into the new year to assess the length of the “higher” stance, or to determine whether the next action will be up or down.

Meanwhile this week, the month’s end and the anticipation of key data releases, have generated some caution, with futures markets slightly lower globally.

Key Events of the Week: US and EU inflation data, Powell event, official China PMI & delayed Opec+ meeting. Meanwhile, ECB President Lagarde speaks at the EU Parliament later today.

• PBOC announced it would encourage financial institutions to support private companies, including tolerance for non-performing loans.
• Global stocks on 4-week rally: US500 futures eased 0.2% & US100 lost 0.4%. The US500 rallied for 4 weeks straight and is up 8.7% on the month so far, which would be its best performance since mid-2022.
• Approximately 55% of the S&P 500’s component shares are trading above their 200-DMA the highest share in nearly two months, according to LPL Financial.
• Asian shares slipped today, ahead of potentially market-moving inflation data from the US & EU and the OPEC+ meeting,prompting them to sell stocks to lock in profits. JPN225 fell 0.53% to close at 33,447.67. CSI300 fell another 0.8% and have missed out on all the global cheer with the market down 1.8% in November so far.
• Reuters: Morgan Stanley bought $300 million worth of protection against losses on some of its loans from Blackstone Group and other investors. The deal is one of several such credit risk transfer transactions that US banks are considering in the aftermath of a March crisis in the sector and as regulators look to increase capital they have to hold, bankers, lawyers and investors said.
• Treasury yields are slightly higher, but that hasn’t helped the US Dollar.
• USDIndex is at 2-month low, i.e. 103.30, EURUSD is up at 1.0952, not far from 4-month high of 1.0965 – Markets priced in 80 basis points of US easing next year, and around 82 basis points for the ECB.
• USDJPY pulled back to 148.77 due to the soft Dollar against a broadly firmer Yen.
• USOIL under pressure at $75 area & UKOIL fell to $80 ahead of Thursday’s meeting, as uncertainty regarding Opec outlook and failure to easy market worries of a deeper supply weighs on the energy markets.
• Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.
• Key Mover: Gold climbs to 6-month high in choppy trade, hit $2,017.82. Spot gold may extend gains into $2,027-$2,030.

Click here to access our Economic Calendar

Andria Pichidi

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

لینک منبع : هوشمند نیوز

آموزش مجازی مدیریت عالی حرفه ای کسب و کار Post DBA + مدرک معتبر قابل ترجمه رسمی با مهر دادگستری و وزارت امور خارجه	آموزش مجازی مدیریت عالی و حرفه ای کسب و کار DBA + مدرک معتبر قابل ترجمه رسمی با مهر دادگستری و وزارت امور خارجه	آموزش مجازی مدیریت کسب و کار MBA + مدرک معتبر قابل ترجمه رسمی با مهر دادگستری و وزارت امور خارجه
مدیریت حرفه ای کافی شاپ	حقوقدان خبره	سرآشپز حرفه ای
آموزش مجازی تعمیرات موبایل	آموزش مجازی ICDL مهارت های رایانه کار درجه یک و دو	آموزش مجازی کارشناس معاملات املاک_ مشاور املاک