Daily Briefing –Tuesday, November 28, 2017
Europe’s post powerful economy continues to dominate the market news. Keep an eye on the German Gfk Consumer Confidence Survey for December, due for release today, the EUR might very well react.
US markets wait in expectation for the Senate vote on Thursday on tax-cuts. This and the continuing Senate hearings on the proposed successor to Janet Yellen as Federal Reserve Chair have added pressure to the USD with it continuing to slide against the JPY.
A fall in oil and metal prices led to a decline in Asian shares, with Chinese equities’ losses continuing. Chinese shares traded in Hong Kong dropped by more than 1 percent. The Nikkei fell by 0.04 percent as did the Hang Seng which slid by 0.66 percent. It remains to be seen how the Japan Retail Trade figures out today will influence the markets.
Oil refuses to leave the news with speculation that production cuts will be extended by OPEC and Russia on November 30. Crude prices have jumped by nearly 20 percent since the last meeting in May and WTI prices have surged by about 10 percent. The possibility however, that Russia may not be a party to another extension, with a knock on effect on Crude prices, is always present.
|12:00 PM GMT||German Gfk Consumer Confidence Survey|
|16:30 PM GMT||Bank of Canada Governor Poloz Speech|
|12:50 PM GMT||Japan Retail Trade (Oct)|