Loading, please wait...
The BullMarkets.com website uses cookies. By clicking the ‘Accept’ or the ‘X’ button you are agreeing to our Cookies policy.
Accept Cookies
X
Trading involves significant
risk of loss
DAILY MARKET OVERVIEW
Today's Top Market Headlines – Nov 22, 2016
European bourses seen higher after US indexes rip to new record highs

Stock markets in Europe should start higher Tuesday, following new record highs on Wall Street and expectations that OPEC members will reach an agreement over an output cut.
The FTSE is set to open 54 points higher at 6,777; the DAX is seen 77 points higher at 10,685 and the French CAC should open 44 points up at 4,529.
Oil prices reached a monthly peak on Tuesday, helping risk assets, despite a tsunami in Japan from a 7.4 magnitude quake. Goldman Sachs said in a note on Monday: “The increased likelihood of an OPEC cut motivates our near-term forecast upgrade. Stronger than expected demand growth and lower production from high-cost countries increase our confidence that the global oil market will shift into deficit by (the second half of 2017) even with OPEC production above current levels.”
Energy stocks led the gains on Wall Street Monday, with the three major indexes closing at record highs simultaneously for the first time since this past summer.
In Europe, Prime Minister Theresa May is chairing a cabinet meeting on Tuesday amid reports of divisions surrounding Brexit. In the U.S., President-elect Donald Trump presented on Monday his plans for his first day in office, including withdrawing from a major trade accord with Pacific countries and investigating abuses of work visa programs.
It is a quiet data day on the data front, the U.K. will see the release of the public sector borrowing figures and the CBI industrial orders.

Gold rises for second day on Asia physical buying, dollar drop

Gold prices rose for a second day on Tuesday supported by an easing U.S. dollar and physical buying in Asia.
Spot gold was up 0.3 percent at $1,217.54 an ounce by 0322 GMT. In the previous session, the metal rose 0.4 percent, reversing three sessions of losses.
U.S. gold futures were up 0.6 percent at $1,217.20 per ounce, after reaching as high as $1,220.90 earlier.
“Gold prices have factored in the December (rate hike) move. Now it is a matter of bargain hunting,” said Spencer Campbell, general manager with Kaloti Precious Metals in Singapore.
“We are seeing a lot of activity in Southeast Asia. The drop in prices and inverse pricing against the local currency is driving the buying.”
Gold has fallen more than $120 an ounce from its post-U.S. election peak on Nov. 9 as U.S. Treasury yields posted their biggest two-week rise in more than five years and the dollar shot higher.
However, on Tuesday the U.S. dollar weakened which lent support to the yellow metal.
The dollar index, which measures the greenback against a basket of major currencies, was down 0.2 percent at 100.860, falling further after snapping a 10-day rising streak on Monday.
The greenback retreated for the first time in a number of sessions which supported buying for gold, said Jason Cerisola, MKS PAMP Group trader.

Dollar retreats from 13 ½-year high, pauses after rally

The dollar took a breather on Tuesday as investors consolidated the gains built on expectations of increased fiscal spending and higher inflation under a Trump administration.
An earthquake of magnitude 7.4 and the subsequent tsunami warning in northern Japan prompted knee-jerk selling of the dollar for safe-haven yen in early trade.
While the earthquake briefly disrupted cooling functions at a nuclear plant, there were no reports of deaths in the hours after the earthquake hit.
Market participants played down the impact of the earthquake, saying the dollar had been due for some long liquidation against the yen after rallying sharply over the past two weeks.
“If you look at the bigger macro-economic picture, it (the earthquake) probably doesn’t have any significant influence,” said Jesper Bargmann, head of trading for Nordea Bank in Singapore.
“We’ve seen a general dollar move after the weekend, where the dollar rally has halted a little bit. We may be seeing some profit-taking,” he added.
The dollar held steady against the yen at 110.76 yen, having pared its losses after slipping to as low as 110.27 yen earlier on Tuesday.

Source: http://www.cnbc.com/