On Tuesday the major stock indices showed a single trend up and closed in positive territory. S&P 500 added (2212.23), the Nasdaq rose 0.45% (5333.00), the Dow Jones was up 0.18% (19251.78). European indices also closed in the green zone. The German DAX rose 0.85% (10775.32), British FTSE 100 added 0.49% (6779.84).
It is planned several publications on macroeconomic data today, which will draw the attention of investors during trading sessions.
At 03:30 MSK Australian GDP for third quarter (QoQ) was published, the final value was -0.5%.
At 12:30 MSK in UK Manufacturing Production (MoM) (Oct) will be published, expected level is 0.2%.
At 18:00 MSK in US JOLTs Job Openings (Oct) will be published, expected level is 5.500M.
At 18:00 MSK in Canada Interest Rate Decision will be published, expected level is 0.50%.
At 18:30 MSK in US Crude Oil Inventories will be published, expected level is -1.032M.
At 18:30 MSK in US Cushing Crude Oil Inventories will be published.
Yesterday, there were more buyers on the stock markets of Europe, again, they now have no fear the consequences of Brexit and the uncertainty associated with the referendum in Italy, which also left the threat of a banking crisis. Now the index of Frankfurt stock exchange DAX walked up to the maximum of consolidation that lasts for the fourth month. Positive rhetoric of the ECB President Mario Draghi at a press conference after a meeting of the regulator tomorrow may provide the signal for the output in up direction. Investors are waiting for statements about the extension the timing of the quantitative easing program for the entire 2017.
The new President of America, Donald Trump last night said via Twitter that he was canceling the construction of a new plane the Number 1. Order for the Boeing 747 was placed by Barack Obama. Trump said that the cost of the aircraft price $ 4 billion is out of control. Such action speaks about him as the host who will not allow non-justified costs and may increase the trust of investors. It is also known that the Trump sold his shares in June. His investment portfolio was included shares of more than 150 companies, including Apple, Boeing, Microsoft, JPMorgan. This was done to cancel questions about conflict of interest during the election campaign.
After active growth of oil quotations they came to consolidation. Investors stoped further purchases due to incompleteness of the agreement to limit production. Then, perhaps the volatility will fall and consolidation will continue until the meeting of OPEC countries+ at the end of the week. Also buyers was stopped by published data about the increasing production of the cartel in November to a record 34,16 MB/s. Today, market participants will follow the publication of data about oil reserves and derived products in the United States.
Sincerely, Global FX chief analyst Sergey Melnikov.