Far East: AU- Retail Sales, PMI, CN/JP- PMIs
Europe: CH/EZ/GB Mfg PMIs
North America: US- Weekly Jobless, Mfg PMIs, Construction Spending, Nat Gas, CA- PMI
- The Dow industrials held on to a fractional gain, but other major indexes finished lower Wednesday as an early session rally led by a surge in the energy sector sputtered out in late trade.Still, November was a strong month for equities, which accelerated gains following Donald Trump’s presidential election victory, sending major indexes to a string of new highs.
- The S&P 500 SPX, -0.27% fell 5.85 points, or 0.3%, to 2,198.81, a session low, after being up by as many as 9 points earlier. Only three out of 11 sectors finished higher: The energy sector gained 4.8%, financials rose 1.3%, and materials gained 1.1%. Utilities and telecom declined more than 2%.
- European energy stocks led gains in the region’s equity market Wednesday, as oil prices surged after OPEC delegates reached a deal to cut production.
- The Stoxx Europe 600‘s SXXP, +0.31% rose 0.3% to end at 341.99, building on Tuesday’s advance of 0.3%. The pan-European benchmark achieved a monthly rise of 0.9%, marking its first advance after two monthly losses.
- The euro EURUSD, +0.0189% was buying $1.0580, down from $1.0650 late Tuesday in New York.
- U.K. stocks strengthened Wednesday, with a deal by OPEC to cut production prompting gains for energy shares, but Royal Bank of Scotland PLC’s stock declined after the lender failed the Bank of England’s stress test.
- The FTSE 100 UKX, +0.17% closed up 0.2% at 6,783.79, but backed off an intraday increase of 1.1% as basic material, consumer-services and utility shares were pushed down.
- The pound GBPUSD, +0.1839% bought $1.2487, down from $1.2503 late Tuesday in New York.
- Stock markets in Asia were mixed Wednesday, as a positive lead from Wall Street was offset by investor concerns that key oil-producing nations won’t be able to seal a deal to cut global production.
- Japan’s Nikkei Stock Average NIK, +1.69% closed flat, after earlier opening at its highest level in two days, while Hong Kong’s Hang Seng Index HSI, +0.23% closed up 0.2%, and South Korea’s Kospi SEU, +0.02% finished up 0.3%.
- As of this writing (3:30 EST) spot gold is trading off approximately $16 at 1172 a decline of 1.34%. Today’s decline has taken gold prices to a 10-month low and remains under pressure, and the US dollar continues to gain strength trading at a 13-year high.On a technical basis gold prices have now returned to a critical level of support at roughly 1170 per ounce. This level (1170) is a 61% retracement of the lowest low and highest high achieved in 2016.If this critical level of support does not hold the next technical support level is a 78% retracement of this year’s gold price range which falls at 1113 per ounce.Although there is absolutely no doubt that since the presidential election held earlier this month that we have seen gold pricing decline dramatically, where gold pricing might find support is still an unknown factor.
EURUSD: The most likely scenario for the pair is going down to the nearest target of 1.0537.
EURJPY: The most likely scenario for the pair is going up to the nearest target of 121.83.
GBPUSD :The most likely scenario for the pair is going up to the nearest target of 1.2545.
GBPJPY: The most likely scenario for the pair is going up to the nearest target of 144.27.
USDJPY: The most likely scenario for the pair is going up to the nearest target of 115.30.
XAUUSD: The most likely scenario for the pair is going down to the nearest target of 1,173.8.