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Market Review

Destatis in a report indicated that the German Import Price Index rose less than anticipated to a seasonally adjusted 0.3% from 0.1% in the previous month. The Federal Statistical Office Germany stated that the German CPI rose to a seasonally adjusted 0.1% from 0.2% in the preceding month. The French National Institute for Statistics and Economic Studies stated that the French GDP rose from 0.2% the preceding quarter to a seasonally adjusted 0.2%. The INSEE said that the French consumer spending had increased to a seasonally adjusted 0.9% from -0.4% in the previous month. The Bank of England indicated in a report that the UK’s Net Lending had risen to 4.9B from 4.7B in the preceding month.

Statistics Canada said that Canada’s current account balance fell to a seasonally adjusted -18.3B from -19.0B in the previous month. Official data released on Tuesday indicated that the GDP in the US showed growth of 3.2%, revised up from the initial reading of a 2.9% expansion. Market research group Conference Board said that the US consumer confidence rose more than expected in November to 107.1 from 100.8 in October showing optimism over the health the US economy.
 
Currencies: The dollar trimmed gains against other major currencies on Tuesday, as the release of strong US data added to optimism over the strength of the economy. The EURUSD traded higher between $ 1.0565 and $ 1.0650. The GBPUSD traded higher between $ 1.2389 and $ 1.2526. The USDJPY traded higher between ¥ 111.62 and ¥ 113.34.

Crude oil: The price of Oil fell more than 3% on Tuesday, extending early losses amidst growing doubts that the OPEC will be able to reach an agreement on a deal to limit output. On the ICE future Exchange, North Sea Brent crude traded lower between $ 49.07 and $ 46.92. On the New York Mercantile Exchange, US light crude oil traded lower between $ 46.98 and $ 44.84.

Gold: Gold prices were lower on Tuesday as upbeat US economic reports underlined the view that the Federal Reserve will hike interest rates in December. On the COMEX division of the New York Mercantile Exchange, gold traded lower in a range between $1195.09 and $1180.70 an ounce.

Indices: Asian shares were mostly weaker on Tuesday with Tokyo down after the release of mixed data on household spending and retail sales. At the close in Tokyo, the Nikkei 225 went down 0.27%. At the close in China, Shanghai Composite edged up 0.28%.

European stocks were mostly up on Tuesday as oil prices turned lower amidst concerns ahead of a highly anticipated OPEC meeting on Wednesday. At the close in Frankfurt the DAX advanced 0.36%. At the close in Paris, the CAC40 went up 0.91%. At the close in Madrid, the IBEX 35 added 0.55%. Finally, at the close in London the FTSE100 went down 0.40%.

Wall Street traded higher on Tuesday. At the close, the Dow Jones industrial average advanced 0.13%. The S&P 500 went up 0.17% and the NASDAQ composite edged up 0.21%.
 
 
Economic Calendar
Wednesday 30th November 2016:

Time

Currency

Events

Forecast

Previous

7:00am

EUR

German Retail Sales m/m

1.00%

-1.40%

7:00am

GBP

Bank Stress Test Results

 

 

8:55am

EUR

German Unemployment Change

-6K

-13K

All Day

ALL

OPEC Meetings

 

 

10:00am

EUR

Core CPI Flash Estimate y/y

0.80%

0.80%

12:30pm

EUR

ECB President Draghi Speaks

 

 

1:15pm

USD

ADP Non-Farm Employment Change

161K

147K

1:30pm

CAD

GDP m/m

0.10%

0.20%

3:00pm

USD

Pending Home Sales m/m

0.30%

1.50%

3:30pm

USD

Crude Oil Inventories

 

-1.3M

Posted: 11/30/2016 7:34:04 AM by Global Administrator | with 0 comments


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