he traders who have come in to work this week have been in a better mood so far, unwinding some of Friday’s losses now that quadruple witching contract expiries have come and gone. It appears that after last week’s false start, a Santa Claus Rally has arrived at last which could carry through the next 2-3 weeks. The Dax
and FTSE are up about 1.6-1.8% while US indices are up 0.6-0.8% so far this morning.
Spain’s IBEX has been trailing its peers and trading lower today after PM Rajoy’s party won the populist vote in yesterday’s federal election with 28.7% but failed to capture a majority of the seats in Parliament creating uncertainty over what kind of coalition the country may end up with and how long it could take to put together a new ruling coalition.
In commodity action, Brent Crude broke down below its 2008 low but hasn’t fallen much farther holding above $36.00. Similarly WTI crude oil continues to hang around its own 2008 low and cling to $34.00 support.
Today is pretty quiet for news but tomorrow and Wednesday are busier with a number of GDP reports scheduled to come out before the holidays.
There have been no major corporate announcements so far today.
Significant announcements released overnight include:
UK CBI sales 21 vs street 19 and previous 7
Germany producer prices (2.5%) vs street (2.4%)
Sweden economic tendency 110.1 vs street 106.9
Sweden manufacturing confidence 114 3 vs street 106.1
Sweden consumer confidence 98.7 vs street 95.6
NZ consumer confidence 110.7 vs street 106.0
Upcoming significant announcements include:
There are no major announcements scheduled for North America later today.
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