We’re not getting any clear trends from world markets so far today with some traders apparently waiting for the big fireworks to start. In stocks, European indices are up on better than expected Spain retail sales and Sweden GDP, while Asia Pacific markets were lower. US markets are flat as traders straggle back from this weekend’s big turkey, family, football and shopping wingding.
USD is up moderately with the dollar index trading just above the big 100.00 level. JPY is drifting back after Japanese economic figures came in mostly worse than expected, leaving traders to wonder if the Bank of Japan will have to boost stimulus despite comments to the contrary from central bankers.
In commodities this morning, copper is climbing after Chinese copper producers announced production cuts for 2016 following on from cuts indicated by nickel producers on Friday. Crude oil is up a bit today within its established trading range.
Today, US traders may remain focused on the retail sector, with black Friday weekend sales results a potentially big driver for trading. Chicago PMI may also attract some attention from the market. The rest of the week is looking incredibly active for news and trading. Highlights include:
Tuesday Manufacturing PMI from around the world
Wednesday ADP payroll and Bank of Canada
Thursday ECB stimulus decision
Friday US nonfarm payrolls, Canada employment, OPEC production decision
Corporate News
There are no major corporate announcements in North America today.
Economic News
Significant announcements released overnight include:
Germany consumer prices 0.4% vs street 0.3%
Germany retail sales 2.1% vs street 2.9%
Spain retail sales 5.8% vs street 4.4%
Sweden GDP 3.9% vs street 3.4%
Poland GDP 3.5% vs street 3.3%
Greece retail sales (3.2%) vs street (2.2%)
Japan industrial production 1.4% vs street 1.9%
Japan retail sales 1.8% vs street 0.8%
Japan construction spending (25.1%) vs previous 6.7%
Japan housing starts (2.5%) vs street 2.9%
NZ NBNZ business outlook 14.6 vs previous 10.5
NZ NBNA activity 32.0 vs previous 23.7
Upcoming significant announcements include:
9:45 am EST US Chicago PMI street 54.0 vs previous 56.2
10:00 am EST US pending home sales street 1.5%
CMC Markets
Dela