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Technology decline a drag on global equities

US stock market gave up previous week’s post-elections gains as technology shares fell led by Apple last week. 1 The SP 500 lost 1.6% and the ICE US dollar index ended down 0.5%.

Major global stock indices reversed their movements from previous week. The Nikkei 225 index recorded the biggest change: it fell 2.6%. The dynamics of major currency pairs’ movements, except for the Australian dollar versus US dollar, also reversed from the past week. The Australian dollar, however, kept rising against the US dollar, recording the biggest change: it rose 1.5%.

Durable goods orders report in United States and the European Central Bank’s meeting minutes, due on Wednesday and Thursday respectively, are the major economic events this week. Trading volumes will likely be thinner due to Thanksgiving holiday this week.

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