Global markets down ahead of Fed meeting - 15.12.2020

Senior Analyst

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Todays’ Market Summary

The Dollar weakening is intact currently
Futures on three main US stock indexes are up currently
Gold prices are rebounding today

Top daily news

Equities markets are retreating currently ahead of the Federal Reserve’s two-day policy meeting today. Netflix climbed almost 4% Monday outperforming market after BMO Capital Markets said Netflix was again its "top pick", and Walt Disney fell 3.65% as it was downgraded by the BMO while the Electoral College reaffirmed Joe Biden as President-Elect.

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Forex news

The Dollar weakening is intact currently . The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.27% Monday. Both GBP/USD and EUR/USD reversed their sliding Monday as euro-zone’s industrial production increased by 2.1% over month after 0.1% growth in September, when an increase of 1.8% was forecast. Both Euro and Pound are higher currently against the Dollar. AUD/USD joinedUSD/JPY’s continued sliding yesterday with both yen and Australian dollar lower against the Greenback currently.

Stock Market news

Futures on three main US stock indexes are up currently as investors expect the Fed will further ease monetary policy by expanding its bond buying program. The three US main stock benchmarks closed mixed Monday with Dow and SP500 pulling back, daily returns ranging from -0.6% to +0.5%.

European stock indexes are edging lower currently after a bullish session yesterday with bank shares leading the gains. Asian indexes are mostly lower today with Hong Kong’s Heng Seng Index leading losses despite report China’s industrial output grew in line with expectations in November, expanding for an eighth straight month.

Commodity Market news

Brent is pulling back today ahead of data from the American Petroleum Institute later today expected to show that US gasoline inventories rose by 1.6 million barrels last week. Oil prices rose Monday with the gains capped by OPEC’s downgrade of global oil demand rebound in 2021 due to the impact of the coronavirus pandemic. The US oil benchmark West Texas Intermediate (WTI) rose 0.9% Monday but is down currently. February Brent crude added 0.6% to $50.29 a barrel on Monday.