Market movers today

  • Jean-Claude Juncker will present the EUR315bn EFSI (European Fund for Strategic Investment) programme to the European Parliament. So far there has been limited information on the terms the EFSI will offer private investors.

  • The US data calendar is heavy ahead of Thanksgiving tomorrow. The final November University of Michigan consumer confidence is likely to attract most attention and we expect it to improve in contrast to the disappointing Conference Board yesterday. The survey also includes a gauge of 5-year inflation expectations, which is closely watched by the FOMC. Durable goods orders for October and home sales data will also be worth watching.

  • The Swedish NIER’s business and consumer surveys are released this morning and we expect both to have increased slightly more than consensus. For more on Scandi markets see page 2.


Selected market news

European sovereign-debt yields reached fresh lows yesterday as markets continue to factor in a higher probability that the ECB will eventually be forced into buying government bonds.

Mixed data in the US, with a significant upward revision to final domestic demand in Q3 and a surprising decline in the Conference Board’s measure of consumer confidence, did little to move markets. The treasury curve bull flattened with 30-year yields down 5bp and EUR/USD moved slightly higher.

The weakness in the Conference Board confidence was also evident in the labour market component suggesting that job growth slowed this month, which is consistent with slightly higher initial claims data. One-year ahead inflation expectations ticked down and the similar 5-year ahead measure in today’s University of Michigan survey will be closely watched after minutes from the October FOMC meeting showed some concern about slowing inflation expectations.

Oil prices dropped yesterday as comments from the major oil producers’ meeting in Vienna ahead of the OPEC meeting on Thursday suggest that a production cut is not imminent. Although a cut in the OPEC output target on Thursday will do a great deal to support oil prices, the most probable scenario is that OPEC keeps its target unchanged amid lack of consensus within the cartel and expectation of higher oil demand next year.

This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector.
This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange.
Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.

Recommended Content


Recommended Content

Editors’ Picks

USD/JPY holds positive ground around 151.50 following Japanese CPI data

USD/JPY holds positive ground around 151.50 following Japanese CPI data

The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.

USD/JPY News

AUD/USD holds above 0.6500 in thin trading

AUD/USD holds above 0.6500 in thin trading

The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.

AUD/USD News

Gold price finishes Thursday’s session set to reach new all-time highs

Gold price finishes Thursday’s session set to reach new all-time highs

Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.

Gold News

Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts

Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts

Bitcoin is showing strength as markets head into the Easter holidays. As it rises, altcoins are following suit, with Ethereum and Ripple posting almost similar gains. Meanwhile, there remains an unfilled CME Gap, with a lot of liquidity also resting above and below BTC price.

Read more

Bears have been standing before a steamroller so far this year

Bears have been standing before a steamroller so far this year

Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.

Read more

Majors

Cryptocurrencies

Signatures