Muted session for stock indices amid profit taking
|'Stock indices are beginning to run out of steam following six to seven weeks of straight gains', says Axel Rudolph, Senior Market Analyst at online trading platform IG.
Stock rally slows down ahead of weekend
“After six to seven weeks of consecutive weekly gains some European and US stock indices are beginning to show fatigue amid a $5 trillion 'triple witching' in US options coinciding with S&P 500 and Nasdaq 100 rebalancing. Traders are taking money off the table amid comments by New York Fed President John Williams, who said that it is premature to be thinking about a March rate cut. Further upside into year-end may still be in store, though, as China's industrial output growth hits 21-month highs, UK private sector output growth rises to a six-month high, and US private sector growth accelerates."
Fed, ECB, BoE and SNB out of the way but BoJ ahead
"This week the Fed, BoE, ECB and SNB extended their pause in interest rate hikes with some like the US central bank talking about future rate cuts but others like the ECB not doing so. Next week's Bank of Japan monetary policy meeting will be the main event on the economic calendar ahead of the festive season."
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