Joshua Mahony MSTA
Scope Markets
Yesterday's ECB meeting represented the penultimate event of the year, with markets now turning their attention to next week's FOMC meeting.
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FTSE gaining ground after ECB
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Early December refuses to follow the usual pattern
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OPEC meeting set to dominate crude considerations
The FTSE is seeking to close out the week in a positive fashion, following what has been an incredible week for equity bulls. Yesterday's ECB meeting marked the penultimate risk event of the year, with the focus now turning to Janet Yellen's appearance next week. We have waited a year for another US rate hike and with the sharp market correction coming as a result of the last one, there will be some hesitancy coming into the announcement. Markets across Europe are clinging stubbornly on to the gains made throughout the week. The first two weeks of December are meant to see small declines before the festive bounce kicks in. We are still waiting for a real selloff, but time is running out.
This weekend sees OPEC and non-OPEC members meet with a view to agreeing the second half of the output cut discussed in Vienna. With Russia seemingly on-board, this may seem like a foregone conclusion. However, even if we did get an agreement across the line, it is quite another thing getting each country to actually conform to their given quota. Ahead of the open we expect the Dow Jones to open 10 points higher, at 19,525.
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