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Business news: Wall Street is up while Europe stays low

By Hanna Paul


Updated

New York Stock Exchange building with the American flag
New York Stock Exchange building with the American flag – Photo: Shutterstock

European bourses FTSE 100 and German DAX continued into another session in the red while Wall Street and its Asian counterparts finally made it to the positive territory as fears about the pandemic and the accelerating oil prices softened. The US expects non-farm payroll data to exceed the previous months 531,000 to 550,000 in November.

The Organization of Petroleum Exporting Countries and its allies (OPEC+) struck a deal to boost output, calming nerves worldwide as rising oil prices had become a significant concern over the past few months. 

All commodities in the positive territory today while bitcoin and major cryptocurrencies were lifted in early trade.

Graphic of oil rig and barrels with OPEC logo

Saudi Arabia and OPEC+ allies to hike oil output – Photo: Shutterstock

Supporters of ruling AK Party wave Turkish and party flags as they listen to Prime Minister Ahmet Davutoglu during an election rally in Istanbul, Turkey

Turkey's valuation downgraded to 'negative' by Fitch – Photo: Shutterstock

IMF logo

Gita Gopinath named IMF's second highest ranking official – Photo: Shutterstock

GSK logo and medicine bottles

GlaxoSmithKline's antibody treatment effective against omicron according to early data – Photo: Shutterstock

Graphic of oil rig and barrels with OPEC logo

Saudi Arabia and OPEC+ allies to hike oil output – Photo: Shutterstock

Supporters of ruling AK Party wave Turkish and party flags as they listen to Prime Minister Ahmet Davutoglu during an election rally in Istanbul, Turkey

Turkey's valuation downgraded to 'negative' by Fitch – Photo: Shutterstock

IMF logo

Gita Gopinath named IMF's second highest ranking official – Photo: Shutterstock

GSK logo and medicine bottles

GlaxoSmithKline's antibody treatment effective against omicron according to early data – Photo: Shutterstock

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Top business, political and economic news today:

  • OPEC+ decides to keep growing oil output

The Organization of Petroleum Exporting Countries and allies finally struck a deal to increase oil production after US President Joe Biden offered to reframe the relationship between Saudi Arabia and the US.

  • Early data suggest GlaxoSmithKline's antibody treatment is effective against Omicron
  • Fitch Ratings downgraded outlook on Turkey to “negative”

Fitch Ratings Agency downgraded its outlook on Turkey to “negative” from “stable” due to the country’s worsening currency crisis following the resignation of its finance minister Lutfi Elvan.

  • US regulator sues to stop Nvidia's acquisition of “Arm”

Regulators in the US sued to block Nvidia’s multibillion-dollar acquisition of UK based chip design company Arm from SoftBank after European authorities and the Federal Trade Commission raised concerns about the potential deal.

  • India's Gita Gopinath named IMF’s highest ranking official succeeding Geoffrey Okamoto

The second-highest ranking official at the International Monetary Fund, Geoffrey Okamoto, will step down early next year. Okamoto to be succeeded by the fund’s chief economist Gita Gopinath, months after the organisation’s leadership faced a major scandal.

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DE40

16,454.10 Price
+1.340% 1D Chg, %
Long position overnight fee -0.0220%
Short position overnight fee -0.0002%
Overnight fee time 22:00 (UTC)
Spread 8.0

HK50

16,908.50 Price
-0.760% 1D Chg, %
Long position overnight fee -0.0261%
Short position overnight fee 0.0042%
Overnight fee time 22:00 (UTC)
Spread 30.0

US100

16,001.20 Price
+0.470% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0

US30

36,260.80 Price
+0.920% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 11.0

Markets today:

  • Stocks: Wall Street back up in the positive territory today while European indices lay low. Asian markets mixed. Globally, fears dissipate temporarily.
  • Oil: Commodities and precious metals in the positive today with oil rising over 2.5%.
  • Gold: Gold and silver lifted in trading today by 0.4% each.
  • Forex: The greenback gathered speed as worries dissipated temporarily by higher bond yields and upbeat local data.
  • Crypto: Bitcoin grew over 95% year to date and touched the $69,000 peak recently. BTC, ether and dogecoin surge today.

What to watch today:

  • Euro Area retail sales expected to be softer: The Euro Area retail sales estimated to be 0.2%, up from -0.3% last month.
  • US unemployment rate expected to trim marginally: Expected to be 4.5%, form 4.6% last month.
  • French industrial production and retail sales: Expected to jump to 5.9% while industrial production seen stumbling into the red.
  • India’s foreign exchange reserves: Expected to be at $640.401bn.
  • Bank of Montreal earnings: The luxury car manufacturer has a market cap of over 10.21bn.
  • Other earnings: Other income releases expected today include Medallia, Raven, Big Lots and many smaller stocks like Image Scan.

Stock Index Movement 

Americas

Index

Country

Change

% Change

Level

Dow Jones Industrial Average

United States

+617.75

+1.82%

34,639.79

S&P 500 INDEX

United States

+64.06

+1.42%

4,577.10

Brazil Bovespa Stock Index

Brazil

+3,691.67

+3.66%

104,466.24

Canada S&P/TSX 60

Canada

+18.48

+1.49%

1,257.81

Santiago Index IPSA

Chile

+38.45

+0.89%

4,370.90

IPC

Mexico

+920.22

+1.84%

50,927.38

 

Europe

Index

Country

Change

% Change

Level

FTSE 100

England

-39.47

-0.55%

7,129.21

Euronext 100

Europe

-18.94

-1.43%

1,307.80

CAC 40

France

-86.12

-1.25%

6,795.75

DAX

Germany

-209.56

-1.35%

15,263.11

Swiss Market Index

Switzerland

-88.94

-0.73%

12,177.52

 

Asia

Index

Country

Change

% Change

Level

Australia ASX All Ordinaries

Australia

+7.50

+0.10%

7,543.60

Shanghai SE Composite Index

China

+33.60

+0.94%

3,607.43

Hang Seng

Hong Kong

-108.35

-0.46%

23,680.58

Mumbai Sensex

India

-352.29

-0.60%

58,109.00

Nikkei 225

Japan

+276.20

+1.00%

28,029.57

Taiwan TSEC 50 Index

Taiwan

-27.74

-0.16%

17,697.14

Read more: JPY forecast: Looking beyond the lows

Markets in this article

BTC/USD
Bitcoin / USD
40134.00 USD
489.2 +1.240%
UK100
UK 100
7533.2 USD
67.6 +0.910%
Gold
Gold
2072.25 USD
35.91 +1.760%
US500
US 500
4596.8 USD
32.5 +0.710%
Oil - Crude
Crude Oil
74.504 USD
-1.183 -1.560%

Related topics

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

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