Business news: Wall Street is up while Europe stays low
By Hanna Paul
Updated
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.
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.
What is your sentiment on UK100?
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 |
United States | +617.75 | +1.82% | 34,639.79 | |
United States | +64.06 | +1.42% | 4,577.10 | |
Brazil | +3,691.67 | +3.66% | 104,466.24 | |
Canada | +18.48 | +1.49% | 1,257.81 | |
Chile | +38.45 | +0.89% | 4,370.90 | |
Mexico | +920.22 | +1.84% | 50,927.38 |
Europe
Index | Country | Change | % Change | Level |
England | -39.47 | -0.55% | 7,129.21 | |
Europe | -18.94 | -1.43% | 1,307.80 | |
France | -86.12 | -1.25% | 6,795.75 | |
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
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