Opening Bell: Global Stocks Pause After Record Month; Futures, Oil, Gold Fall
Investing.com | Nov 30, 2020 12:13
- Oil falls ahead of OPEC+ meeting
- Gold falls with stocks and the dollar h2 Key Events/h2
- On Monday, OPEC holds a virtual full ministerial meeting to make a final decision on whether a production supply hike should proceed as scheduled in January.
- The Reserve Bank of Australia holds a policy meeting on Tuesday.
- Federal Reserve Chairman Jerome Powell testifies before Congress on Tuesday and Wednesday.
- The US employment report on Friday is expected to show more Americans headed back to work in November, though at a slower pace than last month.
- Futures on the S&P 500 Index declined 0.6%.
- The Stoxx Europe 600 Index dipped 0.4%.
- The MSCI Asia Pacific Index declined 1.6%.
- The MSCI Emerging Markets Index fell 0.09%.
- The Dollar Index was down 0.1% at 91.69.
- The euro gained 0.123% to $1.1990.
- The British Pound climbed 0.2% to $1.3335.
- The Japanese yen weakened 0.1% to 104.19 per dollar.
- The yield on 10-year Treasuries declined one basis point to 0.83%.
- The yield on two-year Treasuries was unchanged at 0.15%.
- Germany’s 10-year yield fell one basis point to -0.60%.
- Britain’s 10-year yield decreased one basis point to 0.271%.
- West Texas Intermediate crude declined 1.5% to $42.15 a barrel.
- Gold weakened 0.5% to $1,778.33 an ounce.
US futures on the Dow, S&P 500 and Russell 2000 are down on Monday while the rotation back into tech shares is whipsawing NASDAQ futures, which at time of writing are only marginally lower. The selloff ahead of the Wall Street session follows US markets posting some of their best ever monthly gains}}.
Oil is down ahead of today's OPEC+ meeting where members will decide whether to extend output cuts in an attempt to keep global markets in balance. Some members, including Iraq, are keen to boost production in order to boost their own economic performance.
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US futures reversed the cyclical rotation, with contracts on the Russell 2000 suffering the steepest losses. The same pattern was visible across the globe. Small cap stocks, banks and energy firms—sectors that led the November rally, after being ignored throughout the pandemic—started to decline, while technology and defensive stocks outperformed.
In Europe, the Stoxx 600 Index opened lower, with ongoing Brexit negotiations adding to coronavirus woes. Over the weekend, the death toll from COVID-19 in Europe cartel is split between the self-interest of East and West members, and {{954867|gasoline and diesel demand, which has recovered 90% to pre-pandemic levels, and jet fuel which is still gutted at just 50% of pre-COVID levels.
While oil is down, it has rebounded off its lows after finding support by the bottom of a rising channel, framing the short-term uptrend, after breaking free of the medium-term downtrend, framed by the falling channel since its August highs.
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