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market Update - 24/11/16

Thursday, November 24, 2016

Disclaimer: This is an informal commentary by one of our Market Analysts. It should not be taken as investment advice and is made available only on that basis.
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US: S&P500 2204.72 +0.08%..U.S. equities opened lower and continued in the red throughout the session before catching steam and ending mostly higher. Basic Materials (+0.74%), Telecom (+0.69%), and Industrials (+0.53%) outperformed, while Utilities (-0.87%), Technology (-0.61%), and Cons Non-Cyclicals.. Volumes -30% vs 20 day moving average.

Action in currencies, Yen moves down at 113.42 versus USD, EUR down as low as 1.0534. Follows strong Durable Goods orders in US.

US markets closed today due to Thanksgiving.

FOMC minutes, US policy makers reach a broad consensus for an increase ‘relatively soon’ with some saying it should happen in December.

Russia is reluctant to cut oil output, causing OPEC a headache, Oil under $49 at $48.93.

Monte Paschi shareholders will vote today on bank’s plan to raise € 5bn of share capital.

German IFO due today.

ECB releases it’s Financial Stability Review today.

Turkey expected to keep rates at 7.5% today although pressure building to raise.

DCC XD 37.17 p

Iraq is willing to cut its crude oil output as part of Opec's plan to reduce global supply and boost crude prices

Credit Suisse Group is courting investors to raise as much as $2 billion for a fund that will buy stakes in hedge-fund firms

The Spanish economy grew in line with expectations in the third quarter, as Prime Minister Mariano Rajoy now seeks to approve a budget for next year.

Markets lower after open, Eurostoxx – 13 BPs