EU Money supply in the euro area, ECB Executive Board Member
Philip Lane delivers lecture at Harvard University seminar; U.K.
Bank of England MPC member Jonathan Haskel speaks at University of
Warwick; Germany GfK consumer climate survey; France Consumer
confidence survey; trading updates easyJet, Naspers, Rolls-Royce
Holdings, Infineon Technologies
Stock futures were broadly lower. Asian stock benchmarks were
mixed; Treasury yields rose; the dollar weakened; while oil futures
and gold gained.
Stock futures were broadly lower as investors await more
"We've seen the market run up," said Johan Grahn, head ETF
market strategist at AllianzIM. "The bigger trades are behind us
for the moment."
"We have all this potential bad news on the horizon," said JJ
Kinahan, chief executive of IG North America.
"That being said, the market is largely ignoring that and seeing
a good end of the year coming."
Investors are focusing on the personal consumption expenditures
price index due Thursday, the Fed's preferred measure of inflation,
which may set the tone for bonds - and, by extension, stocks - in
the short term.
The first revision of third-quarter gross domestic product is
due on Wednesday.
The dollar likely weakened on possible month-end position
The greenback is expected to be heavy this week, Kristina
Clifton, senior economist and currency strategist at CBA said.
This was likely to be driven by fund managers adjusting their
hedges, expectations for a U.S. soft-landing, and the
low-volatility environment, Clifton added.
The euro could struggle to rise, ING currency analyst Chris
Eurozone provisional inflation data for November due on Thursday
are likely to show a further slowing in both headline and core
This could support expectations for around 70 basis points of
interest-rate cuts by the European Central Bank next year and weigh
on the euro, he said.
Treasury yields were higher but some analysts reckon that the
markets may be getting ahead of themselves.
"We don't expect the rally on Treasury prices is going to
continue," BCA Research's Doug Peta said, adding markets will
eventually adopt a more lukewarm outlook on Fed cuts.
He reckons the 10-year peaked at 5% but will remain above 4%, as
it has since July.
"Since we think the Fed is going to be fairly measured in
cutting, we think there's a floor on the 10-year yield," he
Oil futures gained in Asia.
Based on the recovery of oil prices from their Monday lows,
market participants seem to expect OPEC+ to extend curbs on
supplies into 2024, said Fawad Razaqzada, market analyst at City
Saudi Arabia will probably roll over its additional voluntary
production cut of 1 million barrels per day into next year, and
Russia should extend its output reductions at least until 1Q, the
Gold edged higher supported by the overnight weakness of the
USD, which typically has an inverse correlation with the precious
Gold's latest break above the psychologically important
$2,000/oz level has been backed by less hawkish commentary from the
Fed and weaker U.S. economic data in recent weeks, Oanda said.
Copper prices edged higher after falling overnight.
The escalating protests at Panama's port, which is restricting
copper supplies from the Cobre Panama, is propping up copper
prices, ANZ analysts said.
However, China's weak economic data was capping the gains of the
"The subsequent risk of deflation hurt sentiment across the base
metals complex," they added.
Iron ore prices were lower amid regulatory pressures in
The National Development and Reform Commission said last Friday
that it recently held a meeting with major port operators to
understand iron-ore inventory and storage matters to guard against
price speculation, ANZ analysts said.
However, traders remain convinced that China's CNY1 trillion
debt issuance announced last month will boost housing demand and
lift up prices of the steelmaking material, the analysts said.
TODAY'S TOP HEADLINES
China's Economy to Meet 5% Growth Target, PBOC Says
China's central bank said the economy is expected to realize its
5% growth target this year while calling for an economic
transformation as the debt-driven growth model becomes less
The People's Bank of China said there are "significant shifts"
in the real estate supply-demand dynamics, which also makes it
urgent for the nation to upgrade the economy, according to a
quarterly report on its monetary policy released late Monday.
S&P 500 may rise 10% by end of 2024 amid worries that
small-cap stocks 'can't hack' higher rates, says BofA
U.S. stocks will probably keep climbing next year, with S&P
500 companies in a stronger position to adapt to higher interest
rates than smaller ones, according to BofA Global Research.
BofA is forecasting that the S&P 500 will end 2024 at 5,000,
which is up about 10% from the index's closing level Monday at
4,550.43. The S&P 500 SPX, which tracks U.S. large-cap stocks,
has far stronger gains in 2023 than the small-cap-focused Russell
What an OPEC+ 'flood the market' scenario may do to oil
A scenario in which a group of major oil producers known as
OPEC+ decides to "flood the market" is seen as a long shot, but
still something to consider given that history has been known to
The Organization of the Petroleum Exporting Countries and its
allies are expected to announce their decision on oil output quotas
at a virtual gathering on Thursday - four days after postponing
their ministerial meeting that had been previously scheduled for
Gaza Is Falling Into 'Absolute Chaos,' Aid Groups Say
A shaky cease-fire between Israel and Hamas has allowed a surge
of aid to reach Palestinians in Gaza, but humanitarian groups and
civilians in the enclave say the convoys aren't nearly enough to
address the needs of the strip's two million people.
Despite the pause in fighting, Palestinians in Gaza are burning
door frames and piles of garbage to cook, sleeping crammed into
school classrooms and strangers' homes, and scrambling onto trucks
bringing aid from Egypt in a desperate grab for supplies, residents
Amazon Deal for iRobot May Restrict Competition, European
The European Commission said Monday that Amazon's proposed deal
to buy Roomba-maker iRobot may limit competition in the robot
vacuum cleaner market.
European regulators said that they had informed Amazon of the
commission's preliminary view following an investigation of the
Tesla Sues Swedish Government in Move Related to Mechanics
Tesla is suing the Swedish Transport Agency to receive new-car
registration tags directly, rather than through the mail, in a move
related to a mechanics strike in the Scandinavian country.
Transportstyrelsen spokesman Mikael Anderson said Monday that
the agency hasn't seen the lawsuit but confirmed it was filed in a
Israel, Hamas Agree to Extend Truce by Two Days
Israel and Hamas agreed on Monday to a two-day extension of
their truce in Gaza to allow for the release of more Israeli
hostages as part of a fragile agreement that has brought respite
from seven weeks of war, according to Egyptian, Qatari and Hamas
Hamas released another 11 Israeli hostages Monday night as part
of the initial deal. The latest group, which included no Americans,
were in Israel, Egyptian officials said. The 11 included six
citizens of Argentina, three French citizens and two German
citizens, according to Qatari officials.
Fast-Fashion Giant Shein Files to Go Public
Shein, the China-founded online fashion company that won over
hundreds of millions of shoppers around the world, has
confidentially filed to go public in the U.S. in what could be one
of the biggest IPOs in years.
Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired
as lead underwriters on the offering, which could happen in 2024,
people familiar with the matter said.
Microsoft Needs a Better Seat at OpenAI's Table
Microsoft played a weak hand rather well in the drama that
engulfed OpenAI last week. But the tech giant now has a complicated
task ahead: It needs to solidify its relationship with the
high-profile startup while also showing it can chart its own course
in the vital field of artificial intelligence.
Wall Street has cheered Microsoft CEO Satya Nadella's handling
of the situation, which began with the surprise firing of OpenAI
Chief Executive Sam Altman by the company's board of directors late
on Friday, Nov. 17, and concluded with Altman agreeing four days
later to return to his role. In the interim, Microsoft announced
plans to hire Altman directly, along with any other OpenAI
employees who cared to join.
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Expected Major Events for Tuesday
00:01/UK: Oct Zoopla House Price Index
00:01/UK: Nov Shop Price Index
07:00/DEN: Oct Retail sales index
07:00/GER: Dec GfK consumer climate survey
07:45/FRA: Nov Consumer confidence survey
08:00/SVK: Oct PPI
09:00/ITA: Oct Foreign Trade non-EU
09:00/AUT: Nov Austria Manufacturing PMI
09:00/EU: Oct Monetary developments in the euro area (M3)
10:00/CRO: 3Q Flash Estimate GDP
10:00/CRO: 3Q GDP
10:00/MLT: 3Q GDP
11:00/IRL: Oct Retail Sales Index
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(END) Dow Jones Newswires
November 28, 2023 00:15 ET (05:15 GMT)
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