EU Opening

Written on 11/23/2022


Key Global Events
The European markets weakened further (-0.19% the Dax, -0.18% the Cac40, -% the Fte100 and -0.31% the Ftse Mib). Wall Street futures were also in the red (-0.12% on the Dow Jones and -0.10% on the S&P500) after the US macro data.
The minutes of the last FOMC meeting are expected at 20:00, which will be closely monitored to understand how much the Fed-Fund rate must rise and how long it must remain at high levels to bring inflation under control.

Forex & Commodities

Pound and New Zealand dollar appreciate. The US Dollar and the Yuan lose ground against all major currencies.
EURUSD at 1.0333 (+0.31%) and GBPUSD at 1.1977 (+0.80%).
The oil price is changing direction and losing ground again after the ups and downs of the last two sessions, while the market wonders about Russia's reactions to the imposition of a ceiling on oil prices, planned by the G7. On the inventories front, API data showed a larger-than-expected decline in inventories, pointing to a similar decline in official data due today.

Index – Stocks with plus sign in Asia after the Wall Street rally, in particular technology listed in Hong Kong (+0.68%) and Tokyo's Nikkei at +0.61%.
Yesterday Wall Street closed sharply higher, we'll see if it keeps it today considering that tomorrow it will be closed for Thanksgiving and on Friday it will only open for half the day.

Key Macroeconomic Data

Wall Street futures were also in the red (-0.12% on the Dow Jones and -0.10% on the S&P500, only the Nasdaq +0.09%) after the US macro data.

EU – Some signs of improvement from the European PMI indices in November. The Eurozone composite output indicator rose to 47.8 from 47.3 in October. The manufacturing index stands at 47.3 (46.4 in October), while the services PMI is at 48.6, the same value as in October.

US – US weekly jobless claims increased by 17,000 to 240,000 (225,000 the economist consensus). While durable goods orders, according to the preliminary reading for October, rose by 1% on a monthly level.
Finally, in the week to November 18, the index measuring the volume of mortgage applications in the United States stood at 209.8 points, up 2.2% compared to 205.2 the previous week.