Key Global Events
The European Stock Exchanges are positive, following Asia and Wall Street in the hopes of a slowdown in the pace of the restrictive monetary policy in the USA. The minutes of the last Fed meeting revealed the willingness of most members to proceed with rate increases, but at a more moderate pace than in recent months, when four consecutive 75 basis point hikes were launched.
Indeed, the latest minutes of the Federal Reserve meeting showed that most officials supported the need to moderate the pace of rate hikes soon, while only a minority called for a higher final cost of borrowing. On Thanksgiving Day, with Wall Street closed for the holidays, all eyes are on the minutes of the latest ECB meeting.
Forex & Commodities
American WTI oil continues to fall (-0.65% to 77.43 dollars a barrel), while a more lenient Fed helps the euro to run (+0.4% to 1.0437) bringing it back to the levels of June 2022.
In Amsterdam, the value of gas is slightly down: the December future falls by 1.2% to 128 euros per megawatt hour. On the other hand, the January contract is stable at 135.9 euros. Yesterday several EU countries including France, Italy, Poland, Spain, rejected the proposal for a "price cap" of 275 euros because it was considered too high, today in Brussels, an extraordinary meeting of energy ministers to discuss a ceiling on the price of gas.
Index – the Bank of Korea opted for a 25 basis point hike in an attempt to tame inflation without sacrificing growth. Positive Asia except Shanghai (-0.3%), weak due to the increase in Covid infections in China. The Tokyo Stock Exchange ends the session on the highs in two and a half months, after yesterday's holiday, the Nikkei reference list marks an increase of 0.95%.
Key Macroeconomic Data
The European Stock Exchanges are positive, following Asia and Wall Street in the hopes of a slowdown in the pace of the restrictive monetary policy in the USA.
EU - Business confidence in France, The German Ifo. The event of the day instead comes from the ECB: in addition to the minutes, speeches by Enria, Schnabel, Nagel and de Guindos of the ECB are expected.