Key Global Events
US stock futures rallied slightly on Tuesday after yesterday's negative close. However, Wall Street still struggles to digest the comments of the presidents of the New York and St. Louis Feds who underlined the need to continue the policy of raising interest rates to cool down inflation.
The European stock exchanges are moving cautiously after being initially supported by the strong rebound of Asian stock markets (+5% Hong Kong and +2.3% Shanghai) thanks to the prospect of an imminent reduction of anti-Covid restrictions and interventions of the Beijing Authorities to relaunch the real estate sector.
Forex & Commodities
Waiting for the speeches of two exponents of the ECB: De Guindos and Schnabel (yesterday 28 November Christine Lagarde said that inflation has not yet reached its peak in the Eurozone and bets on rate hikes in December continue to fluctuate between 50 and 75 basis points). Tomorrow the key data of the week will be released, namely EU inflation, but in the meantime, encouraging data has arrived from Germany and Spain.
EURUSD at 1.0331 (-0.06%) and GBPUSD at 1.1979 (+0.18%) and USDJPY at 138.66 (-0.20%).
Speculation about possible OPEC+ production cuts offset concerns about a slowdown in demand in China caused by the Covid emergency.
crude oil prices rebound Brent futures gain 2.17% to 85.7 dollars a barrel and those on WTI 2% to 78.7 dollars.
Index – The Tokyo Stock Exchange closed the session with a minus sign (-0.48%), in the wake of the contraction of the US stock indexes. While Chinese and Hong Kong stocks are recovering after the launch of new support measures for real estate developers and new rumors on social media that Beijing is considering giving in to recent civilian protests and scaling back its strict policy of " zero covid". Hang Seng +5.3% and Shanghai +2.31%.
Key Macroeconomic Data
US stock futures rallied slightly on Tuesday after yesterday's negative close.
EU – Positive surprise from German inflation data (-0.5% quarterly in November and +10% per year). The data is better than the expectations which predicted a rise in annual inflation to 10.6 per cent.
Positive indications also from Spanish inflation which was well below expectations (harmonised to 6.6% from 7.3% vs 7.1% expected).
US - At 14:55 it will then be the turn of the weekly Redbook index in the USA (previous: +7.5% year on year), at 15:00 the Shiller index of house prices in September (previous: +13.7% y/y) and to close at 16:00 with the consumer confidence index in November (previous: +102.5 points; consensus: +100.3 points).