Key Global Events

Futures point to a lower open in Wall Street S&P500 -0.68% and Nasdaq -0.61%, after a positive week. Investors are already eyeing next week when the FOMC, the Federal Reserve's monetary policy arm, meets.

Crude oil up as the EU embargo enters into force and the price cap for Russian oil. Which in the end of the week saw fears return about a very aggressive strategy by the Federal Reserve after better-than-expected US employment data. European stock exchanges are also looking for direction.

Forex & Commodities

Natural gas prices are on the rise. On the TTF platform in Amsterdam, futures in January are traded up by 7.3% at 145.5 euros per megawatt hour, after reaching a maximum for the day of 148 euros, a level not seen since last October 21st.

Oil prices are up modestly, as the embargo on seaborne Russian oil comes into effect today and the price cap at $60 a barrel ($80.3 a barrel for futures maturing in January, while futures for February Brent grow by 0.40% to 86 dollars) decided by the European Union. Meanwhile, OPEC+, at its meeting on Sunday, decided to confirm the policy of reducing oil production by 2 million barrels a day.

The Japanese yen depreciates while the euro continues to rise, now above 1.0560 against the dollar.
The pound at 1.2265 is trading slightly below parity while the USDJPY is up one percentage point to 135.64.

Index – investors are comforted by the decisions taken by the Chinese authorities to ease the measures against Covid. The Tokyo Stock Exchange ends the first session of the week with a slight increase, +0.15% while the Hang Seng is up 4%.

Key Macroeconomic Data

Futures point to a softer open on Wall Street after a strong week.

EU – The final composite PMI of the Eurozone, in the final November reading, stood at 47.8 points from 47.3 in October, the highest for two months. The figure is in line with the preliminary and consensus of 47.8 points. The final index relating to the services sector was 48.5 points, slightly lower than the 48.6 of the previous month and the preliminary and consensus still at 48.6 points. The figure is at a 21-month low.

US - At 3:45pm US services PMI in November (previous: 46.1 points) and at 4:00pm business orders in October (previous: +0.3% month over month; consensus: +0 8% month on month), final October durable goods orders (preliminary: +1% month on month) and November's ISM services (previous: 54.4 points; forecast: 51.5 points).