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Santa rally underway

IFC Markets

Nasdaq hits record high

US stocks rose on Tuesday with Nasdaq hitting a new record high propelled by a gain in technology shares. The dollar strengthened: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.08% higher at 103.027. The Dow Jones industrial average gained 0.1% closing still below the psychologically important 20000 level at 19945.04. The S&P 500 rose 0.2% settling at 2268.88 led by retail stocks as nine of the S&P 500’s 11 main sectors finished higher. The Nasdaq index gained 0.5% to 5487.44.

European stocks edge higher despite banking stocks’ slide

European stocks closed marginally higher on Tuesday in thin trading with little news providing guidance for decisive moves. The euro inched higher against the dollar while the British Pound weakened slightly. The Stoxx Europe 600 ended 0.1% higher with London markets still closed. Germany’s DAX 30 climbed 0.19% to 11472.24. France’s CAC 40 rose 0.18%.

Negative price report weighs on Nikkei

Asian stocks are mixed today. Nikkei ended marginally lower slipping 0.01% to 19401.72 with investor confidence still undermined by negative consumer price report of the prior day. Shares of industrial power tool maker Hitachi Koki jumped 15.1% on news that negotiations between parent Hitachi and US private equity firm KKR were in the final stages and an official agreement could be reached next month. The Shanghai Composite Index is 0.5% lower while Hong Kong’s Hang Seng index is up 0.5%. Australia’s All Ordinaries Index gained 1% helped by rising commodities with Australian dollar strengthening against the dollar.

Oil prices uptrend intact

Oil futures prices are edging higher today as traders are waiting to see how major producers will abide by the agreement to cut the output in the new year. Organization of the Petroleum Exporting Countries (OPEC) and several non-OPEC members agreed to reduce their output by almost 1.8 million barrels per day (bpd). OPEC member Venezuela said it will cut 95000 bpd of oil production in the new year. Russian oil producer Gazprom Neft said it planned to boost oil output by 4.5 percent to 5 percent next year, less than it had intended before Russia joined the deal. February Brent crude on London’s ICE Futures exchange rose 1.7% to $56.09 a barrel on Tuesday.

Gold poised for 2016 gain

Gold prices are extending gains today. Gold is poised to record a roughly 6% gain in 2016 whereas silver is up 14% driven by the higher haven demand in early 2016 due to surge in global economic uncertainty. Among other precious metals, platinum is 0.24% higher at $903.15 an ounce after adding 1.15% the previous day. Silver is down 0.11% to $15.91 an ounce following 0.8% gain in the previous session.

Source: https://www.ifcmarkets.com/en/market-overview/santa-rally-underway?utm_source=financemagnates
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