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Markets:
- WTI crude oil down -2.57% to $88.57
- Gold up +1.07% to $4,109
- NZD leads, USD lags
- S&P 500 up +0.61% to 7447
- US 10y Treasury yield flat at 4.859%
- Bitcoin up +0.53% to $74,450
We had a quiet session with no meaningful economic data or news releases. The highlight of the session was the Eurozone Sentix Investor Confidence report which edged lower to 2.4 in November, as economic expectations deteriorated for a second consecutive month.
Confidence also weakened in the US, where the index fell to 13.1, driven by expectations turning negative for the first time since June. Sentix cited concerns over the Democratic Congress potentially limiting Trump’s economic agenda and fiscal stimulus, alongside high financing costs and geopolitical risks.
On the US-Iran front, Iranian Foreign Ministry spokesperson Baghaei said that Tehran’s two-day proposal is the most reasonable option currently on the table. He also confirmed that an IAEA visit to the Bushehr nuclear facility had taken place in recent days. On relations with Iraq, Baghaei stressed that external pressure should not undermine the strong bilateral ties between the two countries.
Baghaei also criticised the US naval task force, saying that the initiative was intended to divert attention from the US midterm election results. Asked about South Korea’s plans for a regional naval presence, he urged Seoul not to get involved in what he described as a complex issue.
In the markets, we’ve seen some slight improvement in risk sentiment on a little dip in oil prices, but given the lack of catalysts, the moves may not extend too far as markets remain mostly rangebound.
This article was written by Giuseppe Dellamotta at investinglive.com.