Ger30, UK100 and SP500 are CFD’s, written over the Dax30, Footsie100 and S&P500 Index futures:
European markets closed lower. According to Reuters, OPEC agreed to extend the oil production cuts, which ended in March, for another nine months, ie until the end of 2018. In addition, it was reported that the group is discussing whether it will or not limit the production of Libya, a country that is exempt from these cuts, due to the current instability. In international markets, the price of this raw material was rising. On the business front, Credit Suisse gained 2.32% on the “Investor Day”, during which the Swiss bank announced plans to boost shareholder returns. On the other hand, Euronext shares rose yesterday 4.18%, after announcing that it will acquire the Irish Stock Exchange for 137 M. €.
On Wall Street, The S&P 500 Index fell as much as 1.5 percent on news that Special Counsel Robert Mueller’s investigation had pierced the White House inner circle. Equities clawed back more than half the plunge after the Senate said it had the votes to slash corporate taxes, finishing the day lower by 0.2 percent and notching the best weekly advance since early September. The 10-year Treasury yield fell five basis points Friday and Bloomberg’s dollar index slid as investors flocked to the yen. Yesterday, investors have reacted positively to the outcome of the OPEC meeting and the Dow Jones index surpassed the psychological barrier of 24,000 points. In terms of economic indicators, household income during October increased by 0.40%, above the estimated 0.30%, while outlays rose 0.30%, in line with expectations. Household inflation was 1.60% higher than the expected 1.50%. Chicago’s PMI activity index hit 63.9 in November, compared to the forecast of 63.00. On the labor market, the number of weekly applications for unemployment benefits reached 238 000, against the expected 240 000.