- Majority of European indices finished today’s session lower, weighed by stocks from oil, gas and tech sectors. Dax was the top performer with 0.27% gain despite German exports fell more than forecast amid soaring inflation, weakening foreign demand and strained supply chains. On the weekly basis, most indexes from the Old Continent posted gains.
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Futures tied to three major indices fell sharply following better than expected NFP reading, as Fed chair Powell signaled earlier this week that the central bank would keep its aggressive stance if there were no signs of a cooling job market.
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However buyers managed to erase most losses in the afternoon. Currently Dow Jones is trading 0.30% lower, while S&P500 and Nasdaq fell 0.55% and 0.75% respectively.
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The Labor Department's closely watched employment report showed that the Us economy added 263k jobs in November, while average hourly earnings unexpectedly increased. It is the lowest job gain since April 2021 and stands in contrast with recent ADP reading.
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Data from the Canadian labour market were released simultaneously with the NFP report. The Canadian economy added 10.1k jobs last month, above market expectations of a 5k gain.
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Wheat price fell 3.0% during today's session, the lowest since October 2021, as top exporter Russia achieved a record-high harvest in the current marketing year.
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OIL.WTI fell over 2.0% while Brent is trading 1.5% lower as EU countries agreed to cap Russian oil at $60.00 per barrel. OPEC+ meeting will be held on December 4. According to some sources cartel is seen sticking with current policy, while other claims that production cuts cannot be ruled out.
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Freeport LNG terminal announced it will restart initial production around year-end. NATGAS tested local support at $6.35 following this news.
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Mixed moods prevails on the precious metals market. Gold retreated to $1795 level, while silver jumped to $23.00, a highest level since May 2022 amid weaker dollar.
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The dollar index jumped to 105.5 after a strong jobs report renewed expectations for higher interest rates. However buyers failed to uphold momentum later in the session and the index pulled back to new session lows at 104.40. Currently NZD and JPY are the best performing currencies while AUD and CAD lag the most.
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Mixed moods prevail on the cryptocurrency market. Bitcoin lost its bullish momentum yesterday, as buyers failed to reach the key resistance zone at $17,700. Currently, the main cryptocurrency is trading slightly below the flatline around $17,000 level. Ethereum, on the other hand, oscillates around $1280, not far away from major resistance at $1320.
SILVER jumped above key resistance at $23.00 and if current sentiment prevails upward move may accelerate towards resistance at $24.00, which is marked with previous price reactions, upper limit of the local 1:1 structure. On the other hand, if sellers manage to regain control, support at $22.00 may be at risk. Source: xStation5
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