Daily summary: Global stocks mostly lower at the end of the week

7:04 PM December 17, 2021
  • European indexes close lower
  • Mixed moods on Wall Street
  • EMISS and cryptocurrencies under pressure

European indices finished today's session mostly lower, erasing some of recent gains which followed central banks’ monetary policy tightening announcements. Still markets remain concerned whether inflation can be brought back to the 2% targets. Automakers stocks were the worst performers after EU countries recorded the lowest count of new car registrations ever for a November month, totaling just over 713k vehicles, due to ongoing chip shortages. On a weekly basis, Frankfurt’s DAX fell 0.3% and the pan-European Stoxx 600 dropped 0.7%.

Mixed moods prevail on Wall Street where Dow Jones dropped over 1%, S&P 500 fell 0.50%, while NASDAQ managed to recoup early losses and is trading 0.25% higher as investors assess a shift in global monetary policy, rising inflation and spread of the omicron variant. Bank shares including GS, American Express, JPMorgan, and Visa, which rose sharply on Thursday, today took a hit. On the weekly basis, Nasdaq fell nearly 3%, while both the S&P and Dow are heading towards 1% loss.

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When it comes to commodities markets both WTI and Brent prices tanked over 2%, while gold and silver rose over 1% early in the session, only to give back most of the gains later on amid stronger dollar. EMISS price fell 12% as European leaders failed to reach an agreement regarding energy prices. Downbeat moods can be spotted on the cryptocurrency market. Bitcoin price fell below $47,000, while Ethereum plunged at one point more than 7.50% and tested $3700. However during the US session buyers regained some ground and the second most popular cryptocurrency is currently trading around $3850.  

Silver fell sharply following Wednesday’s FOMC decision however buyers managed to halt declines around major support at $21.50 and price quickly returned above $22.00 level. If buyers will manage to uphold momentum, then upward move may accelerate towards $23.00 handle which is marked with previous price reactions or even support at $23.60 which coincides with 23.6% Fibonacci retracement of the downward correction launched in January 2021 and two SMA’s. Source: xStation5

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