Summary:
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US indices to open at highest ever level
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Retail sales miss forecasts
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US30 above 28200; MOFCOM press conference at 9:30 ET
This week was expected to be a case of do or die for stock markets with the impending 15th December deadline for additional tariffs meaning that one way or another we would be in for a major news event. Yesterday’s tweet from Trump before further confirmation from the US that the president had signed a deal boosted equities on Wall Street to their highest ever levels. However, there were some concerning noises from Beijing overnight and their failure to ratify the deal. The announcement that a MOFCOM press conference in China will be held at 9:30AM ET (2:30PM GMT) has attracted a lot of interest and the timing of this to coincide with the cash open for US stocks has ratcheted up the excitement further.
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Trade developments continue to be the main driving force for US indices with the US30 showing at least 3 clear moves on trade headlines in the past 24 hours. Soon we could have another. Source: xStation
On the economic data front the last release of note for the week has come in a little on the soft side with a miss on consumer spending. For November the advance retail sales Y/Y came in at 3.3% with the core at 3.0%. Source: XTB Macrobond
The US30 remains close to its highest ever level at 28298 and is on track for both a record daily and closing print. Source: xStation
