Financial Markets Daily

In the currency market

Euro: EurUSD turned lower, closing down 0.30% at 1.1925. Technically, the initial resistance to the exchange rate upward is at 1.1979, further resistance is at 1.2031, and the key resistance is at 1.2059. The initial support is at 1.1898, the further support is at 1.1870, and the more critical support is at 1.1818.

Sterling: The pound gained for the first time in three days to settle at 1.3324, up 0.10%. Technically, the initial resistance is at 1.3366, further resistance is at 1.3416, and the key resistance is at 1.3446. The initial support is at 1.3285, further support is at 1.3255, and more critical support is at 1.3205.

Yen: The dollar gained for the first time in three days to 104.31 yen, up 0.22 percent. Technically, the initial resistance to the exchange rate upward is at 104.53, further resistance is at 104.76, and the key resistance is at 105.12. Initial support for the lower exchange rate is at 103.795, further support is at 103.559, and more critical support is at 103.36.

The stock market

The coVID-19 epidemic continued to affect stocks on Monday, as the market focused on “Cyber Monday” sales, which Adobe Analytics predicted would be the biggest ever, with consumer spending estimated to be between $10.8 billion and $12.7 billion, up 15 to 35 percent on an annual basis. The Dow fell more than 400 points early in the session, with all three indexes down more than 1 percent, cutting some of the huge gains racked up in November. The Dow Jones Industrial Average closed down 271.10 points, or 0.91 percent, at 29,639.30. The S&P 500 ended down 16.70 points, or 0.46%, at 3,621.68. The Nasdaq Composite index closed down 7.10 points, or 0.06%, at 12198.74.

European stocks fell across the board on The last trading day of November on Monday as investors took profits. But European stock indexes closed the month with their biggest monthly gains, helped by positive news on the coVID-19 vaccine. The Pan-European Stoxx 600 index ended down 3.87 points, or 0.98%, at 389.36. Still, it was up more than 14% this month from a year earlier, its best monthly gain since records began in 1986. Airline stocks have rebounded more than 45 per cent so far this month, according to Refinitiv, also Posting their best monthly gain ever; Germany’s DAX30 index closed down 44.52 points, or 0.33 percent, at 13,291.16. Britain’s FTSE 100 index closed down 101.39 points, or 1.59%, at 6,266.19. France’s CAC-40 index closed down 79.63 points, or 1.42%, at 5,518.55. In Europe, the Stoxx 50 index closed down 40.54 points, or 1.15 percent, at 3,487.25. Spain’s IBEX35 index closed down 124.70 points, or 1.52%, at 8066.00. Italy’s FTSE MIB index closed down 291.48 points, or 1.30%, at 22,060.98.

Commodity markets

In late U.S. trade, spot gold closed at $1,776.70 an ounce, down $9.43, or 0.53 percent, after hitting an intraday high of $1,789.85 an ounce, its lowest level since May 2 at $1,764.34 an ounce. November was the fourth straight month of losses, down $102.23, or 5.44%.

COMEX gold futures for February delivery ended down 0.4% at $1,780.90 an ounce, the lowest close since early July, and down 5.6% for November, the fourth straight month of losses.

The Opec President called for caution in a fragile market as members are due to meet on Monday to discuss the size of oil production cuts next year and whether to maintain production limits at current levels in January or go ahead with a planned increase. The market had been expecting Opec + to agree to a three-month delay in raising output, and if it did not do so, prices would take a hit. The internal cracks were already appearing before the official Opec + meeting. However, according to the latest market news, Opec + meeting postponed to December 3.

Two major crude oil futures closed lower on Monday. U.S. WTI crude for January delivery closed down 19 cents, or 0.42 percent, at $45.34 a barrel at press time. Brent crude for February delivery ended down 59 cents, or 1.22 percent, at $47.59 a barrel. So far in November, U.S. oil has closed up 25.60 percent and U.S. oil has closed up 25.40 percent.

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