1. Trump Says Trade Deal May Have to Wait
Bourses in Asia dipped early this morning following on a bear trend led by yesterday’s US session and we could see more selling pressure ahead. Trump stated yesterday that a deal with China might have to wait until after the Nov 2020 U.S. elections. Trump will meet German Chancellor Angela Merkel on the sidelines of the NATO Heads of State today and investors will be closely watching for Trump’s comments on trade.
2. Gold on the Rise
Meanwhile, gold prices rose to their highest since Nov. 7th hovering near a one-month high hit in the previous session, as hopes for a trade deal before Nov 2020 faded. Bullion prices gained about 15% so far this year, mainly due to the ongoing US/China trade dispute and its negative impact on the world’s two leading economies. XAU/USD was last seen trading near the $1480 level as of 8:45 GMT.
3. Forex: Safe Havens & GBP Edge Higher
In today’s forex markets, the AUD plummeted on this morning’s negative GDP release while safe-haven yen and Swiss franc held gains against the dollar as hopes of a trade deal before Nov 2020 faded. Meanwhile, the sterling edged sharply higher this morning to trade at a near two-month high after polls revealed that the Conservative party may be able to secure a majority at the upcoming general election on December 12.
4. EU Bourses Higher, Data Eyed
EU bourses opened slightly higher this morning as investors await a fresh batch of economic data. Today, market participants will focus on the ADP employment change figure from the US and the BoC interest rate decision in the afternoon. Wednesday’s ADP job count comes ahead of Friday’s more closely watched Labor Department Nonfarm Payrolls report.
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5. Oil Prices Higher
In today’s energy markets, oil prices rose ahead of a meeting of OPEC and its allies to discuss whether to extend production cuts, while industry data revealed that U.S. crude stockpiles fell more than expected which also helped lift prices.
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CNBC Dec 4, 2019 2:48 AM ET
Investing Dec 4, 2019 7:33 AM ET
Bloomberg Dec 4, 2019 6:45 AM ET
NYT Dec 4, 2019 7:35 AM ET