Close: London Session | Forex, Metals, Oil, Agriculture December 01, 2021

672z311_1593188016_CMC-Markets-brokers-traders

Currencies

Today we look at the wage-inflation story, Powell s suggestion to retire the term transitory and how omicron may impact the euro-area economy. Today we look at the wage-inflation story, Powell s suggestion to retire the term transitory and how omicron may impact the euro-ar View in browser Hello. Slowing recovery | The euro-area economy is entering a more difficult phase of its recovery.

Metals

S&P 500 futures pointed to plenty of green at the open, the 10-year Treasury yield was at 1.497%, gold rose and Bitcoin was broadly unchanged.

Oil

New storyThe market is absorbing the hawkish pivot from Federal Reserve Ch View in browser Powell pivots, the new variant spreads, and OPEC+ meeting begins. Meeting Crude has also been having a particularly volatile time recently, dropping from $78 a barrel on Thursday to below $65 yesterday. The Biden administration has so far tread gently on that front, doing little more than ordering a Federal Trade Commission probe into gasoline prices. In markets this morning, oil has recovered some ground to trade close to $69 a barrel.
At the fore today, however, will be the start of the delayed OPEC+ meeting.

United States

As well as the broader issues relating to Fed tightening and demand-hitting travel restrictions, investors also have to parse supply developments from the SPR release and Iran nuclear talks. As Rich Miller writes here, the Fed chair still thinks inflation will ebb next year, but he acknowledged that it s proving more powerful and persistent than expected. After his remarks, money markets estimated a 50-50 chance the Fed will hike rates as early as May.
It’s commonly asserted that as long as the Fed is still buying assets that it’s easing. Plus there are the U.S. mid-term elections, with President Joe Biden s popularity dropping and chatter that Donald Trump might run again in 2024.

China

The online retailer, whose direct-sales model contrasts with big platforms like Alibaba and Meituan, has so far escaped Beijing s attention. Tencent was temporarily barred from launching new apps or upgrades, just as it opens up its WeChat super app to rivals at Beijing s behest.

Europe

Green Daily Bloomberg s Good Business View in browser In climate news today… EU mulls green label for some nuclear and gas.

0