Open: New York Session | Forex, Metals, Oil, Agriculture December 01, 2021



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.


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. 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.

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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. 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.


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