Fed, ECB in focus... South African appoints third finance minister in a week...
Fed, ECB in focus
As a new trading week gets underway two central banks are in focus by the markets. The Fed will meet this week and are almost universally expected to raise US interest rates with 25 basis points being expected.
Meanwhile Europe’s ECB president Mario Draghi will be speaking Monday with investors hoping there will be positive news for the Eurozone and hints of increased quantative easing for the bloc.
European markets are trading higher so far ahead of Draghi’s speech and following data showing a better-than-expected growth in industrial output in October.
Asian markets have closed lower, except Shanghai, as investors await the Fed’s meeting later this week.
Toronto is expected to open lower while Wall Street futures point to a higher start.
Oil prices have continued to weaken overnight on global oversupply concerns. Prices are down 18 per cent in the last 10 days.
South African appoints third finance minister in a week
The South African rand is turbulent currently as the country’s markets face a sell-off. President Jacob Zuma appointed a new finance minister Sunday, the third in a week! The rand was boosted 5 per cent on the news but opposition politicians were quick to criticize the president’s actions with one leader accusing Zuma of “playing Russian roulette with the South African economy.”
As a new trading week gets underway two central banks are in focus by the markets. The Fed will meet this week and are almost universally expected to raise US interest rates with 25 basis points being expected.
Meanwhile Europe’s ECB president Mario Draghi will be speaking Monday with investors hoping there will be positive news for the Eurozone and hints of increased quantative easing for the bloc.
European markets are trading higher so far ahead of Draghi’s speech and following data showing a better-than-expected growth in industrial output in October.
Asian markets have closed lower, except Shanghai, as investors await the Fed’s meeting later this week.
Toronto is expected to open lower while Wall Street futures point to a higher start.
Oil prices have continued to weaken overnight on global oversupply concerns. Prices are down 18 per cent in the last 10 days.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 17,265.21 (-1.76 per cent) | +0.12 per cent | -0.09 per cent |
| TSX Composite | 12,789.95 (-1.74 per cent) | -2.18 per cent | -6.85 per cent |
| Europe (at 6.00am ET) |
|||
| UK FTSE | 5,985.33 (+0.55 per cent) | -2.17 per cent | -5.00 per cent |
| German DAX | 10,397.74 (+0.56 per cent) | -2.90 per cent | +8.37 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,711.32 (+2.86 per cent) | -0.93 per cent | +16.22 per cent |
| Japan Nikkei | 18,883.42 (-1.80 per cent) | -3.64 per cent | +8.70 per cent |
| Other Data (at 6.00am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 37.32 (-1.61 per cent) |
35.11 (-1.43 per cent) |
1067.10 (-0.80 per cent) |
U$0.7287 |
| Aus. Dollar |
|||
| U$0.7212 | |||
South African appoints third finance minister in a week
The South African rand is turbulent currently as the country’s markets face a sell-off. President Jacob Zuma appointed a new finance minister Sunday, the third in a week! The rand was boosted 5 per cent on the news but opposition politicians were quick to criticize the president’s actions with one leader accusing Zuma of “playing Russian roulette with the South African economy.”
