Morning Briefing: Global stocks mixed on Wall Street, Chinese data

Morning Briefing: Global stocks mixed on Wall Street, Chinese data

Morning Briefing: Global stocks mixed on Wall Street, Chinese data Global stocks mixed on Wall Street, Chinese data
Friday’s truncated and low-volume trading on Wall Street together with concern over Chinese equity regulators’ investigations have led to a poor showing for the major Asian markets Monday. Shanghai managed to close slightly higher outperforming its peers.

European markets are mixed although there is an optimistic tone ahead of a meeting of the European Central Bank this week which could lead to new stimulus measures for the Eurozone bloc.

Wall Street will likely open higher amid a busy week of data. It’s the first full day of trading since last Wednesday’s pre-Thanksgiving session.

Toronto is also set to open slightly higher.
 
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North America (previous session)
US Dow Jones 17,798.49 (-0.08 per cent) +0.76 per cent -0.17 per cent
TSX Composite 13,368.24 (-0.42 per cent) -1.19 per cent -9.34 per cent
 
Europe (at 6.00am ET)
UK FTSE 6,366.17 (-0.14 per cent) +0.08 per cent - 5.30 per cent
German DAX 11,390.78 (+0.86 per cent) +4.95 per cent +13.85 per cent
 
Asia (at close)
China CSI 300 3,566.41 (+0.26 per cent) +0.91 per cent +26.97 per cent
Japan Nikkei 19,747.47 (-0.69 per cent) +3.48 per cent +13.10 per cent
 
Other Data (at 6.00am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
45.50
(+1.43 per cent)
42.23
(+1.25 per cent)
1055.80
(-0.04 per cent)
U$0.7474
 
Aus. Dollar
U$0.7202

Fed’s emergency powers could be curbed
The emergency lending powers of the Fed could be cut back as its board meets in Washington to consider proposals. The move was demanded by Congress after the central bank bailed out a number of “too big to fail” firms in 2008. CNBC reports that the Frank Dodd review in 2010 called for emergency loans of this type to be cut back but some Fed members are concerned that it will limit the Fed’s options in any future crisis.
 
Oil glut grows ahead of OPEC meeting
The OPEC member nations will get together Friday in a much-anticipated meeting which will affect oil prices one way or another. Although many of its members, including Saudi Arabia, are reluctant to reduce output in a bid to grow market share whatever the price, others are reaching the point at which they desperately need improvement in prices. The clash could result in a change of policy although some analysts are predicting that Saudi Arabia will dominate and production will remain high.