Equities subdued ahead of Fed, OPEC... Buy the greenback says Barclays...
Equities subdued ahead of Fed, OPEC
Two meetings are key to investor sentiment Friday; the Fed’s monetary committee which will decide interest rates next month; and OPEC’s forthcoming talks on an output cap.
Oil prices are down around 1 per cent so far and global equities are trending lower amid uncertain times, with the new US president-elect still in focus.
Asian markets closed mostly lower although Tokyo did better on a weaker yen against the greenback. Japan’s prime minister Shinzo Abe met Donald Trump Thursday but few details have emerged as the meeting was unofficial.
European indexes are trending lower with mining firms under pressure from the stronger US dollar.
Wall Street and Toronto are expected to open lower. Canadian consumer price index data will be published this morning.
Buy the greenback says Barclays
The US dollar should be the currency of choice for investors experts said Friday. The greenback’s strength has hit the currencies of emerging markets and the forecast is for the dollar to stay strong.
"It's difficult to argue against the dollar when you're going to see U.S. growth outperform as well, probably ultimately towards the end of next year,” Mitul Kotecha, head of Asia foreign-exchange and rates strategy at Barclays, told CNBC.
Two meetings are key to investor sentiment Friday; the Fed’s monetary committee which will decide interest rates next month; and OPEC’s forthcoming talks on an output cap.
Oil prices are down around 1 per cent so far and global equities are trending lower amid uncertain times, with the new US president-elect still in focus.
Asian markets closed mostly lower although Tokyo did better on a weaker yen against the greenback. Japan’s prime minister Shinzo Abe met Donald Trump Thursday but few details have emerged as the meeting was unofficial.
European indexes are trending lower with mining firms under pressure from the stronger US dollar.
Wall Street and Toronto are expected to open lower. Canadian consumer price index data will be published this morning.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 18,903.82 (+0.19 per cent) | +4.08 per cent | +6.58 per cent |
| TSX Composite | 14,826.09 (+0.63 per cent) | +0.50 per cent | +10.64 per cent |
| Europe (at 4.30am ET) |
|||
| UK FTSE | 6,757.92 (-0.54 per cent) | -3.46 per cent | +7.63 per cent |
| German DAX | 10,669.86 (-0.15 per cent) | +0.36 per cent | -2.65 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,417.46 (-0.55 per cent) | +2.89 per cent | -8.02 per cent |
| Japan Nikkei | 17,967.41 (+0.59 per cent) | +5.92 per cent | -8.56 per cent |
| Other Data (at 2.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 46.18 (-0.67 per cent) |
44.97 (-0.99 per cent) |
1204.20 (-1.20 per cent) |
U$0.7387 |
| Aus. Dollar |
|||
| U$0.7369 | |||
Buy the greenback says Barclays
The US dollar should be the currency of choice for investors experts said Friday. The greenback’s strength has hit the currencies of emerging markets and the forecast is for the dollar to stay strong.
"It's difficult to argue against the dollar when you're going to see U.S. growth outperform as well, probably ultimately towards the end of next year,” Mitul Kotecha, head of Asia foreign-exchange and rates strategy at Barclays, told CNBC.
