|07:45||EUR||French Prelim GDP q/q||0.5%||0.5%|
|08:00||EUR||Spanish Flash CPI y/y||1.6%||1.7%|
|All Day||All||OPEC Meetings|
|09:30||GBP||Net Lending to Individuals m/m||5.5B||4.3B|
|13:30||USD||Prelim GDP q/q||3.0%||3.3%|
|13:30||USD||FOMC Member Dudley Speaks|
|14:00||GBP||BOE Gov Carney Speaks|
|14:45||GBP||MPC Member Ramsden Speaks|
|15:00||USD||Fed Chair Yellen Testifies|
|15:00||USD||Pending Home Sales m/m||0.0%||1.1%|
|15:30||USD||Crude Oil Inventories||-1.9M|
|00:30 (Nov 30th)||AUD||Private Capital Expenditure q/q||0.8%||1.1%|
|00:30 (Nov 30th)||AUD||Building Approvals m/m||1.5%||-0.9%|
|01:00 (Nov 30th)||CNY||Manufacturing PMI||51.6||51.5|
|01:00 (Nov 30th)||CNY||Non-Manufacturing PMI||54.3|
|07:00 (Nov 30th)||EUR||German Retail Sales m/m||0.5%||0.3%|
Asian markets began the day mixed, and finished the day mixed, with trade throughout the session remaining choppy and directionless. Most major indices spent the day trading back and forth over unchanged levels, and several markets reversed morning losses or gains. Mainland China’s Shanghai Composite actually led gains in the region after several days of sharp losses. Markets in Hong Kong and Australia were slightly lower at the close, with neither bulls nor bears able to take control. Japan’s Nikkei gained in early trade on a weaker Yen, but the afternoon saw more safe haven buying of the Yen and the Nikkei retreated in response, ending slightly lower on the day. In South Korea, the Kospi recovered from previous session losses as shares of Samsung rebounded, lifting the broader index.
European markets rallied Tuesday, erasing losses from the previous session as the Euro retreated somewhat against the U.S. dollar. Leading gains across the region was the oil & gas sector after Royal Dutch Shell provided an upbeat forecast, saying the worst of the slump in crude oil is now behind for the industry. London’s FTSE surged higher by more than 1% on the news from Shell, combined with good news from the bank of England banking stress test. The BoE said that all seven U.K. banks are well capitalized and could successfully endure a disorderly Brexit. Additionally, the stress tests found the banks could withstand a severe recession including the collapse in housing prices, doubling of unemployment and a plunge in the pound. It was the first time since 2014 that all seven U.K. banks passed the BoE stress test.
U.S. markets rallied strongly in the afternoon, finishing broadly higher, and with all three of the major benchmark indices back at record levels. News of a North Korea ballistic missile test caused some strain early in the day, but investors were soon able to shrug off the news, focusing instead on several good economic data points. There was also news from Washington that the tax reform bill was progressing through the Senate, and incoming Federal Reserve Chairman Jerome Powell commented at his congressional testimony that he wouldn’t be making any drastic changes to current central bank policy. Financials were the best performers of the day, with the sector up by 2.6%.
The cryptocurrency space remained unstoppable on Tuesday, even gaining momentum if that’s possible as Bitcoin topped $10,000 for the first time ever, gaining 5% since Monday. Ripple was even stronger, up by 12.7% and looking as if it would soon test the $0.30 level. Litecoin, the silver to Bitcoin’s gold, paced Bitcoin’s gains as it added 5.6%. Ethereum also ogained, but was up a more modest 1% as it appears the $500 level might pose some solid resistance for the smart contracts coin. The laggard of the day was NEO, which bucked the rising trend and fell 3.5% as the $40 level has become either resistance or an area of consolidation for the coin.
The pair fell hard on Tuesday, erasing three days of gains and putting it in position to test the 0.8850 level. The move came after the Bank of England announced all seven U.K. banks had passed its “stress test”, and are well positioned to weather any potential economic stresses caused by recession or a disorderly Brexit process. The 0.8850 level stands as minor support for the pair, with the stronger support below at the 0.8770 level.