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The morning session has seen services PMI data for Europe and the UK come under scrutiny as markets assess the implications of last month’s Paris attack, with the French and eurozone data only fractionally weaker than expected; the US has an opportunity to digest the services PMI data in the afternoon.
European trading floors are debating the likelihood of the ECB stealing a march on the present-giving season by announcing increased fire power for its current stimulus packages. Not to be outdone, Fed chair Janet Yellen is due to testify in Washington to the joint Economic Committee on monetary policy. FX and equity market traders will be scrambling to decipher the content of her speech in order to tweak their expectations on a December rate hike.
Discount airlines Wizz and Ryanair are flying high this morning with the release of November passenger numbers increasing by a fifth and a quarter respectively. Any worries that last month’s tragic events in France would knock European air travel figures have yet to be reflected.
Another soft day in both base and precious metals has seen renewed selling pressure on the mining sector as the usual suspects, BHP Billiton and Anglo American, dominate the list of FTSE equities to have fallen the furthest. The lack of any yield, as interest rate increases look imminent, have added to the negative sentiment towards gold. Despite the precious metal’s presence in oversold territory, the $1000 level is increasingly looking like the
Ahead of the open we expect the Dow Jones to start 90 points higher, at 17,819.