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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Early Morning Call: dollar stands firm ahead of busy data week

Markets are this week focused on central bank meetings at the Federal Reserve, the Bank of England, European Central Bank and Swiss National Bank.

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Equity market overview

Asia-Pacific indices recorded losses overnight, after a negative session in the US on Friday.

European equity markets also start the week lower. UK GDP expanded 0.5% on October month-on-molnth (MoM), a rebound after the 0.6% drop in September, and better than the 0.4% expected. Industrial production fell in October, but not as much as forecast. Output fell by 2.4% year-on-year (YoY). Economists expected a 2.8% fall.

This week, three central banks meet and decide on their rates for the last time of the year. Starting on Wednesday with he US Federal Reserve (Fed) which is likely to raise by half a percentage point to a target range of 4.25%-4.5%.

On Thursday, the Bank of England (BoE) and the European Central Bank (ECB) are also widely expected to raise rates by 50 basis points, taking borrowing costs to 3.5% and 2% respectively. The last time each of these three central banks met, they all raised their benchmark rates by 75 basis points.

Microsoft will buy about 4% in LSE group as part of a 10-year commercial deal to migrate the bourse operator’s exchange data platform into the cloud.

The Wall Street Journal revealed this weekend that Amgen is now the frontrunner in the Horizon Therapeutics deal. According to the paper, Amgen is in advanced talks to buy the biotech company as rival Sanofi announced it had dropped its bid, adding the deal could be finalised as early as today. It all started last month when Horizon Therapeutics said it was in talks with Amgen, Sanofi and Johnson & Johnson's Janssen Global Services unit.

Last week, Janssen decided to pull out, followed on Sunday by Sanofi who said the "transaction price expectations do not meet [their] value creation criteria". The Wall Street journal doesn't mention any price for the deal, but the Financial Times, citing sources close to the matter, says the transaction could be worth as much as $20 billion.

Commodities

US energy firms cut the number of their operating oil and gas rigs for the first time in six weeks. According to Baker Hughes on Friday, the total rig count in the US fell by four to 780.

The number of oil rigs in operation dropped by two to 625 and gas rigs also fell by two to 153.

Cryptos

The speed of the collapse of FTX has shaken the cryptocurrency market to the point that investors are heading for the exit.

In November, crypto investors pulled a record 91,363 bitcoin, worth about $1.5bn, the largest outflow on record.

Bitcoin has plunged 64% so far this year, and the online platform Coinbase's share price just hit a new record low.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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