News

US Stock Futures Hit a New Record High amid Trade Optimism

Equities

Major US stock index futures tackled fresh record high supported by the ongoing optimism over trade between China and the United States.  China's top trade negotiator Liu He held discussions over the phone with the US Trade Representative Robert Lightizer and Treasury Secretary Steven Mnuchin to resolve core issues. The ambiance was positive and committed to striking a trade deal that put an end to the trade disputes. The Dow Jones Industrial Average futures rose to 28149, the S&P500 futures climbed to 3144, and the Nasdaq futures rallied to 8422.

USD

The dollar index, which measures the greenback against a basket of major currencies, rose to a two-week high of 98.38. The buck gained mostly against safe-haven currencies such as the Japanese Yen and the Swiss supported by the risk-on sentiment. The USDJPY hit a two-week high of 109.20, and the USDCHF advanced to a six-week high of 0.9986. On the other hand, the dollar was softer against the British pound as the rising chances of the Conservative party winning the coming election kept the sterling in bid. On the data front, market participants are looking forward to the October New Home Sales, and the November CB Consumer Confidence.

Metals

Gold prices extended losses weighed down by the enhanced risk appetite. The ongoing optimism over trade between China and the United States sponsored the capital flow to riskier assets. The price of a gold ounce fell to a two-week low of $1451, the price of a silver ounce declined to $16.78, while palladium tackled a fresh record high at $1825.

Oil

Oil prices traded in a tight range as investors awaited fresh fundamental drivers. Market participants are looking forward to the coming OPEC+ meeting, and solid insight on the US-Sino trade talks. The West Texas Intermediate crude futures inched higher to $58.12, and Brent futures advanced to $63.80.

Major Economic Events

GMT Country Event Expectation Previous

15:00

US

CB Consumer Confidence (Nov)

127.0

125.9

15:00

US

New Home Sales (Oct)

709

701

21:30

US

API Weekly Crude Oil Stock

 

5.954


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