- Wall Street futures rose slightly after falling on Monday.
- Dollar drop boosts metals.
- OECD warns of global slowdown in 2023.
Stock markets are rising moderately on Tuesday and remain in the range of recent days. Calm prevails with limited tours. The dollar falls after three days of gains, while metals rise from their lowest in weeks. Oil confirms a strong rebound.
Futures in green, stay calm
In Asia, most stock markets closed with gains. In Europe, the FTSE 100 gains 0.55%, while the DXY climbs 0.11% and the CAC 40 loses 0.15%. The S&P 500, which fell 0.39% on Monday, rises 0.10% in Tuesday’s preview. Dow Jones futures climb 0.09% and Nasdaq 0.05%.
Cases of covid they rise in China, which keeps part of its economy under restrictions. The Organization for Economic Cooperation and Development (OECD) forecasts a sharp slowdown by 2023.
In the pre-market, Zoom falls more than 10% after reporting that activity continues to decline. Among the companies due to present results on Tuesday are HP, Best Buy, Dollar Tree, Autodesk and VMware.
The economic calendar appears light. The outstanding data so far this week is the lower-than-expected reading of the Producer Price Index for October Germanywith the annual rate going from 45.8% to 34.5%, one of the first signs of relief in the rise in prices in Europe.
In the US on Tuesday the Richmond Fed Index will be released and there will be several speeches by Fed officials (Bullard, George and Mester). On Wednesday it will be the turn of the PMIs throughout the world, with the preliminary figures for November and the minutes of the last FOMC meeting.
Fed officials continue to hint that they will continue to raise interest rates, albeit possibly at a slower pace. This is not a surprise and the market is not sensitive.
The dollar falls after three days with modest increases
The Dollar Index (DXY) is falling after three days of gains and is trading around 107.30, giving up 0.43%. Treasury yields are falling on Tuesday, weakening the dollar. The 10-year bond yields 3.79% and the 2-year bond yields 4.50%.
EUR/USD is approaching 1.0300 and USD/JPY falls towards 141.00. The kiwi (NZD) is among the best performing currencies. On Wednesday, the Reserve Bank of New Zealand will announce the monetary policy decision. A rise of 75 basis points is expected in the reference interest rate.
It was known that the net indebtedness in the United Kingdom in October it jumped to 13.5 billion pounds. Despite an initial setback, the pound has regained strength and rises against the dollar (GBP/USD above 1.1870) and is unchanged against the euro (EUR/GBP returned to 0.8655 after rising to 0.8680).
The silver It rises 1.75%, and is above $21.20, in maximums in two days. For its part, gold is also recovering from lows in days, and is close to $1,750.
The cryptocurrencies They operate mixed, unable to get out of the turbulence that the situation with the FTX exchange generated. The Bitcoin it is below $15,700, still close to the recent low. Ethereum falls 0.85% and trades at $1,084.
The prices of Petroleum confirm the rebound, after a day of high volatility with rumors the order of the day. The price plunged after reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) was discussing the possibility of an increase in production. But Saudi Arabian officials denied this possibility and reaffirmed that the current cut of two million barrels will continue until the end of 2023. This generated a strong rebound, which is still ongoing. The barrel of WTI rises 1.29% and operates on $80.50.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
