Weekly Market Review – 29 November 2014

Major Economic Events

Below you will find the top tier economic events for the 1st of December to the 5th of December 2014. These major events are available on the Economic Calendar and they have the ability to impact the market.

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01 December 2014

EUR                                      Spanish Manufacturing PMI (Nov)
EUR                                      German Manufacturing PMI (Nov)
GBP                                       Manufacturing PMI (Nov)
USD                                      ISM Manufacturing PMI (Nov)
AUD                                      Building Approvals (MoM) (Oct)
AUD                                      Current Account (Q3)
AUD                                      Interest Rate Decision (Dec)

02 December 2014

INR                                       Interest Rate Decision
GBP                                      Construction PMI (Nov)
AUD                                     GDP (YoY) (Q3)

03 December 2014     

GBP                                      Services PMI (Nov)
USD                                      ADP Nonfarm Employment Change (Nov)
USD                                      Nonfarm Productivity (QoQ) (Q3)
USD                                      ISM Non-Manufacturing PMI (Nov)
CAD                                      Interest Rate Decision
AUD                                     Retail Sales (MoM) (Oct)

04 December 2014

GBP                                       Interest Rate Decision (Dec)
EUR                                      Interest Rate Decision (Dec)
USD                                      Initial Jobless Claims
CAD                                      Ivey PMI (Nov)

05 December 2014

EUR                                      German Factory Orders (MoM) (Oct)
USD                                      Nonfarm Payrolls (Nov)
USD                                      Trade Balance (Oct)
USD                                      Unemployment Rate (Nov)
USD                                      Factory Orders (MoM) (Oct)
CAD                                      Employment Change (Nov)
CAD                                      Trade Balance (Oct)
CAD                                      Unemployment Rate (Nov)

Global Markets

World Market Data - 29 Nov 2014

On Friday, U.S. stocks posted a mixed finish in a holiday-shortened session. This came as energy shares got slammed a day after the Organization of the Petroleum Exporting Countries (OPEC) did nothing to alleviate a global supply glut. At the close of U.S. trading, the S&P 500 index (SPX) ended the day down 5.27 points, or 0.3%, at 2,067.56. This came after the index touched an intraday record in early action. Also, on the upside was the Dow Jones Industrial Average (DJIA) which eked out a gain of 0.49 points to end at 17,828.24, marking another record close. Following the upward trend was the Nasdaq Composite index (COMP) which held on to a 4.31 point increase to end at 4,791.63. U.S. markets were closed on Thursday for the Thanksgiving holiday and trading on Friday wrapped at 1 p.m. Eastern. On a monthly basis, the Dow and S&P 500 each added 2.5% in November, while the Nasdaq added 3.5%.

S&P 500 Index - 29 Nov 2014

In other indices news, European indices ended the day lower on Friday. This came after the release of mixed data from Germany and France, as investors were eyeing a highly anticipated report on euro zone consumer prices. After the close of European trade, the DJ Euro Stoxx 50 fell 0.41%, while France’s CAC 40 slid 0.46%. Meanwhile in Germany, the DAX fell 0.31% while in the United Kingdom, the FTSE 100 declined 0.66%. Elsewhere, Hong Kong stocks fell for a second day on Friday, as the Hang Seng Index dropped 0.3%. This came as energy shares sold off after international crude oil prices sank to a four-and-a-half year low on news that OPEC has kept its production levels unchanged. Meanwhile in Japan, the Nikkei 225 ended down 0.6% while in Shanghai, the Shanghai Composite index closed up 0.6%. In Australia, the S&P/ASX 200 was up 0.1% while in Seoul, the Kospi was also up 0.2%. Also, in Taipei, the Taiex traded up 0.7%.

Global Currency

Global Currencies - 29 Nov 2014

On Friday, the U.S. dollar (USD) held gains against a basket of other major currencies. This came as trading volumes remained thin ahead of the Thanksgiving Day weekend. At the end of U.S. trading, the EUR/USD was up 1.01% and trading at 1.2462. Meanwhile, the greenback was up against the British pound, with GBP/USD down 0.61% at 1.5640. The USD was also up against the Japanese yen, with USD/JPY up 0.68% and trading at 118.53 while the USD was up against the Swiss franc, with USD/CHF up 0.46% at 0.9640. Against the currencies in Australia, New Zealand and Canada, the U.S. dollar traded up with AUD/USD down 0.43% at 0.8505, NZD/USD down 0.30% at 0.7846, while USD/CAD reached fresh three-week highs at 1.1426, up 0.83% for the day. Also, the US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.25% at 88.24.

Currencies - 29 Nov 2014

Metals and Energy

On Friday, gold prices declined. This came as U.S. markets were set to reopen after the Thanksgiving Day holiday on Thursday and as an abbreviated session of Comex floor trading was scheduled for Friday. On the Comex division of the New York Mercantile Exchange, gold for February delivery traded at $1,186.80 a troy ounce during European morning trade, down 0.89%. The December contract settled just 0.03% lower on Wednesday to end at $1,197.5 a troy ounce. Meanwhile, silver for March delivery plummeted 2.73% to $16.153 a troy ounce, while March copper lost 1.10% to trade at $2.920 a pound.

Gold - 29 Nov 2014

On Friday, crude oil futures were sharply lower, still hovering near their lowest level since September 2010 after the Organization of the Petroleum Exporting Countries (OPEC) decided on Thursday not to cut output. On the New York Mercantile Exchange, U.S. crude oil for delivery in January plummeted $4.39 or 5.96% to trade at $69.32 a barrel during European early afternoon trade. Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery gained $0.48, or 0.67%, to hit $73.07 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $3.75.

Crude Oil - 29 Nov 2014