ABM Capital: Wide spread on Wall Street and evolving oil and gold prices in geopolitical trends
Ahmed Bin Abdulqader ـ nabd–alhadath
Wallstreet market.
The S&P 500 and the Nasdaq Composite stretched their record-high closing runs into Tuesday as markets analyzed the official job openings report for October. The S&P 500 gained 2.73 points, or 0.05%, to 6,049.88, while the Nasdaq Composite gained 76.96 points, or 0.40%, to 19,480.91.
Shares of Amazon rose 1.3% while Shares of Tesla declined 1.6% after data showed the automaker’s sales of China-made electric vehicles fell 4.3% year-on-year to 78,856 in November.
However, the Dow Jones Industrial Average fell 76.47 points, or 0.17%, to 44,705.53
The US 10-year yield increased 3.2 basis points to 4.23% Tuesday, while the two-year rate fell 1.9 basis points to 4.18%.
GCC market.
Major Gulf stock markets ended higher on Tuesday, fueled by rising oil prices, as investors bet on OPEC+ extending its production cuts at Thursday’s meeting
Markets in the United Arab Emirates were closed for a public holiday.
Saudi Arabia’s benchmark stock index advanced 0.7% on broad-based gains across nearly all sectors.
Qatar’s benchmark index closed flat, its third consecutive session in the red.
European market.
European markets closed higher Tuesday, with investors keeping an eye on political upheaval in France.
The pan-European STOXX 600 index provisionally ended the day up 0.44% to 515, with sectors mostly trading in positive territory. Retail stocks led gains, up 1.56%.
In London, the FTSE 100 Index went up by 42 points or 0.51% to 8,359 on Tuesday.
After another choppy session, the French CAC 40 index pared back some of its earlier gains to end the day 0.3% higher at 7,255.
Germany’s DAX closed above 20,000 for the first time on Tuesday, marking its fourth consecutive session of gains and following broader European market strength.
Asian market.
Asian stocks rallied on Tuesday after tech companies spurred Wall Street to record highs overnight, while the dollar held steady after jumping the previous day.
The NSE Nifty 50 opened rose 0.75% to 24,457.15 points, while the BSE Sensex added 0.74% to 80,845.75. This is their longest gaining streak since September.
Japan’s benchmark Nikkei average closed up 1.91% at 39,248.86 on Tuesday, while the broader Topix gained 1.32% at 2,750.66.
The Hang Seng surged 196 points or 1.0% to close at 19,746 on Tuesday, rebounding from morning session losses.
Commodities.
Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses.
U.S. crude rose 2.32% to $69.68 a barrel and Brent rose to $73.38 per barrel, up 2.16% on the day.
Gold prices pared gains on Tuesday after a strong U.S. jobs report, while a softer dollar and easing Treasury yields limited losses as markets awaited more economic data to gauge the Federal Reserve’s rate path.
Spot gold rose 0.03% to $2,639.68 an ounce. U.S. gold futures rose 0.04% to $2,636.00 an ounce.
The dollar index, which measures the greenback against six major peers, decreased by 0.08 percent to 106.365.
The U.S. dollar bought 149.51 Japanese yen, lower than the 149.52 Japanese yen of the previous session.
The Euro increased to 1.0504 U.S. dollars from 1.0490 U.S. dollars in the previous session.
EVENTS for Today
| TIME GMT + 4 | REGION | EVENTS | FORECAST | PREVIOUS |
| 17:15 | U. S | ADP Nonfarm Employment Change (Nov) | 166K | 233K |
| 18:45 | U. S | S&P Global Services PMI (Nov) | 57.0 | 55.0 |
| 19:00 | U. S | ISM Non-Manufacturing PMI (Nov) | 55.5 | 56.0 |
| 19:00 | U. S | ISM Non-Manufacturing Prices (Nov) | 56.4 | 58.1 |
| 19:30 | U. S | Crude Oil Inventories | -1.844M | |
| 22:45 | U. S | Fed Chair Powell Speaks |
