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Equities turn mixed in muted holiday trading

Equities turn mixed in muted holiday trading

November 26, 2020 03:53
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    Stocks erase gains as cautious tone persists in the markets

    Markets mixed amid persisting global uncertainty

    Risk demand prevails after FOMC minutes

    Stocks trend lower after FOMC minutes

    Global stocks retreat after a plunge on Wall Street

    Global stocks mixed-to-higher, investors stay cautious

    Euro rises despite а stronger dollar

    Risk mood turns more measured, euro threatens parity again

    Investors stay nervous as tensions escalate

    Investors start the week on a cautious note

    Equity markets mixed ahead of the weekend

    Markets struggle for direction ahead of the weekend

    Stocks climb marginally, pressuring the greenback

    Investors welcome cooling inflation, dollar sags

    Yellen failed to spook global markets

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  • FUNDAMENTALS
    Stocks erase gains as cautious tone persists in the markets

    Markets mixed amid persisting global uncertainty

    Risk demand prevails after FOMC minutes

    Stocks trend lower after FOMC minutes

    Global stocks retreat after a plunge on Wall Street

    Global stocks mixed-to-higher, investors stay cautious

    Euro rises despite а stronger dollar

    Risk mood turns more measured, euro threatens parity again

    Investors stay nervous as tensions escalate

    Investors start the week on a cautious note

    Equity markets mixed ahead of the weekend

    Markets struggle for direction ahead of the weekend

    Stocks climb marginally, pressuring the greenback

    Investors welcome cooling inflation, dollar sags

    Yellen failed to spook global markets

    Risk-off tone dominates global markets

    Stocks making recovery attempts, markets remain unstable

    Stock markets little changed amid cautious trades

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Home » Equities turn mixed in muted holiday trading

Equities turn mixed in muted holiday trading

by Stephen Soo
November 26, 2020 03:53
in Fundamental analysis
0
Equities turn mixed in muted holiday trading

The dollar remains on the defensive, sending the euro to 1.1940 for the first time since early-September

Wall Street stocks closed mixed on Wednesday as worse-than-expected economic data prompted a retreat back to tech stocks. Minutes of the FOMC’s November meeting showed that policymakers judged immediate adjustments to the pace and composition of asset purchases were not necessary. However, stocks showed no immediate reaction to minutes. 

On the data front, the US real GDP rose at an annual rate of 33.1% in the third quarter, matching the initial estimate but lower than 33.2% expected, while weekly initial jobless claims rose by 30,000 last week, to 778,000 versus 748,000 (revised from 742,000) previously. As a result, the S&P 500 fell 0.2%, the Dow gave up 0.6%, and the tech-heavy Nasdaq gained 0.5%.

Asian equities were mostly up on Thursday, with trading activity is getting lower as U.S. markets are closed today for the Thanksgiving holiday and will be open for half the day on Friday. Japan’s benchmark Nikkei 225 gained 0.9%, Australia’s S&P/ASX 200 slipped 0.7%, South Korea’s Kospi gained 0.93% and the Shanghai Composite rose 0.22%.

In Europe, equities open slightly higher to start the day as the risk mood is keeping calmer. According to the latest reports, Germany’s Merkel warned that easing virus curbs would not be responsible, and more still needs to be done to rein in virus spread as virus cases are still much too high.

As for currencies, the dollar remains on the defensive on Thursday, sending the euro to 1.1940 for the first time since early-September. If the common currency managed to retain a bullish tone, the next target could be expected at 1.1980. However, EURUSD will likely encounter a local resistance in the 1.1955 area as trading activity is getting more muted amid holidays in the United States.

Elsewhere, oil prices extended the rally to $49 and proceeded to a bearish correction on Thursday as risk demand continues to wane after the recent rally. As Brent looks overbought at the current levels, the futures could lose ground further in the short term. On the other hand, the persisting vaccine hopes along with OPEC-related expectations could cap the potential selling pressure surrounding oil prices.

Tags: EURUSDFOMCNasdaqNikkei
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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