Anchor resume from 17 to 24 of November 2017

Anchor resume from 17 to 24 of November 2017


During the last sessions, the publication of the minutes of the FED and the ECB caught the attention of investors, waiting to know more details about the upcoming monetary policies of the central banks. Specifically, the focus was the minutes published by Federal Reserve, in view of the proximity of the FOMC meeting on December 12 and 13.

There was not a lot news among the pages published by the FED, the objective of achieving an inflation of + 2% was again recorded and the positive growth forecasts that favor future rate increases were confirmed.

This was a semifestive week for the United States. After Thanksgiving Day celebration, we keep in view of the big companies sales in the already famous Black Friday (important thermometer of the American economy). For this reason, to end the season of publication of results, attention has been focused on the macroeconomic data. The main one was the number of weekly requests for unemployment benefits, which was lower than expected and previous data (239,000 vs. 240,000 and 252,000.). In terms of consumer confidence, it remained on the rise (98.5 current vs 98 expected).  The S&P500 ended the week trading at levels of 2,600 with a low trading volume, while the Nasdaq Composite technology maintained the levels of 6,870.

In the Euro Zone we have significant references, the main was the minutes of the ECB. Also without news, the maintenance of the QE had broad support despite the fact that some members wanted a clear end date. Also, they confirmed that inflation remains sustained with a slight tension since the beginning of 2017. As a novelty, some board members began to be uncomfortable with the possibility that the end of QE could cause a financial strain.

About macroeconomic data, the leading indicators show growth rates have improved. Especially, the Flash indicator of manufacturing PMI reached a maximum rate of the last 81 months after reaching levels of 60.8 with respect to the previous figure of 58.8. In this line, the indicator of consumer confidence far from falling -1.1% expected, presented a rebound of + 0.1%, as well as the German GDP growth rates maintained the +0.8% expected.

In third and last place, another of the references that has had the most impact on the main selective ones, has been the political situation in Germany. Political uncertainty after the breakdown of negotiations.

In Asia, we highlight new upswings in the Nikkei-225 benefited by the latest advances that were announced with the PMI manufacturing data which was consolidating expansive areas (now at 53.8 compared to 52.8 previously.) Its effect was positive for Nikkei 225 (now around 22,250), as for the USD / JPY pair (111 USD / JPY).

Regarding the commodities market, the price of crude oil maintained the advances benefited by the forecasts that countries among which Saudi Arabia is proposing at the next OPEC summit (November 30) to maintain the current levels of crude production until March . Without significant changes in the price of an ounce of gold, the week ended at around 1,290 USD / Oz.

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