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DAILY MARKET REPORT

Saudi Aramco (SE: 2222) IPO begins trading on Tadawul Exchange (Saudi Exchange). Shares surge 10% on their debut. EQUITIES Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the world's biggest-ever IPO. The shares leapt to 35.2 riyal ($9.39) each, up from the IPO price of 32 riyals... DAILY MARKET REPORT
Saudi Aramco (SE: 2222) IPO begins trading on Tadawul Exchange (Saudi Exchange). Shares surge 10% on their debut.

 

EQUITIES
Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the
world's biggest-ever IPO. The shares leapt to 35.2 riyal ($9.39) each, up from the IPO price of 32 riyals
and at the daily limit of price moves allowed by the Tadawul exchange.

OIL
Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the
United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese
goods would take effect on Sunday.

CURRENCIES
The U.S. dollar clawed higher on Wednesday as investors awaited the outcome of the Federal Reserve
meeting and drew some support from hopes that U.S. President Donald Trump will delay the
imposition of tariffs on Chinese goods.

GOLD
Gold was little changed on Wednesday as market activity remained largely subdued ahead of the U.S. central bank's economic policy statement and fast-approaching tariffs deadline, while palladium hovered near previous session's record high.

Economic Outlook
Today US Consumer Price Index from the United States will be released, which is expected to drop to 0.2% from the previous month’s 0.4%. Investors are also waiting for the forecast of US economic growth from policymakers who are attending a two-day meeting of the Federal Reserve, which will end on Wednesday. The Federal Reserve is expected to hold its interest rates unchanged in this meeting.

Technical Outlook

AUD/NZD: The pair held above the support and moved 40 pips up, currently trading above 1.04400. We may see further upside to 1.0480/1.05.

GOLD: Gold trading unchanged today ahead FOMC rate decision and press conference. We strictly watch the important levels for breakout 1456 and 1470 for today.

US Federal Reserve Monetary Policy Decision - 19 GMT & Press conference 19.30 GMT (The FOMC is widely expected to leave the Fed funds rate unchanged at 1.75% in December). The main focus of this FOMC meeting will be the release of the latest Summary of Economic Projections. After considering uncertainties like the trade war, China’s slowdown and financial risks a rate cut during H1 2020 remains high demand.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Wall Street ends sharply higher on Wednesday after Fed Chairman Jerome Powell signaled that interest rate hikes will slow down in the next meeting. “The time for moderating the pace of rate increases may come as soon as the December meeting.” – Powell said.

DAILY MARKET REPORT

DAILY MARKET REPORT

German consumer prices in November slowed from the prior month while annual inflation in Spain also fell more than expected. Moving ahead, investors should closely monitor the release of Eurozone inflation data.

DAILY MARKET REPORT

DAILY MARKET REPORT

Oil futures recovered from the previous session's lows after Eurasia Group reported that OPEC+ will "seriously consider" a production cut next week. However, investors remain concerned over rising Covid-19 cases in China, which could dent demand for oil as travel is restricted.

DAILY MARKET REPORT

DAILY MARKET REPORT

Today the key focus will turn to the minutes from the latest Federal Reserve meeting as the investors look for clues on future rate hikes by the central bank. During the last meeting, United States Federal Reserve officials delivered their fourth straight 75 basis-point interest rate increase.