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DAILY MARKET REPORT

“We need to use the tools we already have to prevent transmission and save lives from Delta. And if we do that, we will also prevent transmission and save lives from Omicron,” - WHO chief Tedros Adhanom Ghebreyesus said.

DAILY MARKET REPORT

Global markets were rocked by concerns that a recent spike in the Omicron variant of COVID-19 cases could threaten the global economic recovery. The variant was first detected in South Africa last week and as per the latest update Omicron is now spread to about 20 other countries.

“We need to use the tools we already have to prevent transmission and save lives from Delta. And if we do that, we will also prevent transmission and save lives from Omicron,” - WHO chief Tedros Adhanom Ghebreyesus said.

EQUITIES

Asian stocks fell Thursday morning while US stock futures slightly rebounded from the early session lows. On the earnings front, the shares of cloud-based data storage Snowflake (NYSE: SNOW) jumped more than 15% in late trading after the company reported better-than-expected Q3 earnings results.

OIL

Crude oil prices unchanged ahead of the OPEC+ decision scheduled for later today. The overall sentiment of oil prices is still bearish mainly due to the concerns over the Omicron variant.

CURRENCIES

In the currency market, the dollar gained for a second straight day against a basket of currencies as investors continued to take shelter in the U.S. currency. Commodity-linked currencies such as the Australian and Canadian dollars trades near the weekly low against the US dollar.

GOLD

The safe-haven metal trades lower on Thursday as traders wait for U.S. jobs data but concerns over the economic fallout from the pandemic limited the losses.

Economic Outlook

On the data front, the US released the latest ADP employment report on Wednesday. The data showed private US employers added 534,000 jobs in November, a better reading than the 525,000 jobs expected. On the other hand, ISM Manufacturing PMI rose to a reading of 61.1% in November from 60.8% in October.

Moving ahead today, the important events to watch:

EUROZONE – Unemployment rate: GMT – 10.00

US – Jobless claims: GMT – 13.30

Coronavirus update:

Worldwide, more than 262 million people have been confirmed infected and more than 5.3 million have died. The United States has confirmed over 48 million cases and has had more than 775,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD: Technically the overall momentum remains mixed, the immediate support for the Euro stands near the level of 1.1300. On the flip side, the first resistance at 1.1340 any break above this level will open 1.1370 minimum.

eurusd

The important levels to watch for today: Support- 1.1300 and 1.1270 Resistance- 1.1340 and 1.1370.

GOLD: The precious metal now trading below the $1,770 level, with immediate support near the $1,762. On the flip side, the key resistance area to watch is $1795.

gold neww

The important levels to watch for today: Support- 1768 and 1762 Resistance- 1780 and 1795.

Quote of the day - The whole secret to winning and losing in the stock market is to lose the least amount possible when you are not right- William O’Neil.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Global stocks remain under pressure driven by surging bond yields and rising inflation pressures. Wall Street closed sharply lower on Tuesday; technology companies led a broad slide in stocks.

DAILY MARKET REPORT

DAILY MARKET REPORT

Gold price trades below the key support area of $1812. Technically the overall momentum remains mixed for the metal after the bulls failed to extend the rally.

DAILY MARKET REPORT

DAILY MARKET REPORT

The US retail sales report for December is the highlight of today’s economic calendar. The commerce department will release the retail sales data at 13:30 GMT.

DAILY MARKET REPORT

DAILY MARKET REPORT

Airline stock Delta Airlines (NYSE: DAL) is scheduled to announce its fourth-quarter earnings report today before the market open. Delta is expected to post quarterly earnings of $0.12 per share and revenues are expected to be $9.20 billion.