Markets Optimistic Ahead of Retail Sales
It’s been a slow week in terms of data but the key release of the week, retail sales for November, finally comes out an hour before the opening bell. Ahead of the data equity futures are looking strong, gold and oil are each higher, and the dollar is weak against most currencies but gaining on the yen.
Two hours before the open, Dow futures are 43 points higher at 10,385 and S&P 500 futures are 5.75 points higher at 1,103. After plummeting earlier in the week, WTI Crude oil has been is trading 38 cents higher at $70.92 per barrel. Meantime, Spot Gold is up $8.60 to $1,139.60.
“So far, it is looking like a ‘risk on’ kind of morning, with European and most Asian stock markets in rally mode, . . . all major currencies on the up 'n up, . . .and nearly all commodities higher,” said Jennifer Lee, economist at BMO Capital Markets.
The reason for optimism comes from China, where industrial production accelerated to 19.2% year over year in October and nominal retail sales, though slower than the prior month, came in at +15.8%. Don’t expect US figures to be in the same league.
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