Futures Pointing To Flat Open But Upward Momentum May Persist

[ADVFN]( [WorldDaily Markets Bulletin]( [Daily world financial news]( [Tuesday, 26 November 2019 09:33:51]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [World Markets AI Managed Trading has achieved over 100% Compound Return in the last quarter. Discover a new way of advanced algorithmic-powered trading achieving excellent returns in all markets...]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are pointing to a roughly flat opening on Tuesday following the climb to record highs seen in the previous session. Traders may stick to the sidelines as they wait for further developments on the U.S.-China trade front, with optimism about a potential deal helping push stocks higher on Monday. A statement from China?s Commerce Ministry revealed Chinese Vice Premier Liu He held a phone call with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin earlier today. The statement said the two sides discussed how to resolve each other's core concerns, reached consensus on how to resolve related issues, and agreed to maintain communication on the remaining issues in the first phase of agreement negotiations. The upcoming Thanksgiving Day holiday may also contribute to light trading activity, with some traders choosing to make their moves on Monday before heading out for an extended break. Nonetheless, recent upward momentum may lead to continued strength on Wall Street, as the way higher has recently seemed to be the path of least resistance. Stocks showed a strong move to the upside over the course of the trading session on Monday, more than offsetting the modest pullback seen last week. With the upward move, the major averages ended the day at new record closing highs. The major averages reached new highs going into the close of trading. The Dow climbed 190.85 points or 0.7 percent to 28,066.47, the Nasdaq surged up 112.60 points or 1.3 percent to 8,632.49 and the S&P 500 advanced 23.35 points or 0.8 percent to 3,133.64. The strength on Wall Street partly reflected continued optimism about a U.S.-China trade agreement after a tabloid run by China's ruling Communist Party discounted "negative" media reports and said the economic superpowers are "very close" to a phase one deal. The state-backed Global Times also said China remains committed to continuing talks for a phase two or even a phase three deal with the United States. President Donald Trump and Chinese President Xi Jinping have also recently made positive comments about a potential trade deal despite reports of complications arising that could delay the agreement until next year. News on the merger-and-acquisition front also generated positive sentiment, as the deals suggest companies remain confident even with the uncertainty created by the U.S.-China trade dispute. Shares of The Medicines Company (MDCO) moved sharply higher after the biopharmaceutical company agreed to be acquired by Swiss drugmaker Novartis for $9.7 billion or $85 per share in cash. Jeweler Tiffany (TIF) also showed a strong move to the upside after agreeing to be acquired by France's LVMH for $16.2 billion or $135 per share in cash. Discount broker Charles Schwab (SCHW) also reached an agreement to acquire rival TD Ameritrade (AMTD) in an all-stock transaction valued at approximately $26 billion. Biotechnology stocks turned in some of the market's best performances on the day, with the NYSE Arca Biotechnology Index surging up by 2.5 percent to a seven-month closing high. Significant strength also emerged among oil service stocks, as reflected by the 2.5 percent jump by the Philadelphia Oil Service Index. The strength in the sector came amid a modest increase by the price of crude oil. Semiconductor stocks also saw considerable strength, driving the Philadelphia Semiconductor Index up by 2.4 percent. Nvidia (NVDA) posted a standout gain after Morgan Stanley upgraded the graphics chip maker's stock to Overweight from Equal-weight. Brokerage, computer hardware, tobacco and steel stocks also saw notable strength on the day, while gold stocks came under pressure amid a decrease by the price of the precious metal. --------------------------------------------------------------- --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( Standard & Poor's is scheduled to release its report on home prices in major metropolitan areas in the month of September at 9 am ET. At 10 am ET, the Commerce Department is due to release its report on new home sales in the month of October. New home sales are expected to jump by 1.1 percent in October and falling by 0.7 percent in September. The Conference Board is also scheduled to release its report on consumer confidence in the month of November at 10 am ET. The consumer confidence index is expected to inch up to 126.9 in November from 125.9 in October. At 1 pm ET, the Treasury Department is due to announce the results of its auction of $41 billion worth of five-year notes. Federal Reserve Governor Lael Brainard is also slated to speak at the New York Association for Business Economics 2019 William F. Butler Award event in New York at 1 pm ET. --------------------------------------------------------------- Check out Leafwire - the Linkedin on Cannabis. [Click Here to Find Out More..]( --------------------------------------------------------------- Stocks in Focus Shares of Best Buy (BBY) are seeing significant pre-market strength after the electronics retailer reported third quarter results that exceeded analyst estimates on both the top and bottom lines. Dick?s Sporting Goods (DKS) is also likely to see an initial jump after reporting better than expected third quarter results and raising its full-year forecast. On the other hand, shares of Dollar Tree (DLTR) may come under pressure after the discount retailer reported third quarter earnings that beat estimates but provided disappointing holiday-quarter guidance.. Hewlett Packard Enterprise (HPE) could also see initial weakness after reporting better than expected fiscal fourth quarter earnings but on revenues that missed expectations. --------------------------------------------------------------- [Instaforex]( Get The Chance To Apply Effective Strategies With No Restrictions Fast & Easy Choose A Succesful Trader And Copy Trader From Their Account Get Full Access To Global Markets [Start Trading Today]( --------------------------------------------------------------- Europe European stocks are little changed in cautious trade on Tuesday as investors await further clarity on the U.S.-China trade talks. Earlier today, China's Commerce Ministry said in a brief notice that Vice Premier Liu He spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin and agreed to continue talks on the phase one deal. Meanwhile, German consumer confidence is set to improve in December, survey data from market research group GfK showed. The forward-looking consumer sentiment index ticked up to 9.7 points in December from 9.6 in November, matching expectations. Both economic and income expectations showed a marked increase, while propensity to buy remained at a high level despite marginal losses. "The exceptionally high levels of consumer confidence among German consumers have significantly contributed to preventing a recession in Germany in the third quarter," Rolf Bürkl, consumer expert at GfK, said. While the German DAX Index has edged down by 0.1 percent, the French CAC 40 Index is just above the unchanged line and the U.K.?s FTSE 100 Index is up by 0.1 percent. Shares of Compass Group have tumbled after the British catering company reported a higher annual underlying operating profit but warned that it is not immune to the macro environment. "Deteriorating business and consumer confidence in Europe has impacted our business and industry volumes, new business activity and margin," Group chief executive Dominic Blakermore said. Real estate investment trust Shaftesbury has also slumped after its profit for the year ended September 30, 2019 dropped to 26.0 million pounds from last year's 175.5 million pounds. Meanwhile, CRH shares have rallied after the building materials group said its nine-month EBITDA, a key earnings metric, climbed 27 percent to 3.2 billion euros from last year's 2.5 billion euros. On a like-for-like basis, EBITDA grew 7 percent. --------------------------------------------------------------- --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks rose broadly on Tuesday, though markets pared early gains after China's Commerce Ministry said Vice Premier Liu He, China's chief trade negotiator, held a call with his U.S. counterparts on core issues and that both sides agreed to keep in touch over ?remaining issues? for a phase one trade deal. Chinese shares eked out marginal gains, led by technology companies. The benchmark Shanghai Composite Index inched up 0.89 points to 2,907.06, although Hong Kong's Hang Seng Index fell 0.3 percent to close at 26,913.92. Japanese shares hit their highest level in more than a year as the dollar hit a one-week high against the yen on growing optimism that China and the United States will reach a partial trade agreement. The Nikkei 225 Index rose 80.51 points, or 0.4 percent, to 23,373.32 after reaching as high as 23,608.06, its highest level since October 5, 2018. The broader Topix closed 0.2 percent higher at 1,705.71. Electronics part and semiconductor-related stocks were among the prominent gainers. Tokyo Electron, TDK Corp. and Murata Manufacturing jumped 3-5 percent. Exporter Sony rallied 2.7 percent and Panasonic gained 1.4 percent. Hitachi rose 0.9 percent on a Nikkei report that the company is nearing a deal to sell its 51 percent stake in its chemical unit to Showa Denko in a deal worth about 950 billion yen. Hitachi Chemical shares soared 15.4 percent. Australian markets gained ground as Westpac Banking Corp. snapped four sessions of declines and rising oil prices helped lift energy stocks. The benchmark S&P/ASX 200 Index climbed 56.10 points, or 0.8 percent, to 6,787.50, while the broader All Ordinaries Index ended up 54.20 points, or 0.8 percent, at 6,889.80. Westpac advanced 1.7 percent as its chief executive stepped down over a money laundering scandal. Bank of Queensland plunged 5.8 percent after announcing a A$250 million discounted placement. Caltex Australia soared 13.4 percent after it received a revised unsolicited indicative takeover offer from Canadian convenience store operator Alimentation Couche-Tard Inc. Energy stocks such as Origin Energy, Santos and Woodside Petroleum rose between 0.4 percent and 0.9 percent. Mining giant BHP, which is set to increase its stake in SolGold, edged up slightly, while Rio Tinto ended flat and Fortescue Metals Group gained 1.5 percent. In the healthcare sector, CSL rallied 2.3 percent, Cochlear gained 2.2 percent and Resmed rose 1.3 percent. In economic news, Reserve Bank of Australia Deputy Governor Guy Debelle said lower wage growth has become the new normal. "We expect wages growth to remain largely unchanged at its current level over the next couple of years," Debelle said. Meanwhile, Seoul stocks edged lower as foreign investors extended their selling streak to a 14th consecutive session. The benchmark Kospi reversed early gains to end the session down 2.15 points, or 0.1 percent, at 2,121.35. Automakers fell, with Hyundai Motor falling 2 percent, while its affiliate Kia Motors dropped 1.7 percent. --------------------------------------------------------------- --------------------------------------------------------------- Commodities Crude oil futures are climbing $0.37 to $58.38 a barrel after rising $0.24 to $58.01 a barrel on Monday. Meanwhile, after sliding $6.70 to $1,456.90 an ounce in the previous session, gold futures are slipping $2.50 to $1,454.40 an ounce. On the currency front, the U.S. dollar is trading at 108.98 yen compared to the 108.93 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1018 compared to yesterday?s $1.1014. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49