Opportunistic Trader Overnight Recap 11/28
European stock markets were also mostly higher overnight. Asian stock indexes were also mostly firmer. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. The U.S. stock index bulls are having a good week, so far, but the losses the past several weeks still suggest major market tops are in place.
Focus this week is on the upcoming Group of 20 meetings that begin Friday in Argentina and will feature a face-to-face meeting between the U.S. and Chinese presidents on Saturday. The world’s two largest economies are locked in a heated trade war. President Trump made hardline comments on the matter Monday, but his chief economic advisor on Tuesday sent mixed signals on any hopes for an agreement this weekend. There is general agreement that the trade war is hurting China’s economy much more than the U.S. economy.
On tap today is a speech by Federal Reserve Board governor Jerome Powell to the Economic Club of New York. Traders will be watching to see if Powell gives any clues on the timing and direction of the Fed’s monetary policy moves.
The key outside markets today find Nymex crude oil futures prices slightly lower. Prices Monday hit a 13-month low of $50.10. Crude prices are down around 30% following the recent sharp declines. A key OPEC oil cartel meeting is scheduled for next week.
The other key outside market today finds the U.S. dollar index trading near steady but not far below this month’s 1.5-year high.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the advance economic indicators report, the second estimate of third-quarter GDP, new residential sales, the Richmond Fed business survey, and the weekly DOE liquid energy stocks report.