US indices closed up 0.91% lifted by shares in the Energy (+2%), Technology Hardware & Equipment (+1.62%) and Banks (+1.58%) sectors. On the economic data front, Nonfarm Payrolls month over month change rose to 266K for November, exceeding the 180K consensus, up from a revised 156K in October. The Unemployment Rate dropped to 3.5% for November, beating the 3.6% estimate, below 3.6% the month before, marking the lowest jobs number since 1969. Wholesale Inventories month over month change increased 0.1% for the October final reading, below the 0.2% consensus, down 0.1% from the preliminary reading. The University of Michigan Sentiment Index rose to 99.2 for the December preliminary reading, beating the 97.0 estimate, up from 96.8 in the November final reading.
On Monday, no major economic news is expected.
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bullish against most of its major pairs on Friday, with the exception of the NZD, AUD and JPY. On the economic data front, Nonfarm Payrolls month over month change rose to 266K for November, exceeding the 180K consensus, up from a revised 156K in October. The Unemployment Rate dropped to 3.5% for November, beating the 3.6% estimate, below 3.6% the month before, marking the lowest jobs number since 1969. Wholesale Inventories month over month change increased 0.1% for the October final reading, below the 0.2% consensus, down 0.1% from the preliminary reading. The University of Michigan Sentiment Index rose to 99.2 for the December preliminary reading, beating the 97.0 estimate, up from 96.8 in the November final reading. On Monday, no major economic news is expected.
The Euro was bearish against most of its major pairs with the exception of the CAD. In Europe, Germany’s Industrial Production for October was released at -1.7% (+0.1% on month, -3.6% on year expected). France reported a Trade deficit of 4.73 billion euros for October (expected at 4.80 billion euros, it was at 5.55 billion euros in September).
The Australian dollar was bullish against most of its major pairs with the exception of the NZD, JPY and USD.
Commodities
After the close of Wall Street, WTI Crude Future (JAN 20) was up $0.7 to $59.13. The contract was above its 20D MA (@ $57.33) and above its 50D MA (@ $55.62).
Gold was down $16.2 to $1459.8. The precious metal was below its 20D MA (@ $1465) and below its 50D MA (@ $1482).
Copper Future (MAR 20) on Comex was up 8.7c to 275c/lb. The contract was above its 20D MA (@ 266.4c) and above its 50D MA (@ 264.81c). In Europe, the London Metal Exchange reported its copper inventories decreased 4625 tons to 189175 tons.