US indices closed lower on Friday but posted the largest monthly gain since June. Stocks in the Energy (-1.01%), Semiconductors & Semiconductor Equipment (-0.94%) and Retailing (-0.83%) sectors were under the most pressure. On the economic data front, no major news was released. On Monday, economists expect the Markit US Manufacturing Purchasing Managers’ Index to release at 52.2 for the November final reading, in-line with the preliminary reading. The Institute for Supply Management’s Manufacturing Purchasing Managers’ Index is anticipated at 49.2 for November, up from 48.3 the month before. Finally, Construction Spending month over month change is expected to rise 0.4% for October, compared to a rise of 0.5% in September.
European markets are expected to start on a flat note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was flat to bearish against most of its major pairs on Friday, with the exception of the AUD and CHF. On the economic data front, no major news was released. On Monday, economists expect the Markit US Manufacturing Purchasing Managers’ Index to release at 52.2 for the November final reading, in-line with the preliminary reading. The Institute for Supply Management’s Manufacturing Purchasing Managers’ Index is anticipated at 49.2 for November, up from 48.3 the month before. Finally, Construction Spending month over month change is expected to rise 0.4% for October, compared to a rise of 0.5% in September.
The Euro was bullish against most of its major pairs with the exception of the GBP. In Europe, the European Commission has reported November Consumer Price Index at +1.0% (+0.9% on year expected) and October Jobless Rate at 7.5% (vs 7.6% in September). The German Federal Statistical Office has released November Jobless Rate steady at 5.0% (as expected) and October Retail Sales at -1.9% (+0.2% on month expected). France’s INSEE has posted final readings of third quarter Gross Domestic Product at +1.4% (+1.3% on year expected) and November Consumer Price Index at +1.2% (+1.1% on year expected). The Bank of England has reported the number of Mortgage Approvals in October at 64,600 (65,500 expected)..
The Australian dollar was bearish against all of its major pairs.<\/p>\n\n\n\n