U.S. Index Futures Rise, Oil Prices Decline
11 Novembro 2024 - 8:08AM
IH Market News
U.S. index futures rose in Monday’s pre-market,
extending last week’s gains fueled by Trump’s victory and the
Federal Reserve’s interest rate cut. The U.S. bond market will be
closed today due to the national Veterans Day holiday. Although
it’s a federal holiday, U.S. stock exchanges will operate as
usual.
In the commodities market, West Texas Intermediate
crude for December fell 1.12% to $69.59 per barrel, while
Brent crude for January dropped 0.95% to $73.17 per barrel.
Oil prices are trending down, with reduced concerns over Storm
Rafael, which had threatened supply, and investor disappointment
over China’s smaller-than-expected economic stimulus, limiting fuel
demand growth. Gulf of Mexico rigs are expected to resume
operations today, while further measures from China’s next economic
meeting are anticipated in December.
In the cryptocurrency market, Bitcoin (COIN:BTCUSD) hit a new
record high, reaching an all-time high of $81,943.26. Trump’s
victory and support from a pro-crypto Congress provided the
momentum for Bitcoin to cross the $81,000 mark for the first time.
Enthusiasm centers around potential favorable regulations and the
creation of a strategic Bitcoin reserve.
According to CNBC, interest in Bitcoin call options and futures
has grown, with open interest surpassing $90,000, reaching $2.8
billion on Deribit, while CME futures premiums hit 14%.
Asia-Pacific markets closed mixed, with China’s CSI 300 up
0.66%. In Japan, the Nikkei 225 rose slightly, but the Topix fell
0.09%. South Korea’s Kospi dropped 1.15%, and Australia’s ASX 200
declined 0.43%.
In October, China’s consumer prices rose 0.3%, the smallest
increase in four months. Producer prices fell 2.9%, deepening
industrial deflation. Last Friday, Beijing approved a $1.4 trillion
package to ease local debt, a move seen by the market as unlikely
to significantly boost the economy or demand in the short term.
European markets are trading higher, led by gains in the
industrial sector, while the mining sector underperforms.
Among major stock moves, Continental AG
(TG:CON) rose 7% after third-quarter results beat estimates.
NatWest (LSE:NWG) shares rose 1.7% following the
British government’s sale of £1 billion in shares, reducing its
stake to 11.4%. Croda International (LSE:CRDA)
reported an 8% increase in quarterly sales and reaffirmed its
annual targets, with shares up around 5.1%.
The U.S. market closed the week higher, driven by a strong rally
following Trump’s election victory and the Fed’s rate cut. The Dow
Jones rose 0.6%, closing at 43,988.99, the Nasdaq advanced 0.1% to
19,286.78, and the S&P 500 gained 0.4%, ending at 5,995.54. For
the week, the Nasdaq rose 5.7%, the S&P 500 4.7%, and the Dow
4.6%.
The U.S. consumer sentiment index released Friday, measured by
the University of Michigan, rose to 73.0 in November, beating
expectations of 71.0. Long-term inflation expectations ticked up
slightly from 3.0% to 3.1%, while annual inflation expectations
fell to 2.6%, the lowest since December 2020.
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