Denmark Consumer Sentiment Falls

News Event

From Trading Economics: Denmark's consumer confidence decreased to 0.9 in November 2016 from 1.2 the previous month. It was the lowest reading since May 2013, as consumers' expectations regarding the country's economic situation in a year worsened. Also, prospects about unemployment over the next twelve months deteriorated and the willingness to buy major durable goods declined. Consumer Confidence in Denmark averaged -0.02 from 1974 until 2016, reaching an all time high of 15.50 in January of 2006 and a record low of -22 in December of 1988. Consumer Confidence in Denmark is reported by the Statistics Denmark.

Market Opening Wrap

In Asian Equity Markets Japanese stocks edged up in choppy trade on Tuesday to close on a five-day winning streak, but gains were limited as investors opted not to take big positions before a national holiday in Japan.  The Nikkei rose 0.3 percent to 18,162.94, its highest close since early January. The broader Topix gained 0.3 percent to 1,447.50 and the JPX-Nikkei Index 400 added 0.3 percent to 12,983.20. MSCI's broadest index of Asia-Pacific stocks outside Japan was up 1.3 percent, pulled up by a 1.3 percent rally in Australian stocks. Korean stocks and Hong Kong stocks rose 0.9 and 1.3 percent each.

In Currency Markets the dollar took a breather on Tuesday as investors consolidated the gains built on expectations of increased fiscal spending and higher inflation under a Trump administration. The dollar held steady against the yen at 110.76 yen, having pared its losses after falling to as low as 110.27 yen earlier on Tuesday. On Monday, the greenback had set a near six-month high of 111.36 yen, which amounted to a gain of 10 percent from its Nov. 9 trough near 101 yen. The euro held steady at $1.0627, having bounced back from Friday's low of $1.0569, its lowest since last December. Sterling held steady at $1.2488, having climbed 1.2 percent on Monday. The Dollar Index was up 0.11 percent at 101.05.

In Commodities Markets oil prices rose to their highest level since late October on Tuesday as the market priced in an expected output cut led by producer cartel OPEC, but analysts warned that a failure to agree a cut could lead to a deepening supply glut by early 2017. International Brent crude oil futures rose as high as $49.63 a barrel on Tuesday, up 1.5 percent from the last settlement and the highest since Oct. 31. U.S. West Texas Intermediate crude futures were up 1.4 percent, at $48.93 a barrel. Spot gold was up 0.3 percent at $1,217.54 an ounce. Among other precious metals, silver was rose 1.1 percent at $16.77 an ounce. Platinum was 1.2 percent higher at $945.35 and palladium was up 0.3 percent at $730.40.

In US Equity Markets all three major U.S. stock indexes set record closing highs on Monday, extending their post-election rally as energy and other commodity-related shares gained and Facebook led a jump in technology. The Dow Jones industrial average ended up 0.47 percent, at 18,956.69, while the S&P 500 gained 0.75 percent, to 2,198.18 and the Nasdaq Composite added 0.89 percent, to 5,368.86. The technology index was up 1.1 percent. Facebook shot up 4.1 percent, after the company announced a $6-billion share buyback program late Friday. Tyson Foods shares fell 14.5 percent after the meat processor forecast a lower-than-expected 2017 profit and said its CEO would step down.

In Bond Markets Japanese government bonds edged down on Tuesday ahead of a public holiday, while the yield curve steepened slightly as superlong yields inched up. The benchmark 10-year JGB yield added half a basis point (bp) to 0.030 percent, moving back toward a nine-month high of 0.040 percent touched on Friday. The 30-year yield rose 1.5 bps to 0.625 percent, matching the previous session's high, which was its loftiest level since March. The yield on relatively illiquid 40-year JGBs added 2 bps to 0.745 percent, also its highest since March.

Source: Institute of Trading and Portfolio Management