Marcus Today Pre-Market Podcast – Friday 25th November

Marcus Today Market Updates

US Markets were closed overnight for the Thanksgiving Holiday and will close early tonight. SPI Futures are up 12 points (+0.17%), following gains in Europe on the hopes that the US Federal Reserve will begin to slow the pace of its rate rises soon. European markets all finished higher, with the Stoxx 600 +0.46%, FTSE +0.02%, German DAX +0.78%, and France +0.42%. The ASX 200 is poised to end the week 1.6% higher.
The oil price steadied overnight, climbing 0.57%, as the EU considers a higher-than-expected price cap on Russian oil. Goldman Sachs believes that the higher price cap being considered could reduce the risk of retaliation from Moscow. Talks to finalise the deal were supposed to be completed yesterday but were delayed.
In Asia, Chinese stocks finished lower as the battle against COVID continues. Officials are pushing forward with their aggressive tactics to slow the spread, ordering lockdowns and movement curbs with daily cases nearing 30,000. Official comments from Wednesday indicate that the PBOC will allow banks to reduce capital reserves to stimulate growth.
In commodities, it was a mixed bag. Base metals were mostly higher, with nickel, lead and tin all up over 1%. Dalian iron ore slipped as COVID continues to run through China, while US futures climbed 1.3%. Brent crude steadied and rose 0.57% as the Russian oil price cap talks continued. Volatility in the coal price continued, falling 3.46% overnight. The Aussie Dollar rose 0.52%, now fetching US67.66c.
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