World shares were mixed during the Thanksgiving weekend as U.S. markets remained closed for the holiday. Investors were monitoring various factors such as inflation, recession concerns, and the U.S. Federal Reserve's interest rate hikes. The S&P 500 and Dow Jones Industrial Average saw slight gains, while the Nasdaq Composite declined. In Europe, London's FTSE 100 recorded a small gain despite a weekly loss. Tokyo's Nikkei 225 rose, but the yen strengthened against the dollar. Oil prices ended lower, while the price of gold increased. Overall, global stock market performance varied during the Thanksgiving weekend.
Global stock markets experienced uncertainty on Friday as investors grappled with mixed economic data and the impact of the Thanksgiving holiday weekend. Wall Street, operating on a half-session, added to the hesitancy in trading. European equities followed a similar trend, with London initially struggling but eventually making modest gains. The mixed signals from economic data, combined with lingering concerns over the impact of the ongoing pandemic, have left investors cautious.
The goods ex air index decreased by 0.1% during the week of November 20-24, which was lower than the expected increase of 0.1%. The previous week's figure was also revised from a 0.6% increase to a 0.2% decrease. Confidence in the economy rose slightly, but the economy is still stabilizing at a low level. The composite index suggests marginal growth, with services improving slightly but manufacturing dropping back into contraction territory. Selling prices ticked up slightly, but price rises remained subdued. Yields gained marginally, with the test of certain yield levels being rejected. Stock markets held their composure. Profits at China industrial companies eased substantially, indicating deflationary momentum and sluggish growth. The USD weakened against the EUR and JPY. The Czech Republic's credit rating outlook was upgraded due to reduced risks related to Russian gas supply. The GBP received upward support from the hawkish tone of Bank of England officials. Gold price consolidated above $2,000 ahead of critical inflation data. Cosmos founder announced plans to fork Cosmos Hub and build a new chain called AtomOne. The US dollar's performance this week will be important, with expectations that the Fed is done with policy tightening.
Commodity markets had a mixed week, with expectations of the Fed's interest rate hikes ending positively impacting the market, but concerns about global economic activity causing selling pressure. Inflation concerns in the US weakened, and expectations of a soft landing in the economy affected asset prices. The US manufacturing industry PMI decreased in November, below market expectations. Brent oil increased by 0.6%, while natural gas fell by 3.5%. Crude oil stocks in the US increased by 9.05 million barrels, confirming predictions of declining demand. The OPEC+ meeting was postponed and will be held online. Wheat and rice gained, while corn and soybeans lost. Cotton, sugar, and cocoa decreased, while coffee rose.
MSCI's global equities index edged higher while the euro fell after French President Emmanuel Macron called a snap election. U.S. Treasury yields rose as investors digested labor market data and looked toward consumer price data and a Federal Reserve policy announcement. European stocks slipped due to political uncertainty in France. The euro fell to a one-month low against the dollar. The Dow Jones Industrial Average, S&P 500, and Nasdaq composite marked record closing highs. Investors are eagerly awaiting U.S. consumer price index (CPI) inflation data and the Fed's next policy decision. U.S. Treasury yields rose, reflecting higher rate expectations. The dollar strengthened against the euro and the Japanese yen. Oil prices rose to a one-week high, while gold prices rebounded.