Global stocks started the week with gains after Friday’s strong U.S. jobs report boosted confidence in the world’s largest economy and heightened expectations that the Federal Reserve would raise interest rates in December.
The oil market has been hammered with bad news the past year, and is suffering through record-high inventories while waiting for Iranian oil to return to the market. Before the recent OPEC meeting, some expressed hope that smaller members would convince the Saudis to go along with a program of quota reductions, only to see those hopes dashed like a pumpkin the day after Halloween. Now, with the elections in Venezuela making the regime there even more desperate for some economic relief, the possibility of a negotiated reduction in output seems increasingly likely.
The European Central Bank has adopted negative deposit rates to penalize financial institutions for parking excess funds at the central bank and encourage them to boost lending instead.
- USDJPY: 123.46
- EURUSD: 1.0816
- S&P 500: 2,091.69
- NASDAQ : 5142.3