In US economic data, Redbook chain store sales rose by 10.4% in the past week on a year ago (prior week: +7.5%). The Conference Board consumer confidence index fell from 102.2 to 100.2 in November (survey: 100). S&P/Case-Shiller home prices fell by 1.5% in September (survey: -0.9%). The FHFA house price index rose by 0.1% in September (survey: -0.9%). The Dallas Fed services index lifted from -13.6 to -11 in November (survey: -15).
European sharemarkets were mixed on Tuesday. Miners rose 2.7% and oil & gas rose 1.8%. But technology lost 1.2% and chemicals lost 1.7%. There were earlier gains of around 3% in Chinese sharemarkets on hopes for an easing of Covid curbs and a relaxation of regulations on developer fundraising. In Europe there were signs that price pressures were easing substantiallywith German inflation unchanged in November. The continentwide FTSEurofirst 300 index was flat and the UK FTSE 100 lifted by 0.5%.
US sharemarkets were mixed on Tuesday. Higher oil prices boosted energy stocks but technology stocks eased. Investors are focussed on a speech by Federal Reserve chair Jerome Powell on Wednesday and the November job report on Friday. Investors are also hopeful that recent protests in China could lead to an easing of Covid restrictions. At the close of trade, the Dow Jones index was up by just 3 points. The S&P 500 index fell by around 0.2% and the Nasdaq index was lower by 66 points or 0.6%.
US government bonds fell on Tuesday (yields higher). US 10-year Treasury yields rose by around 6 points to near
3.76%. And US 2-year Treasury yields rose 1 point to near 4.48%.
Major currencies were weaker against the US dollar in European and US trade. The Euro fell from highs near US$1.0390 to lows near US$1.0320 and was near US$1.0330 in late US trade. The Aussie dollar eased from highs near US67.45 cents to lows nearUS66.80 cents and was near US66.85 cents in late US trade. And the Japanese yen eased from near 137.87 yen per US dollar to near JPY138.85 and was around JPY138.75 in late US trade.
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Global oil prices were mixed on Tuesday. There was no agreement by EU nations on a price cap on Russian crude. A ban on Russian crude imports is slated for December 5. There werehopes that Chinese authorities would ease Covid restrictions inresponse to protests. Looking ahead, OPEC+ oil producers are expected to keep output plans unchanged at the meeting this Sunday. The Brent crude oil price fell by US16 cents or 0.2% to US$83.03 a barrel. But the US Nymex crude oil price rose by US96 cents or 1.2% to US$78.20 a barrel.
Base metal prices rose on Tuesday on hopes for an easing of Covid restrictions in China. Copper rose by 0.6%. The gold futures price rose by US$8.10 an ounce or 0.5% to US$1,748.40 an ounce. Spot gold was trading near US$1,748
an ounce in late US trade. Iron ore futures eased by US14 cents a tonne or 0.2% to US$92.90 a tonne.
Originally published by CommSec