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Investing.com – Here are the top five things to know about financial markets on Thursday, November 29:
1. WTI oil below 50 USD
As for commodities, it reached its lowest level in more than a year. The US benchmark fell below $ 50, while rising domestic stocks and record production scared investors.
US futures declined by 40 cents, or about 0.8%, to $ 49.89 per barrel at 5:35 am (1035 GMT), their lowest level since October 2017.
US stocks of commercial crude oil rose 3.6 million barrels to 450 million barrels last week, the Energy Information Administration (EIA) reported on Wednesday. This was the highest level for over a year.
International futures dropped 64 cents, or 1.1%, to a 58-month low of 58.45 dollars a barrel, as traders continued to weigh in hopes of a coordinated reduction in production among the world's leading oil producers ahead of the OPEC ministers meeting next week. Vienna.
2. Minutes of the Fed's FOMC meeting
After Federal Reserve Chairman Jerome Powell hinted that the central bank was about to end its tightening cycle, investors are now turning to the minutes of the latest Fed meeting. to know if his policy has been changed.
The November 9 Fed meeting is expected to be released at 2:00 pm (7:00 pm ET).
In a speech on Wednesday, Powell said interest rates were the neutral level at which they neither stimulated nor hindered economic growth. Comments came less than two months after he said that rates were probably "far" from that point.
Investors saw this change as an indication of lower interest rates next year.
A fourth rate hike this year is expected in December, but the road from there is unclear. While Fed policymakers have pointed to three increases in 2019, the market predicts only one.
3. Inflation data from the United States ECP
On the economic calendar, investors will get more data on the situation of the American consumer. Data on his income and personal expenses for the month of October will be released at 8:30 am (1:30 pm GMT).
Economists forecast an increase of 0.4% over the previous month, and an increase of 0.4%, according to estimates.
The Fed's preferred measure of inflation, basic personal consumption (PCE) spending, is also expected to be released in the morning.
According to forecasts, the report will show that the base price index of the ECP has slightly increased last month. On an annualized basis, the base prices of the ECPs are expected to increase.
Weekly figures and the latest report are also expected in the morning.
, Which measures the strength of the greenback versus a basket of six major currencies, was slightly higher at 96.80, after hitting an overnight low of 96.54.
In the bond market, US Treasury prices rose slightly, leading to a decline in yields across the curve, with the benchmark falling briefly to a nadir above two months of 2.997%.
Read more: : Kathy Link
4. The American future points to withdrawal
US equity futures have shown lower opening, retreating after posting their biggest gain in one day in eight months.
Blue-chips were down 54 points, about 0.2%, the 7 points scored, or around 0.25%, while advanced technologies indicated a drop of 30 points, or 0.45%.
Movements in the pre-market phase took place after the Wall Street outbreak on Wednesday, while the Dow closed at over 600 points.
Elsewhere, trade was in the vanguard, with most sectors and major stock exchanges in the region in positive territory.
Previously, closed markets were largely mixed, with mainland Chinese markets under pressure in anticipation of the upcoming G20 summit in Buenos Aires, where US President Doanld Trump and his Chinese counterpart, Xi Jinping, are expected to discuss trade.
5. Police raid German Bank Frankfurt Offices
Shares (DE 🙂 fell 4% to near record lows in Frankfurt after news that about 170 criminal police officers, prosecutors and tax inspectors raided six of its offices in Frankfurt and in the vicinity on allegations of money laundering.
The investigators are investigating the activities of two Deutsche Bank staff who allegedly helped clients set up offshore companies to launder money, the Frankfurt public prosecutor said.
Deutsche Bank confirmed the research, adding that it was cooperating fully with the authorities.
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