The dollar strengthened and stock futures fell as investors awaited President-elect Donald Trump’s first press conference since July. Oil climbed from the lowest level in a month.
Trump’s impending address is helping boost bets on U.S. economic growth that already sent the dollar to a decade high in the past month. The three worst-performing major currencies of 2017 — the pound, Mexican peso and Turkish lira — extended their slide and the yen snapped a two-day advance. Oil rose as investors weighed production cuts from OPEC members against a projected gain in U.S. crude output. European stocks climbed.
Trump’s election sparked euphoria across global markets amid bets his policies would boost growth and inflation, and investors will today seek details of his agenda and assess his prospects for success. Political risk weighed on the pound, meanwhile, which dropped to its weakest since October before Theresa May’s first Prime Minister’s Questions of 2017 and Bank of England Governor Mark Carney’s appearance before lawmakers.
“There’s quite a lot of positioning that Trump delivers at least part of the stimulus he promises,” said Christopher Jeffery, asset allocation strategist at Legal & General Investment Management in London, who has recently adopted neutral weighting on the dollar from a more-bullish stance. “We worry that positioning has become stretched and that he doesn’t deliver.”
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- The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, gained 0.4 percent as of 8:19 a.m. in New York.
- Turkey’s lira slumped 2.3 percent, retreating for a fifth day as investors awaited signs the central bank will support the currency.
- The euro fell for a second day, while the pound dropped below $1.21 for the first time since October.
- S&P 500 Index futures were 0.1 percent lower, signalling a third day of declines.
- West Texas Intermediate crude advanced 0.7 percent to $51.15 a barrel.
- U.S. Treasuries edged higher, with the yield on the 10-year benchmark declining one basis point to 2.37 percent.
ArcelorMittal (MT) ended last trading session with a change of 7.86 percent. It trades at an average volume of 18.18M shares versus 22.11M shares recorded at the end of last trading session. The share price of $8.1 is at a distance of 176.45 percent from its 52-week low and down -8.37 percent versus its peak. The company has a market cap of $25.13B and currently has 3.1B shares outstanding. The share price is currently 6.29 percent versus its SMA20, 9.29 percent versus its SMA50, and 34.44 percent versus its SMA200. The stock has a weekly performance of 7.86 percent and is 10.96 percent year-to-date as of the recent close.
Fiat Chrysler Automobiles N.V. (FCAU) recently recorded 2.27 percent change and currently at $10.81 is 98.35 percent away from its 52-week low and down 1.31 percent versus its peak. It has a past 5-day performance of 13.19 percent and trades at an average volume of 10.5M shares. The stock has a 1-month performance of 27.93 percent and is 18.53 percent year-to-date as of the recent close. There were about 1.29B shares outstanding which made its market cap $13.93B. The share price is currently 18.32 percent versus its SMA20, 32.65 percent versus its SMA50, and 49.82 percent versus its SMA200.