European Equity markets came under renewed pressure in today’s trading session as the CAC, DAX, IBEX and London equity benchmark index plunged and posted fresh losses between 0.45% and 1.8%. The US equity markets remained in negative territory at the time of writing, due to fairly mixed US economic data.
We received fairly modest US employment data as weekly jobless claims increased by 291,000 last week against analysts’ expectations of 284,000. Markit’s manufacturing PMI dropped heavily to 54.7 in November compared to 55.9 in October, missing analysts’ expectations, while the Philadelphia Fed business outlook index surged to 40.8 in November against expectations of 18.5. Housing data continued to remain robust as existing home sales climbed 1.5% in October, beating analysts’ estimates.
Crude oil prices reversed and climbed higher in the afternoon session, supported by a softer USD, while all eyes remain on the OPEC meeting next week on 27th November 2014. WTI front month futures surged towards $75 per barrel and Brent front month futures climbed higher to breach above $79 per barrel.
Precious metal prices edged higher as Gold retested $1,190/ounce, trading 0.5% higher, while silver held above $16.