🌏🌏Macro Update: Daily Global Market Update
1. Oil: Oil prices fell in early Asian trade on Friday, extending losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations.
Brent crude futures for February fell 14 cents, or 0.2%, to $80.72 a barrel. Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, agreed to voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024.
2. Dollar: The dollar was on the back foot on Friday, while the euro nursed steep losses as traders weighed data that showed inflation was easing, stoking expectations that interest rates had peaked and central banks would soon start cutting rates.
The dollar index, which measures the U.S. currency against six rivals, was 0.145% lower at 103.30, after clocking its weakest monthly performance in a year in November, despite a 0.6% jump overnight.
3. Stock Market: Asian sharemarkets started the last month of the year on a cautious note after recent strong gains, though growing expectations Europe and the U.S. are poised to cut rates should help ease pressure on local currencies and central banks.Asia factory activity weakens, uncertainty on China clouds outlook.
Overnight, The Dow Jones Industrial Average closed at its highest level since January 2022 as investors crossed the finish line of a banner month for stocks and viewed cooling inflation data as a harbinger of easing Federal Reserve monetary policy.
4. Gold: Gold prices was 0.3% higher at $2,042.49 per ounce.Rupee to open higher on robust India GDP, cooling US inflation.
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