Breaking News
0

Top 5 Things to Know in The Market on Wednesday

EconomyDec 05, 2018 05:32AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - Here are the top five things you need to know in financial markets on Wednesday, December 5:

1. U.S. Markets Closed

U.S. financial markets are closed in honor of former President George H.W. Bush's funeral. The New York Stock Exchange and Nasdaq will be shut in observance of a national day of mourning for the U.S.'s 41st president, who died Friday at the age of 94.

The last time the market closed to mark the death of a president was on Jan. 2, 2007, in the wake of President Gerald Ford’s death.

Bond markets will also be closed.

Meanwhile, CME Group (NASDAQ:CME) will halt trading of interest-rate and futures and options products for the day, though electronic trading and trading in energy and metals futures will have a regular session, including those for oil and gold.

Other global markets will operate on a normal schedule.

Currency markets are also operating as usual, though volumes will be lighter than normal.

2. Global Stocks Slump

World stocks were dragged lower, following a sharp overnight selloff on Wall Street, as worries about a potential economic slowdown and the state of the U.S.-China trade war kept buyers on the sidelines.

European markets were under pressure, with all sectors and major bourses in negative territory in mid-morning trade.

The pan-European STOXX 600 was down almost 1% by 5:30AM ET (10:30 GMT), hitting its lowest level since Nov. 23. Among national indices, Germany's DAX, France's CAC 40, and Britain's FTSE 100 were all down 0.8% or more.

Earlier, Asian stocks slid across the board, with China's Shanghai Composite falling 0.6% and Japan's Nikkei sliding 0.5%.

The moves come after Wall Street tumbled on Tuesday, with the Dow closing down nearly 800 points, while the S&P 500 dropped more than 3%. The Nasdaq Composite, meanwhile, plunged 3.8% to close in correction territory.

Read more: How To Profit From Tuesday’s Collapse: Jani Ziedins

3. Oil Prices Fall

In commodities, oil prices fell amid signs of swelling U.S. inventories and as traders continued to weigh prospects of a coordinated production cut among major global oil producers ahead of this week's OPEC meeting.

U.S. West Texas Intermediate crude futures slumped 27 cents, or roughly 0.5%, to $52.98 a barrel.

International Brent crude oil futures declined 32 cents, or about 0.5%, to $61.76 per barrel.

Prices were pressured by a weekly report from the American Petroleum Institute that said U.S. crude inventories rose by 5.4 million barrels in the week ended Nov. 30.

Official U.S. government oil inventory data is due Thursday, a day later than usual due to today's national day of mourning.

4. Dollar Little Changed in Quiet Trade

Away from equities and commodities, the dollar was little changed against a currency basket, as market focus remained largely attuned to global trade developments.

Worries about U.S. bond markets signaling an impending recession also captured the market's attention.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, held steady at around the 96.90-level. It stooped to a near two-week low of 96.30 in the last session.

While most U.S. economic data releases previously scheduled for today have been postponed, the Federal Reserve will publish the Beige Book as scheduled at 2:00PM ET (19:00 GMT).

5. Brexit Update

Back in Europe, investors are keeping a watchful eye on any further political developments in the UK, as lawmakers continue to debate Westminster's Brexit plan.

Prime Minister Theresa May suffered a series of embarrassing defeats in Parliament on Tuesday, prompting sterling to fall to its lowest level since June 2017.

The U.K. currency last stood at 1.2735 (GBP/USD).

The pound looked likely to remain under pressure ahead of the key parliamentary vote on the Brexit deal on December 11, amid doubts over whether the vote will pass.

-- Reuters contributed to this report

Top 5 Things to Know in The Market on Wednesday
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Nilanjan Das
Nilanjan Das Dec 05, 2018 8:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
ex prez saved the markets for the day
Reply
0 0
Abel Abel
Abel Abel Dec 05, 2018 6:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Today how US DOLLAR will Close???
Reply
0 4
Lee Frias
Lee Frias Dec 05, 2018 6:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Above 96 thats all you need to know!
Reply
0 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email