TOPICS DISCUSSED IN THIS MARKET BRIEFING:
- LEuropean stock exchangesturned to central banks
- Wall Street does not back down in the face of US inflation
- Graph of the day – Ethereum : une oblique bullish
European stock markets turned to central banks
European stock exchanges are on the rise Monday at the start of the session while the week promises to be busy with several meetings of central banks, in a context of high inflation and uncertainties in terms of health.
Many central banks are holding their monetary policy meeting this week, including that of the United States which should discuss, Tuesday and Wednesday, an acceleration in the reduction of its purchases of securities on the markets, in the face of the high level of inflation. . The publication of the future trajectory of the rates established by Fed officials (“dot plots”) will be closely followed.
The European Central Bank (ECB) and the Bank of England (BoE) must make their monetary policy decision on Thursday.
Wall Street does not back down in the face of US inflation
Wall Street ended up on Friday, after the publication of a monthly inflation figure in the United States in line with expectations although representing the largest increase in consumer prices at an annual rate since 1982.
The Labor Department released consumer price figures for the month of November an hour before the opening. The index slowed to 0.8% last month from October but posted an annual increase of 6.8%, the largest since June 1982.
This figure is in line with consensus, however, which could ease pressure on the US Federal Reserve, which is meeting on December 14 and 15, to step up monetary tightening.
In front of reporters at the White House, President Joe Biden argued that inflation had probably already peaked.
As a result, the Dow Jones gained 0.60% to 35,970.99 points. The Nasdaq advanced 0.96% and the S&P 500 gained 0.96%.
Othersupdates on financial market news
Oil prices are rising, extending their gains from last Friday, helped by optimism about the limited impact the Omicron variant is likely to have on global economic growth and crude demand.
Today’s economic calendar:
Find the entire economic calendar to know all the economic events to comer.
CHART OF THE DAY – Ethereum: a bullish slant
Ethereum has been catching its breath for several weeks and prices are still working the support area around $ 3,950 / $ 4,180. In addition, the market also came to build on its bullish slant. Thus, several technical elements converge towards the support zone, which reinforces this key pivot still defended by buyers.
For now, Ethereum preserves its bullish background momentum buyers keep control. In the short term, crypto appears to be moving on a downward wedge. As a result, this continuing trend pattern pleads for a further upward leg towards $ 5,000 and then $ 5,250.
On the other hand, an incursion below $ 3,700 would invalidate this scenario and weaken the trend. A deeper pullback towards $ 3,250 cannot be ruled out.
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