Investing.com | Dec 01, 2020 06:47
On Tuesday, US futures, including for the Dow, S&P 500, NASDAQ and Russell 2000, rebounded after underlying gauges retreated from record highs on Monday in the worst equity selloff in a week. European stocks were up this morning after their worst decline in a month. Earlier today, Asian stocks were boosted by strong economic data, particularly from the region's biggest economy, China.
Gold recovered but remains under pressure and the dollar is trading lower.
In Europe, automakers and mining companies pushed the Stoxx 600 Index to a higher open.
Asia was green across the digital board after factory activity in some of North Asia’s largest export-led economies jumped in November along with China’s recovery.
South Korea’s manufacturing PMI extended last month’s growth above the expansion-mark to 52.9 from 51.2, attaining the highest reading since February 2011. Japan edged toward positive territory, showing a 49 reading, from 48.7, its highest result since August 2019.
But the strongest reading came from China. Its Caixin manufacturing PMI of 54.9, showed activity soared to the highest in a decade. A second PMI gauge, the government's official manufacturing PMI rose to 52.1, its highest in three years, according to the National Bureau of Statistics. While economists anticipate that China’s recovery will hold through the winter, they expect that exports will drop as rising case numbers in the US}} and delay of an official meeting . A measure of oil trader positions shows a record number of shorts on Brent futures, 470,000 according to ICE Futures Europe data, yet we’re betting that WTI will shoot higher, though we await one more technical signal.
Oil has broken out of a falling channel and formed a pennant, whose upside breakout is now developing a bearish flag, bullish after the 9.5% surge in just 3 days. Another upside breakout will signal an additional such move. The momentum-based ROC signals this sort of completion.
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