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Market Review

Today's Top Market Headlines – Dec 21, 2016
UK borrowed £12.65bn in November pushing the national debt up to £1.655 trillion

Great Britain borrowed more than £12.6 billion in November, in order to balance the books. The total public sector net borrowing sum (excluding the impact of state banks) came to a total of £12.647 billion for the previous month, which is around £400m ahead of City expectations. It is worth noting that on a year average the borrowing sums are lower than the £13.2bn borrowed in November 2015. It is also important to note that the total national debt for the U.K. has reached a new record high at £1.655 trillion which is equivalent to 84.5% of the nation’s GDP.

European markets open lower amid lack of triggers

European markets recorded a rather sluggish open to the day with most indices trading flat to lower amid lack of cues and as traders step away from their dealing desks in order to prepare for the Christmas holidays, during which markets remain closed. Oil prices climbed on Wednesday on expectations of a U.S. crude inventory draw after API data showed U.S. stock piles declined last week. It should also be noted, that EIA is due release crude oil inventory statistics later within the day. In today’s early European trading, Germany’s DAX and U.K.’s FTSE were last seen trading flat while France’s CAC 40 lost 0.2 percent for the day to last trade at 4837.50 as of 10:00 GMT. The Euro Stoxx 50 index also lost 0.2 percent to last trade at 3273.00 as of 10:00 GMT.

Amazon to open new fulfillment centers

Online retailing conglomerate plans to open new fulfillment centers in Aurora, Illinois and Livonia, Michigan. The project will be funded by the Michigan Strategic Fund Board in collaboration with Amazon which plans to invest nearly $90 million on construction, machinery, equipment, and other improvements on the facility’s property. Amazon also plans to open two fulfillment centers in Aurora, Illinois. It is worth noting that the facilities will employee around 1,000 additional full-time workers and add benefits to the state. Employees will be responsible for picking, packing and shipping small items to customers such as books, electronics and consumer goods.

Asia shares close mixed…

Asian markets ended mixed on Wednesday as the USD continues to hold on to its 14 year high levels and U.S. president Donald Trump pursues his American product favoritism over imported China goods. In today’s Asian markets Nikkei lost 0.3 percent to close at 19444.49, Australia’s S&P/ASX 200 edged 0.4 percent higher for the day to close at 5613.47, China A50 added 0.7 percent to end the day at 10014.06 while Hang Seng added 0.5 percent to close at 21838.00. South Korea’s KOSPI lost 0.2 percent to close at 2037.96 while India’s Nifty is set to record yet another bearish close, having lost 0.3 percent for the day at 8057.50 as of 9:50 GMT.