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Market Review

DAILY MARKET OVERVIEW
Today's Top Market Headlines – Dec 16, 2016
Asian Markets close mixed as dollar hits multi-year highs…

U.S. stock markets closed higher on Thursday while Asian Markets continued to wobble on early Friday trade to record a mixed close. The Fed rate hike has sent the dollar to multi year highs. The dollar was last seen trading flat at 118.18 against the yen having rallied for the last 3 days. U.S. homebuilders’ data has also confirmed that the housing market is strong and it has reinforced Janet Yellen’s statements that the U.S. economy is showing positive signs. In today’s Asian Markets, Japan’s Nikkei added 0.7 percent to close at 19401.15, China A50 closed 0.2 percent lower at 10075.19, Hang Seng closed 0.4 percent lower at 21973.0 while India’s Nifty 50 is currently heading for a flat close at 8150.85 as of 9:00 GMT.

European Markets open flat to lower…

European stocks are opened mixed today as investors continue adjusting to the prospect of three additional rate hikes in the U.S. next year. In the meantime, the Italian government is reportedly planning to use 15 billion euros to recapitalize several banks while Monte dei Paschi has formally approved a capital increase. Italy is not Europe’s only concern however as talks of a Grexit are spreading like wildfire in the markets. The Greek Prime Minister Alexis Tsipras is meeting his German counterpart Angela Merkel in Berlin today to discuss recent block of short-term debt relief measures for Athens, by European creditors. The block came after the Greek government announced additional spending on pensions which counteracts the rules of its bailout program. Most European indices noted a flat to lower star with Germany’s DAX, U.K.’s FTSE, France’s CAC 40 and the Euro Stoxx 50 all last seen trading 0.1 percent lower as of 9:00 GMT.

Boeing says China orders support 150,000 U.S. jobs a year

Boeing chairman said that China plane orders support approximately 150,000 American jobs every year. Chinese customers are expected to receive 30 percent of all its top-selling 737 models and about 25 percent all aircraft produced in Washington State and South Carolina this year according to Conner. On Thursday, Corner stated that these deliveries are very significant to the nearly Boeing employees who design and assemble the airplanes, in front of a National Committee on a U.S.-China Relations event in New York.

Oil prices stabilize as supply cuts are coordinated

Oil prices stabilized stable on Friday as evidence increased that producers in the Middle East were coordinating their efforts for the upcoming supply cuts as part of a joined effort to tackle the global oversupply glut. However, concerns still linger since any production cuts will only hit markets early next year and Iraq is still raising sales to Asia. In today’s energy markets Brent crude futures were last seen trading at $54.16 while Crude oil futures added 0.2 percent for the day to last trade at $50.98 as of 8:55 GMT.