The Dow is set to snap its three-week losing streak
Futures on the Dow Jones Industrial Average (DJI) are trading modestly above fair value following yesterday's sharp reversal on Wall Street. Another win for the Dow today would make it three in a row, with the blue-chip index on track to snap its three-week losing streak. Oil prices are up, too, with February-dated crude futures up 0.8% at $44.97 per barrel, though the commodity still seems set to end the week at a loss.
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The Chicago purchasing managers manufacturing index (PMI) and the pending home sales index are due today, while the release of international trade data is delayed due to the government shutdown. Looking ahead, remarks from Fed Chair Jerome Powell and the monthly jobs report will highlight the upcoming holiday-shortened week.
Markets in Asia were mostly higher today in a low-volume session. China's Shanghai Composite added 0.4%, after China's commerce ministry confirmed face-to-face trade talks with the U.S. next month. Hong Kong's Hang Seng closed up 0.1%, while the South Korean Kospi added 0.6%. Japan's Nikkei, however, bucked the regional trend to finish down 0.3%, after the Bank of Japan pointed to "heightening uncertainties" for the economy, and data showed declining industrial output in November. This is the Nikkei's first annual decline since 2011.
Meanwhile, stocks in Europe are enjoying solid gains at midday. Resurgent tech and banking sectors are powering the rally, while basic resource stocks are getting a lift from upbeat developments in U.S.-China trade relations. At last check, London's FTSE 100 is up 1.9%, while the French CAC 40 is up 1.6%. Lastly, the German DAX is 1.7% higher, although still in bear market territory after yesterday's sharp decline.