Wall Street on track to end 2019 on a high note
US markets continue to shrug off impeachment news, with SPX500 up nearly 7% since September’s formal inquiry of President Trump began. On Thursday, a new trade deal was passed by the US House of Representatives, set to replace the North American Free Trade Agreement (NAFTA) — which, in addition to positive consumer sentiment in the US, contributed to a fourth record-breaking week for Wall Street.
Today’s highlights: Bitcoin breaches $7,500 mark, Japanese auto stocks take a hit
- Europe mainly sees gains: At the closing bell, the GER30 and FRA40 were 0.8% and 0.9% points higher, respectively. The UK100 closed a slight 0.02% lower, with NMC stock tumbling more than 15% for its fourth day of losses. However, cruise ship operator Carnival was a bright spot for London, jumping 7.3% upon beating its profit and revenue for the quarter.
- Japan’s auto stocks see red: The new US trade deal will require 75% of auto parts to come from North America, a significant increase from NAFTA’s 62.5% requirement. In response, many stocks in the Japanese auto industry saw losses: Toyota tumbled 1.11%, Nissan lost 1.13%, Mazda declined 0.83%, Suzuki dropped 0.84%, and Mitsubishi was down 1.04%.
- Volatility expected for CAD: Statistics Canada will be releasing its October GDP report, the primary monthly measure of Canada’s economic health, at 13:30 GMT today.
- Holiday market closings: Please be advised that many markets and exchanges around the world will be closed this week due to Christmas holidays. To stay updated on current market hours, please refer to the eToro Market Hours and Fees page.
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