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Surprisingly huge currency movements to begin the week as the atmosphere improves. GBP leads the pace as the pound trails
• Never put your faith in a market move between Christmas and New Year’s.
The market, on the other hand, was in a happy mood, as the S&P 500 soared 65 points, or 1.4 percent, to a new high of 4791.
With the yen behind, there was a similar tone in FX. The pound led by a wide margin, which is a bit alarming on the ‘risk trade’ front, with the kiwi making little progress. Again,don’t put too much stock in any market movement.
• The public trend is now solidly against more lockdowns everywhere, and markets are picking up on this more than the seeming mildness of omicron.
• Here are the levels and changes at the conclusion of the day.
Daiwa to raise base salaries for its staff in Japan for the first time in four years
- Japan’s new Prime Minister, Yoshihiko Kishida, has been vociferous in his support for pay increases. • PM Kishida wants Japan’s economic recovery to benefit wage and salary earners, not only companies. Daiwa is Japan’s second largest broker, and raising pay will send a signal to other companies.
- On the economic calendar for Tuesday, December 28, 2021, there will be Japanese statistics.
- Markets are still in holiday mode, with only one set of data from Japan coming today.
- At 2350 GMT, there will be statistics on jobs and industrial production.
• The FTSE 100 closes flat on the day • European main indexes close higher on the day
The main European indexes are finishing the day higher. The UK FTSE 100 is the lone laggard, ending nearly flat. A glance at the major indexes reveals:
• +0.5% for the German Dax
• France’s CAC, up 0.75 percent.
• The FTSE 100 in the United Kingdom remained unaltered.
• The Ibex in Spain is up 0.7%, while the FTSE MIB in Italy is up 0.8 percent.
The following is a snapshot of the US stock market:
• The Dow is up 230 points, or 0.64 percent, to 36179.
• The S&P 500 gained 48.23 points, or 1.02 percent, to 4774.10; the Nasdaq gained 174 points, or 1.11 percent, to 15827.
• The Russell 2000 is up 9.8 points, or 0.44 percent, to 2251.
The S&P 500 is setting fresh all-time highs for the day at 4774.45.
The Nasdaq is setting a new December high of 15843.83. The year’s high closing is now at 16057. The intraday high hit 16212.23 dollars.
The Dow is trading at a new December high of 36187.51, closing in on its all-time high of 36432.23. The all-time high value is 36565.73.
In the US debt market, yields are mixed, with short and higher yields mixed in with longer and lower yields.
US yields are a mixed bag.
In other markets, • crude oil is up approximately $2 or 2.7 percent at $75.75; • spot gold is up $7.80 or 0.44 percent at $1809.65; • spot silver is up $0.05 or 0.24 percent at $23.01; and • bitcoin is back above $50,000 at $51,628.