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Market At Fresh All-Time Highs, EU Follows U.S. Higher, Japan Retail Sales Fall Short

Global markets close at all-time highs on the back of improving U.S./China trade relations …. but can the rally hold its ground?
Thomas Hughes

The U.S. Futures Are Indicating A Higher Open

The U.S. futures trading is indicating a higher open on Friday. The Dow Jones Industrial Average, S&P 500 and NASDAQ Composite are up 0.25% to 0.40% in early Friday trading. The move is part of the so-called “Santa Claus” rally and fueled by optimism the Phase One Trade Deal will be signed next month. The two side, China and the U.S. have said they remain in close contact while the deal is being translated.

In stock news, shares of Apple and AMD are moving higher. The two tech-giants have led the market this year producing much of the gains seen in the NASDAQ and S&P 500. Apple is up more than 80% over the last year, AMD more than 150%, as consumer-tech and the push for 5G drive demand. Shares of AMZN are also moving higher in early trading following the stock’s best day all year. Amazon revealed on Thursday holiday spending in 2020 broke all previous records. Disney is also moving higher, the media company says The Rise Of Skywalker had the 2nd best Christmas Day showing ever.

European Markets Follow The U.S. Higher

The EU markets are moving higher at midday on Friday after the U.S. break-out run on Thursday. The German DAX is in the lead with a gain of 0.60% while the French CAC and FTSE 100 trail with advances of 0.50% and 0.35%. Miners are among the day’s top winners, advancing an average of 1.0%, while F&B and healthcare lag. Energy is coming into focus in the region with prices for Brent on the rise and trading at a 7-month high.

Asian Markets Are Mixed In Friday Trading

Asian markets ended the Friday session mixed following the U.S. record-setting run on Thursday. The Nikkei is the day’s biggest loser, down -0.36%, after retail sales in Japan fell short of expectations. Total retail sales fell -2.1% YOY in November versus an expected gain of 1.7%. The decline in spending is likely caused by the sales tax increase that went into effect in October. Shares of Fast Retailing fell -2.0% on the news. The Shanghai Composite also fell, posting a loss of -0.08%.

The Hong Kong Hang Seng led the advancing markets with a gain of 1.30% as traders catch up with the rest of the world. Hong Kong markets were closed on Thursday for Boxing Day. The Korean Kospi and Australian ASX advanced 0.30% and 0.40% respectively. In Hong Kong, Tencent led with a gain near 2.0% while in Korea Samsung advanced 1.99%.

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