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BRENT CRUDE OIL AFTER OPEC+ MEETING:
Brent crude oil’s sharp sell-off and recovery after OPEC+ stick with January plan but reserve the right to alter the decision.
Oil recovers from sharp sell-off as key long-term trendline remains intact.
IG Client Sentiment ‘mixed’ once more despite even larger net long positioning than previously.

LONDON — European markets moved higher on Friday, looking for a positive end to a tumultuous week following the discovery of the new omicron Covid-19 variant.

DOW, NASDAQ 100, S&P 500, DOLLAR AND NFPS TALKING POINTS:
Following Wednesday’s broad risk tumble, the Dow, S&P 500 and Nasdaq put in for a stiff bounce this past session.
Volatility is the dangerous undercurrent that persists, so a steady course through the final day of trade this week could go far towards restoring ‘seasonal’ norms.
Top event risk from a headlines perspective Friday is the November NFPs, but I place greater weight on the ISM services update as the yield curve slides.

EUR/USD TALKING POINTS:
EUR/USD calmer ahead of US NFP data and Euro sentiment data next week.
The currency pair looks to test key resistance (prior support).
IG Client Sentiment ‘mixed’ despite significant net long positioning.

Turkish Lira Analysis and News:
Unorthodox Monetary Policy View to See TRY Remain in a Downward Spiral.
Turkish Lira Implied Volatility Highest Since 2018 Currency Crisis.
Spain Most Exposed to Turkish Lira Weakness.

GBP/USD price, news and analysis:
GBP/USD weakness looks set to continue as the financial markets remain jittery after news that the first case of the Omicron variant of Covid-19 in the US has been found, suggesting it is still spreading.
A hawkish Federal Reserve chair, who has reiterated that a faster taper of US stimulus than previously expected is now on the cards, is not helping either.

U.S. INDICES TECHNICAL HIGHLIGHTS:
S&P 500 rolling over towards old high, support.
Dow Jones about to test the 200-day moving average.
Dow Jones weaker, may test prior summer record high.

GBP/USD PRICE, CHART, AND ANALYSIS:
Fed chair Jerome Powell rattled GBP/USD lower on Tuesday.
A pattern of lower highs and lower lows remains in place.

EUR/GBP PRICE, NEWS AND ANALYSIS:
EUR/GBP will likely slip back after its rally over the past few days as the Euro was boosted by concerns about the Omicron variant of Covid-19 and whether existing vaccines will be effective against it.
Meanwhile, a reshuffle of the UK Labour Party’s shadow Cabinet should have little impact on GBP even though opinion polls show Labour neck-and-neck with the ruling Conservatives.

CRUDE OIL, WTI, AUD/USD, CHINA PMI, MSCI, NIKKEI 225 - TALKING POINTS:
Crude oil prices tanked as risk-off sentiment resumed in Asia today.
APAC equities were doing ok until a report questioned the efficacy of vaccines.
OPEC+ could be a non-event on Thursday now. Will crude continue lower?

S&P 500, NASDAQ 100, DOW, COVID AND DOLLAR TALKING POINTS:
The S&P 500 led ‘risk assets’ on a broad slump in sentiment this past Friday which found fundamental blame in news of the Omicron Covid variant.
Markets made a bid to recovery this past session, but the Dow and the DAX didn’t seem to muster the same enthusiasm as speculative favorites like the SPX and Nasdaq.
A full recovery in risk trends is almost assumed given seasonal conditions and post-Covid momentum, but the Dollar may offer a more insightful nuance.

Powell’s reaction could bring renewed volatility for the dollar which has lost ground on a potential shift in Fed outlook.

Source: Bloomberg

RAND ANALYSIS:
Rand market frenzy fades as market mulls over new variant.
Commodities revised lower as uncertainty emerges.
Bearish harami suggests short-term USD/ZAR downside correction.

Key events this week include Chinese PMIs and the monthly US ADP and NFP job reports. An OPEC meeting will also be worth monitoring for any potential impact on the oil price. It is a sparse earnings calendar overall, and with the new Covid variant from South Africa causing major concern it may be that all other data points are pushed into the background as markets attempt to price in the potential for a widespread return of restrictions and a likely hit to economic growth.

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RAND (USD/ZAR) ANALYSIS:
UK place SA on its red list in attempt to curb the spread of a new coronavirus variant.
World Health Organization set to meet to discuss studies of the variant and assess severity.
USD/ZAR perfect storm: Dollar finds safe-haven appeal, Ems on backfoot, variant detected in South Africa.

European stock markets are expected to open sharply lower Friday on concerns a new Covid variant will prompt fresh mobility restrictions, hindering the region’s economic recovery.  

CRUDE OIL, US DOLLAR, OPEC+, AUD, NZD, USD/JPY, USD/CHF - TALKING POINTS:
Crude oil prices slipped as USD strengthened amid a bout of risk off.
APAC equities moved lower with Japanese equities leading the way.
Energy commodities maintain elevated volatility. Where to for WTI crude?

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BRENT CRUDE OIL ANALYSIS:
Oil price U-turn: Oil prices trading back at the same levels before the SPR rumors and subsequent confirmation.
OPEC + Response unclear ahead of the December 2nd meeting.
IG Client Sentiment suggests ‘wait and see’ approach ahead of the OPEC meeting.

In this article we review hawkish FOMC meeting minutes and stronger US data and assess where the dollar could be heading next.

Source: Bloomberg

GBP PRICE, NEWS AND ANALYSIS:
GBP/USD continues to look weak as a strong US Dollar outperforms most other currencies.
However, trendline support and the 1.33 level could at least delay further losses.

CRUDE OIL, OPEC+, US DOLLAR, FOMC, USD/JPY, EUR/USD - TALKING POINTS:
WTI crude prices settle in as competing interests voice their views.
US Dollar strengthens in the aftermath of data and FOMC minutes.
Price action could get skittish with holiday liquidity. Can oil reignite?

GBP PRICE, NEWS AND ANALYSIS:
GBP/USD looks to be stabilizing after its losses over the past few sessions caused principally by US Dollar strength.
So far, the pair has largely ignored setbacks for UK Prime Minister Boris Johnson but there’s a risk that it could suffer further if the pressures on him continue to grow.