US Market Pre-Open: S&P 500 Futures Consolidate at All-Time Highs

Futures in Wall Street consolidating in all-time highs on bullish sentiment after the China and U.S. have reached a phase one trade deal. Investors focus now has turned to the details concerning the agricultural purchases from China. Equities around the globe trading to multi-month highs on stronger data from China, and optimism around Brexit after the recent UK Parliamentary elections.

The United States Housing Starts Change came  down to 3.2% in November from the previous 3.8%. The Building Permits Change dropped from the previous 5% to 1.4%. Building Permits came in at 1.482M above forecasts of 1.41M in November.

Retail sales in China increased 8% year-over-year in November above a 7.2% increase in the last month and beating forecasts of 7.6% growth. The Chinese Industrial output rose 6.2% on a yearly basis compared to 5% growth in October.

The U.S. economy expected to grow by about 2% in 2020 and inflation pressures are expected to remain muted, Dallas Fed President Robert Kaplan noted on Tuesday.

The S&P 500 futures are 0.04% higher at 3,199, the Nasdaq futures trading 0.09% higher at 8,614, while the Dow Jones futures is 0.02% lower at 28,257.

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European Shares Retreat from Multi-Month Highs

European indices are trading mostly lower midday on profit-taking. Dismal PMI’s from Europe yesterday that reminds that the manufacturing sector is still in recession weigh on investors. The DAX index is 0.71% lower at 13,312. The CAC 40 is 0.22% lower at 5,978, while the FTSE 100 in London is 0.06% lower at 7,512 as the GBPUSD breached below 1.32 after PM Johnson looking to pass legislation that will prevent an extension of the transition period beyond December 2020.

Asian indices ended mostly higher mirroring the Wall Street peers. The Nikkei finished 0.47% higher at 24,066; the Hang Seng finished 1.22% higher at 27,843, the Singapore Straits Times Index ended 0.16% lower at 3,200.

In cryptocurrency space, the bitcoin is under selling pressure and risk of further losses below the $7,000. Ethereum ETHUSD trades 1.82% lower at 129.88 as bears are in control. Litecoin trades 2.73% lower at $38.78.

In forex markets, GBPUSD is under selling pressure for one more day, giving up 1.40% at 1.3145. EURUSD trades 0.04% lower at 1.1149, while AUDUSD gives up 0.66% at 0.6839. USDINR rebounds from monthly lows but is still vulnerable below 71.085.

In commodities, gold is 0.02% higher at $1,476. Crude oil prices trade higher for one more day, at $60.52 per barrel.

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