US Market Pre-Open: S&P 500 Futures Higher on Phase One Deal

Stocks in New York and S&P 500 set to rise at the open as index futures trade higher in the premarket. Investors cheered on headlines that a Phase One deal between China and the U.S. has achieved. That means the cancellation of new tariffs on Chinese products and also the reduction by 50% on existing tariffs. Boris Johnson is the big winner in the UK elections and that also boosted investors sentiment.

Investors also digested the dovish statement from Jerome Powell while the ECB statement from Christine Lagarde added nothing new to the policy outlook. Investors focus now turn to trade negotiations between the two superpowers as we are getting close to the December 15th deadline for the new tariffs on Chinese products.

The S&P 500 futures are 0.06% higher at 8,501, the Dow Jones futures trading 0.15% higher at 28,176, while the Nasdaq futures add 0.20% at 3,174.

US November Retail Sales Below Expectations

The United States Retail Sales (month over month) came in 0.2% below the expectations of 0.5% in November, the Retail Sales ex Autos came in at 0.1% also below expectations of 0.4%.

The Import Price Index (month over month) came in at 0.2% in line with forecasts for November, while the yearly reading came in at -1.3% above estimates of -3.3%.

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Bulls Drive European Equities

European stocks trading higher after the UK election results and as ECB kept rates unchanged yesterday. The DAX index is 0.69% higher at 13,327, the CAC 40 is 0.85% higher at 5,931 while the FTSE 100 in London adds 1.61% at 7,391 as the GBPUSD trades at 1.3380.

Asian equities rallied today. The Nikkei 225 finished 2.55% higher at 24,023; the Singapore Straits Times Index ended 0.61% higher at 3,214, the Hang Seng finished 2.57% higher at 27,687.

In commodities, the gold prices trade 0.13% on USD weakness higher after Jerome Powell comments while the crude oil prices add 0.88% at $59.70 per barrel.

In crypto markets, the BTCUSD rebounds today adding 0.41% at $7,217, on the other hand Ethereum gives up 0.45% at 144.09 and Litecoin trades 0.23% higher at $43.72.

GBPUSD Outperforms

In forex markets, GBPUSD retreat from yearly highs, adding 1.44% at 1.3355. The EURUSD trades 0.36% higher at 1.1168 amid general U.S Dollar weakness, while AUDUSD is 0.01% higher at 0.6909.

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