A relatively quiet finish to last week - ANZ
Analysts at ANZ explained that markets had a relatively quiet finish to last week with the US largely still on holiday.
"Risk lifted early on with the German IFO posting new highs driven by strengthening future expectations. The major U-turn from Germany’s Social Democratic Party that it was open to talks with Merkel on forming a government also helped. This lifted the Euro, sovereign bond yields and equities."
"However, a slightly weaker US PMI for November then saw risk appetites moderate. All up, sovereign bond yields finished slightly higher, with US 10-year up 2.3bps to 2.34%. The major equity indices finished 0.2-0.4% higher too, apart from the FSTE 100 -0.1%."
"Commodity prices pushed higher, led by oil and industrial metals. Headlines that Russia and OPEC have agreed to a framework to extend oil cuts to the end of 2018, pushed prices (+11⁄2%) toward 21⁄2 year highs."