Financial Market Review for December 27 2017 Asian shares rose on Wednesday with oil and copper prices rocketing to multi-year highs in an uplifting sign for global growth and inflation, while major currencies were becalmed in a holiday-shortened week. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.3 percent to near a recent one-month top. In the US Equity markets, U.S. stocks finished slightly lower Tuesday as a decline in Apple Inc. more than offset post-holiday gains in the retail sector and a surge in crude-oil futures that took the commodity to a 2½-year high. The Dow Jones Industrial Average DJIA, -0.03% traded down 7.85 points, or less than 0.1%, to 24,746.21. Apple’s share decline was cutting about 30 points from the price-weighted benchmark and weighing on the broader tech sector. The S&P 500 index SPX, -0.11% meanwhile, lost 2.84 points, or 0.1%, at 2,680.50. The Nasdaq Composite Index COMP, -0.34% declined 23.71 points, or 0.3%, at 6,936.25. In the currency market, forex markets trading was thin with most major currencies muted. The euro was up 0.2 percent to $1.18780 and the dollar was barely changed at 113.19 yen. The Australian dollar hit a two-month high, becoming one of the best performing major currencies this year along with the euro and the British pound. The dollar index, which measures the greenback against other major currencies, is seen ending about 9 percent lower in 2017 as the reflation trade seen at the start of the year faded. It is down about 3 percent on the yen. In commodities, Brent crude, the international benchmark for oil prices, gave back its gains on Wednesday to trade at $66.69 a barrel. U.S. crude was off 23 cents at $59.74 after climbing as far as $60.01. Oil prices on Wednesday remained near two-and-a-half year highs from the previous session as the market outlook for 2018 is relatively tight, although the gradual resumption of flows through a major North Sea pipeline prevented crude from rising. U.S. West Texas Intermediate (WTI) crude futures were at $59.87 a barrel at 0754 GMT, down 10 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session. Brent crude futures were at $66.80 a barrel, down 22 cents after breaking through $67 for the first time since May 2015 the previous day. Spot gold stayed within a striking distance of a 4-week peak at 1,282 an ounce. View our full economic calendar for a daily roundup of major economic events.
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