Daily Dose, EU

Awaiting Trump Cabinet Details, Stocks Halt Rally – Europe Market Wrap

Stocks slowed their climb on Tuesday, citing signals that the surge had overextended values and as investors awaited news on President-elect Trump’s cabinet appointments.

Europe’s Stoxx 600 index fell 1.1%, wiping out Monday’s gains. US futures moved lower following the S&P 500’s five-day rally. Other so-called Trump trades remained active, with Treasuries plunging, the Dollar reaching a one-year high, and Bitcoin hovering just below $90,000.

Since the election, investors have increased their exposure to the US stocks benchmark to its highest level in three years, implying that the rise may have peaked, according to Citi analysts. Traders are also concerned that Trump’s economic measures, such as trade tariffs and immigration crackdowns, could increase inflation and influence the Fed’s monetary policy.

The potential of famous China hawks joining the Trump administration knocked Hong Kong’s Hang Seng Index down as much as 3.3% early on Tuesday.

Brent crude gained 0.8% to $72.38 per barrel and spot gold dropped 1.1% to $2,591.19 per ounce.

06:40 ET OPEC cuts global oil demand growth forecasts for a fourth month.

05:34 ET German parliament to hold confidence vote on December 16th – Sources