Monday December 12th

12-12-2016

US futures point to mixed open; investors focus on historic deal to cut global oil production

U.S. stock index futures pointed to a mixed open on Monday as traders paused for breath following U.S. equities' best trading week since the election. OPEC and non-OPEC countries agreed to cut oil production on Saturday and, for the first time in 15 years, a global pact has been secured causing oil prices to rally. Brent crude traded at around $56.59 a barrel on Monday, up 4.2 percent, while U.S. crude was around $53.76 a barrel, up 4.4 percent. On the data front, Monday will see the Federal budget for November released at 2.00 p.m. ET. Verifone is the only company set to release its earnings report on Monday and is expected to do so after the bell. In Europe, the pan-European Stoxx 600 index was around 0.2 percent lower on Monday. In Asia, the Shanghai composite in China closed 2.49 percent lower, while the Nikkei in Japan closed 0.84 percent higher. Gold prices touched their lowest in over 10 months on Monday, dragged down by expectations that a possible U.S. rate hike this week would curb demand for the safe-haven asset. Earlier in the day, spot gold hit its lowest since Feb. 5 at $1,153.93 an ounce, before partially recovering to $1,156.11 an ounce, down 0.16 percent, by 7:30 a.m. EDT. U.S. gold futures also reached a 10-month low, shedding 0.35 percent to $1,157.80 per ounce.