Monday November 21st

21-11-2016

Wall Street poised to edge higher as oil prices rise

U.S. stock index futures pointed to a flat-to-higher open on Monday, ahead of a four-day Thanksgiving trading week, as traders digested rising oil prices and comments from Federal Reserve Vice Chairman Stanley Fischer. Fischer said in a speech that fiscal adjustments could support years of accommodative monetary policy. "Certain fiscal policies, particularly those that increase productivity, can increase the potential of the economy and help confront some of our longer-term economic challenges," he said. On the earnings front, Tyson Foods, Canadian Solar, Cheetah Mobile and Intl Game Technology all posted quarterly results. Palo Alto Networks and Vipshop are both due to report after the bell. There are no significant data releases concerning the U.S. due on Monday. In Europe, the pan-European Stoxx-600 index was around flat on Monday. In Asia, the Shanghai Composite in China closed 0.79 percent higher, while the Nikkei in Japan closed 0.77 percent higher. Oil markets rose Monday as the producer cartel OPEC reportedly moved closer to an output cut. Brent crude traded at around $47.92 a barrel on Monday, up 2.3 percent, while U.S. crude was around $46.59 a barrel, up 1.97 percent. Gold rose on Monday, rebounding from 5-1/2 month lows as the dollar shed some of the hefty gains made the previous week on bets that U.S. president-elect Donald Trump's plans for fiscal stimulus would prove inflationary. Lower prices are also tempting some consumers of physical gold back to the market, dealers said. Spot gold was up 0.59 percent at $1,215.37 an ounce at 7:30 a.m. EDT, while U.S. gold futures for December delivery were up 0.56 percent at $1,215 an ounce.