S&P 500 stock index futures are pointing
firmly higher, hinting crude oil is likely to rise amid a
broad-based advance in risk sentiment. The chipper mood may quickly
come undone however asGerman Chancellor Angela Merkel and French
President Nicolas Sarkozy meet in Paris in an attempt to forge a
united front ahead of the EU leaders’ summit set to begin on
Thursday.
Traders will be looking for a reading on
progress toward a compromise arrangement floated toward the end of
last week that envisions establishing the roadmap to deeper
integration and a firm commitment to follow it (a German
imperative) followed by a larger-scale ECB bond purchase program to
relieve immediate upward pressure on borrowing costs (a French
objective).Signs that an accord has been reached are
likely to boost risk appetite and – by extension – the WTI contact.
Needless to say, the reverse is likewise the case.The US ISM Non-manufacturing gauge is on tap
later in the session, with expectations calling for the service
sector to expand at the fastest pace in six months.
The week ahead
Posted by keithbob on 5th of Dec 2011 at 08:30 am
S&P 500 stock index futures are pointing firmly higher, hinting crude oil is likely to rise amid a broad-based advance in risk sentiment. The chipper mood may quickly come undone however as German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in Paris in an attempt to forge a united front ahead of the EU leaders’ summit set to begin on Thursday.
Traders will be looking for a reading on progress toward a compromise arrangement floated toward the end of last week that envisions establishing the roadmap to deeper integration and a firm commitment to follow it (a German imperative) followed by a larger-scale ECB bond purchase program to relieve immediate upward pressure on borrowing costs (a French objective). Signs that an accord has been reached are likely to boost risk appetite and – by extension – the WTI contact. Needless to say, the reverse is likewise the case. The US ISM Non-manufacturing gauge is on tap later in the session, with expectations calling for the service sector to expand at the fastest pace in six months.
http://finance.yahoo.com/news/Oil-Gold-Aim-Higher-Merkel-fxcm-683972348.html?x=0