News Headline Summary

US MID-SESSION UPDATE - 30/11/12

US equity futures trade in negative territory amidst concern about the stalemate in crucial U.S. budget talks, trading has been choppy as investors react to mixed statements from policymakers in Washington about discussions on averting the fiscal cliff. The move to the downside was supported by weak data including misses on Personal Spending, Personal Income and Chicago PMI data showing US consumer spending fell in October for the first time in five months as income growth stalled, suggesting slower economic growth in the fourth quarter.

EUR/USD trades marginally higher around the 1.3000 handle as month end demand, positive sentiment in European equities and weakness in the USD index allow the pair to hold on to minor gains. USD/JPY trades higher holding on to earlier gains, JPY weakness has been seen across the board since news that the Japanese cabinet approved JPY 880bln in stimulus measures.

WTI and Brent crude futures trade flat in choppy, end-of-month trading as investors monitored developments in U.S. budget talks, and Middle East tensions continued to support the oil complex. Iran's dispute with Israel and the West over Tehran's nuclear program and the civil conflict in Syria also supported oil prices as they remained resistant to the negative sentiment seen across equity markets.

Print 18:23, 30 Nov 2012 - Market Analysis - Source: RANsquawk