European markets end quiet session; oil slides, gold climbs

Market Wrap:

Markets:

• WTI crude fell 2.57% to $88.57
• Gold gained 1.07%, reaching $4,109
• NZD was the best performer, USD the weakest
• The S&P 500 rose 0.61% to 7447
• The US 10-year Treasury yield held steady at 4.859%
• Bitcoin edged up 0.53% to $74,450

The session was quiet, with no significant economic data or news releases. The main event was the Eurozone Sentix Investor Confidence report, which dipped to 2.4 in November as economic expectations worsened for a second straight month.

US confidence also softened, with the index dropping to 13.1. This came as expectations turned negative for the first time since June. Sentix pointed to worries that a Democratic Congress could restrict Trump's economic agenda and fiscal stimulus, along with high financing costs and geopolitical risks.

On the US-Iran front, Iranian Foreign Ministry spokesperson Baghaei stated that Tehran's two-day proposal is the most reasonable option currently on the table. He also confirmed that an IAEA visit to the Bushehr nuclear facility had taken place in recent days. Regarding relations with Iraq, Baghaei stressed that external pressure should not undermine the strong bilateral ties between the two countries.

Baghaei also criticised the US naval task force, arguing that the initiative was aimed at diverting attention from the US midterm election results. When asked about South Korea's plans for a regional naval presence, he urged Seoul not to become involved in what he described as a complex issue.

In the markets, risk sentiment improved slightly on a small dip in oil prices. However, given the lack of catalysts, the moves may not extend too far, and markets remain mostly rangebound.