Hopefully we will see some progress in the US soon, as President Obama has invited members of the US Congress to the White House to discuss the fiscal cliff this week.
In Europe, UK’s FTSE shed two points to settle at 5767 whilst Germany’s DAX gained five points (+0.1%) to settle at 7169. In the US, the S&P was unchanged at 1380, with the Dow Jones also remaining at 12815. The Nasdaq shed just one point to settle at 2904.
In the commodity space, crude oil fell below $86 a barrel due to a reported contraction in Japan’s economy, the US fiscal cliff, and the eurozone crisis.
Gold was unchanged due to several factors such as strong demand in India, inflation concerns in Japan, and uncertainties in the US and eurozone.
In the currency space, the Japanese yen rose against its peers as investors once again sought a safe-haven against uncertainty. The euro fell against its counterparts amidst worries in the eurozone.
The US dollar appreciated against the euro for the same reasons the yen advanced. Today will see the release of the NAB Business Confidence Survey (11:30am, AEDT).