Global Market Quick Take: Europe – 19 December 2023 Global Market Quick Take: Europe – 19 December 2023 Global Market Quick Take: Europe – 19 December 2023

Global Market Quick Take: Europe – 19 December 2023

Macro 3 minutes to read
Saxo Strategy Team

Summary:  US and European equity futures trade steady following another strong session on Monday as traders continue to ride the current momentum in the process defending gains ahead of yearend. The Nikkei trades up 1.4% while the yen is weaker after the Bank of Japan kept its policy rate unchanged potentially delaying an exit from its negative-rate regime, while stocks in Hong Kong and China suffered another setback driven by weakness among developers. Crude oil trades near a two-week high on Red Sea disruptions worries with gold consolidating above $2000 despite efforts by Fed officials to rein in expectations for earlier and deeper rate cuts.

The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events.

Equities: Wall Street extended its relentless advance Monday, buoyed by a burst of deals as traders largely ignored tempered messaging from Fed officials. The Nasdaq 100 extended gains to close at a record for the second consecutive session driven by mega-cap technology stocks. Meta, Amazon, Alphabet, and Nvidia each gained over 2%. However, Apple slid 0.9% after announcing a suspension of its Apple Watch Series 9 and Ultra 2 in the U.S. due to patent issues. U.S. Steel soared 26.1% after agreeing to the takeover by Nippon Steel.

FX: USDJPY rose after the Bank of Japan kept its monetary policy unchanged while offering no guidance on when or whether it might end the world’s last negative interest rate regime.

Commodities: Crude oil extended its bounce on Monday, reaching a two-week high after more companies, including BP said it would avoid the Red Sea following a spike in attacks. While it may lift freight rates and prolong journeys the actual impact on supply remains limited. Speculators had prior to these developments' cut their futures net long to a 12-year low, so short covering and reestablishing longs probably key drivers behind the move back towards $80 in Brent. Gold continues to consolidate within a wide $2010-50 range despite attempts by Fed members to lower rate cut expectations. 

Fixed income: Treasuries consolidated with yields bouncing off lows after the dramatic post-FOMC movements last week. The 10-year yield rose by 2bps to 3.93%, while the 2-year yield remained flat.

Macro: BOJ maintains policy rate at -0.1% and 10-year JGB yield target at about 0%.  It would patiently continue with monetary easing and keep upper bound reference on long term yields at 1%.  The yen fell on the news, 10-year JGB’s rose while the Nikkei jumped 1.4%

Technical analysis highlights: S&P 500 uptrend extended, likely to test all-time high at 4,818. Nasdaq 100 testing all-time highs, likely to be taken out. DAX top and reversal pattern correction likely, support at 16,528 and 16,060. EURUSD likely to testing key resistance at 1.10 once again. USDJPY rebounding likely to 145.40, support at 141.55. GBPUSD above key resistance at 1.2745. potential to 1.29. Gold potential to 2,070.  WTI Crude oil rebound likely resist at 72.65, Brent above resist at 77.25. 10-year T-yields below support at 3.95 next 3.83   

In the news: Oil and gas prices surge as BP stops Red Sea shipments following Houthi attacks (CNN), Apple to Halt US Sales of Smartwatches After Patent Loss (Bloomberg), Volcano erupts on Iceland’s Reykjanes peninsula weeks after town evacuated (CNN)

Macro events (all times are GMT): Eurozone CPI (Nov) exp –0.5% & 2.4% (0900), Canada CPI (Nov) exp –0.1% & 2.9% vs 0.1% & 3.1% prior (1230), US Building Permits (Nov) exp –2.2% vs 1.1% (1230), APIs weekly crude and fuel stock report (2030)

Earnings events: Accenture & FedEx

For all macro, earnings, and dividend events check Saxo’s calendar


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (
- Full disclaimer (

Boulevard Plaza, Tower 1, 30th floor, office 3002
Downtown, P.O. Box 33641 Dubai, UAE

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.