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 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 Inspiration Disclaimer and (v) Notices applying to Trade Inspiration, 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 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 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 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 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 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.

Trading in financial instruments carries risk, and may not be suitable for you. Past performance is not indicative of future performance. Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Markets or its affiliates.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.