Europe’s index of the leading 300 stocks pulled back from Friday’s 11-month high on Monday, with Germany’s DAX down 01. Percent and France’s CAC down 0.2 percent. Italy’s Monte dei Paschi retreated 9 percent as the country made a final effort to raise 5 billion euros before the year’s end to avoid the need for a state bailout.
The MSCI’s broadest index of Asia-Pacific shares outside Japan fell for a third consecutive day, settling down 0.3 percent to hit a four-week low. Japan’s Nikkei 225 ended its nine-day winning streak, closing down 0.1 percent on Monday. The dollar index traded at 102.93 by midday on Monday. The dollar fell as much as 0.9 percent against the yen on Monday before starting its recovery and trading near midday at 117.27 yen. The yen strengthened due to strong numbers about its exports in November.
U.S. Federal Reserve Chair Janet Yellen will be speaking later on today about “The State of the Job Market”, a speech which will provide analysts with a glimpse into where she thinks the U.S. economy will be headed in the New Year.
All eyes are also on the U.S. electoral college today which is expected to confirm Donald Trump’s presidency despite claims that Russian hackers skewed the results towards Trump. Russian officials have denied all participation in the alleged hacking. The electoral college will meet today in each state and the District of Columbia to confirm, at long last, the incoming U.S. president. The electoral college mimics, in numbers, the number of representatives and senators in Congress for each state, such that representation is proportional to each state’s population. 270 electoral votes are required to secure the presidency, and Trump is expected to receive a confirmation of 306 electoral votes.