It is a very calm start to the week, and all eyes will shift to Rio de Janeiro in Brazil for the G20 summit, where Ukraine will be high on the calendar. Headlines around Ukraine started to pick up again last Friday when German Chancellor Olaf Schultz had a phone call with Russian President Vladimir Putin after nearly two years of radio silence. Over the weekend, Russia launched its biggest missile and drone attack thus far in this conflict. In response, the US Biden administration provided a green light for Ukraine to use long-range US missiles to target tactical infrastructure within Russia.
At 15:00 GMT, Federal Reserve Bank of Chicago President Austan Goolsbee delivers welcome remarks at the Financial Markets Group annual conference in Chicago.
The National Association of Home Builders (NAHB) will release its monthly Housing Market Index for November at 15:00 GMT. The expectation is for a slight increase to 44 compared to 43 previously.
Equities are very mixed at their start this Monday, with some minor losses and gains dispersed across the quote board. All eyes are on after the US closing bell on Wednesday when Nvidia will release its earnings.
The CME FedWatch Tool is pricing in another 25 basis points (bps) rate cut by the Fed at the December 18 meeting by 61.9%. A 38.1% chance is for rates to remain unchanged. While the rate-cut scenario is the most probable, traders have significantly pared back some of the rate-cut bets compared with a week ago.
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