Global Markets Today: Asia, Europe Mixed As Investors Search For Next Catalyst, Dollar Weakens

Global investors are on the hunt for the next positive catalyst after a massive market rally. Morgan Stanley's chief U.S. equity strategist has warned of a short-term correction in U.S. equities. 

The Dow futures are down marginally by 0.05%, and the S&P 500 futures are near flat on the last check early Thursday. WTI crude futures have gained 0.24% to $45.39, and gold futures are up 0.66% to $1,842.30. Ten-year Treasury yield is down by 0.3 bps at 0.943%, closer to the critical 1% mark.

Asia: Japan's Nikkei 225 stayed near a 29-year high, closing 0.03% higher on Thursday as foreign investors remained net buyers in Japanese stocks. The nation's services activity ticked higher to 47.8 in November. 

China's Shanghai Composite benchmark fell 0.21% after the U.S. Congress cleared a bill that threatens to delist Chinese securities in the U.S. on non-compliance with audit rules. The country's November services PMI improved significantly to 57.8, beating the consensus of 56.5.

Hong Kong's Hang Seng Index advanced 0.73% after its manufacturing activity for November hit 50.1, the highest since April 2018.

Australia's S&P/ASX 200 closed up 0.38% after the continent's October trade surplus expanded to A$7.46 billion. October retail sales data is due later today.

India's Nifty 50 index is trading higher by 0.15%. Its services activity for November dipped to 53.7, a big miss from 55.5 consensuses. India's central bank has put curbs on the digital and credit card operations of one of the largest lenders, HDFC Bank Limited HDB.

South Korea's KOSPI jumped 0.76%. It's forex reserves jumped to $436.38 billion in November.

Europe: Euro Stoxx 50 is trading lower by 0.18% on press time. The bloc's October PPI fell 2% year-over-year but grew 0.4% YoY, beating consensus on both counts. The unemployment rate ticked lower to 8.4%, as expected. Composite PMI and retail sales data is due later today.

London's FTSE 100 index is up by 0.07% at publication time. Composite and services PMI data is due today.

Germany's DAX is trading lower by 0.25% after November services activity contracted significantly to 46, from 49.5 prior. November's Composite PMI contracted to 51.7 from 55 previous. 

France's CAC 40 is down by 0.27% after French services PMI in November fell drastically to 38.8 from 46.5 prior. 

Spain's IBEX 35 is trading lower by 0.37% after the Spanish services activity index fell to 39.5.

Forex Trading: U.S. Dollar Index futures have fallen below the critical 91 levels, down 0.19% at 90.948. The dollar has weakened against the Euro by 0.05% to $1.2121, lost 0.28% against the Sterling Pound to $1.3401, and shed 0.12% against the Japanese Yen to ¥104.27.

For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.

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