Market News & Analysis

Market Brief: US Indices Set Another Round of Record Highs

View our guide on how to interpret the FX Dashboard.

*Note that there will not be any Market Briefs published during Christmas Week – we will return to our regular publication schedule in the New Year.*

  • The Bank of England and Bank of Japan made no changes to monetary policy, as widely expected. BOE policymakers voted 7-2 in favor of leaving interest rates and asset purchases unchanged, opting to wait for more clarity on Brexit before tweaking policy. The GBP was the weakest major currency pair on the day.
  • Sweden’s Riksbank raised interest rates 0.25% back to 0%, though this news did little to support the SEK.
  • General risk-on sentiment boosted the AUD to the pole position as today’s strongest major currency.
  • In second-tier US data, both the existing home sales report and initial jobless claims reports came out a tick worse than expected.
  • Commodities: Oil and gold both edged about 0.5% higher on the day. Bitcoin consolidated yesterday’s big bullish reversal.
  • US indices closed roughly 0.5% higher to hit another round of record highs, with the S&P 500 cracking 3200 for the first time ever. It was another mixed day for European equities, with Germany’s DAX edging lower while the UK FTSE 100 traded higher on the day.
  • REITs (XLRE) were the strongest major sector on the day; Energy (XLE) brought up the rear.


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.