US markets dropped on Friday posting a weekly loss for the first time in two weeks. Traders focused on falling oil prices and fears over the global economy. In addition, traders seemed to participate in an end of year sell off.
Asian markets declined across the region. The Japanese Prime Minister, Shinzo Abe, and his coalition won the elections yesterday with the party winning more than 2/3 of the seats.
European markets are mixed today. The market is being hit by the upcoming Presidential vote in Greece which could cause a political deadlock.
Oil dropped to a new 5 year low after the IEA reduced their forecasts for global oil demand for 2015 by 230,000 barrels/ day. Today, the price rebounded slightly following news from Libya that one of their ports has halted production due to a strike. Traders will await data from China, Europe and the US later in the week to gauge demand.
Gold declined despite declines in the stock market. Speculation is ongoing that the Fed may provide more information on the Interest rate hike during their FOMC statement on Wednesday and many expect them to be hawkish.
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