Global markets largely flat overnight. Mainly, lack of direction...

Global markets largely flat overnight. Mainly, lack of direction from US markets after the Thanksgiving shortened trading last week.

In Europe, the FTSE fell 27 points (.37%), the DAX fell 63 points (.39%) and the CAC fell 27 points (.37%).

In the US, the Dow fell 56 points (.16%), the NBI fell 22 points (.59%), the NASDAQ Composite fell 9 points (.069%) and the Russell small cap index fell 4 points (.26%).

US PCE report due on Thursday (US time). PCE report is the preferred measure of inflation - will be used in the US Fed's December monetary police meeting.

Gold price has surged to US$2013. Rising gold price is a signal that gold will be more competitive due to expectations that Interest rates and bond yields will fall.

US Treasury 10 yar bond yields declined to 4.43%.

Oil prices continued to fall - Brent crude down to US$80.13.

The VIX index in the US has fallen to the lowest level since January 2020 - maybe a signal for a bull market.

Another biotech cautionary tale: Roivant's experimental Lupus treatment failed to meet goals in their mid stage trial (their SP fell 5% overnight). Nothing is guaranteed in the biotech sector and a biotech company is only as good as its last set of trial results.