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(Kitco News) - Global stock markets were mostly firmer Tuesday, boosted by generally higher raw commodity market prices, led by crude oil. Nymex crude oil futures prices hit a three-week high overnight and are closing in on $50.00 a barrel. Energy market watchers now reckon the OPEC oil cartel may be able to come to a final agreement to cut production at next week's meeting. Iran and Iraq are reportedly backing the production-cut plan.
U.S. stock indexes are pointed toward higher openings when the New York day session begins. The S&P 500 stock index futures hit a record high overnight.
World equity markets are continuing to see the bullish "Trump effect" among traders and investors. Ideas of less business regulation and more spending, including infrastructure rebuilding, are buoying share prices worldwide.
Gold prices are moderately higher in early U.S. trading, on short covering and bargain hunting, and amid a weaker U.S. dollar and firmer crude oil prices on this day.
World bond markets have stabilized early this week, after having seen their yields rise dramatically the past two weeks. Still, it appears that U.S.
Treasury bonds and other world bond markets are entering major bear market territory for the first time in many years.
On the central-bank-watch front, it appears most of the world marketplace has factored into market price structures a Federal Reserve interest rate rise at the December FOMC meeting.
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, existing home sales, and the Richmond Fed business survey.
Overnight, spot gold on Kitco.com traded in a fairly narrow range with support at $1,213.20 an ounce and resistance at $1,220 an ounce.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow Jim Wyckoff @jimwyckoff for breaking market news.