- Wall Street indexes opened today’s trading with modest gains, but are now trading lower. The S&P 500 and Dow Jones are down 0.4%, the Nasdaq is trading 0.3% lower and the small-cap Russell 2000 is down more than 1%.
- U.S. indexes erased earlier gains after an auction of 30-year U.S. Treasuries failed to attract as many bids as the market had expected, leading the Treasury Department to assign the bonds to yield 4.769% instead of the expected 4.716%.
- The lack of demand casts doubt on the recent recovery in the government bond market, with the risk of a renewed sell-off and a rise in yields.
- Fed Chairman Powell said he was unsure whether the bank’s stance was restrictive enough and that the Fed would not hesitate to tighten further if appropriate
- European stock indexes ended today’s trade higher – Germany’s DAX added 0.8%, France’s CAC40 rose 1.1%, Britain’s FTSE 100 added 0.7% and the Netherlands’ AEX rose almost 2%
- White House says Israel has agreed to impose four-hour pauses in military activities in northern Gaza every day
- The ECB’s Vujcic said the ECB must be prepared for either a hike or a cut in 2024
- The ECB’s Centeno said a plateau had been reached in terms of interest rates
- The Fed’s Barkin said the full effect of the rate hike is yet to be felt. He also said that he is not yet convinced that inflation is on a smooth path to 2%.
- Fed Bostic said the Federal Reserve will remain restrictive until it is confident inflation will reach its 2% target
- BoC Senior Deputy Governor Rogers said higher levels of government debt and geopolitical risks could push rates higher
- China’s CPI inflation for October came in at -0.2% y/y (est. -0.1% y/y), down from 0.0% y/y in September. PPI inflation came in at -2.6% y/y (est. -2.7% y/y), down from September’s -2.6% y/y.
- Initial applications for unemployment benefits in the US reached 217,000. applications (expect. 218 thousand), i.e. no change from a week ago. The number of ongoing requests for support increased from 1.818 million to 1.834 million.
- Cryptocurrencies continue to rally, Bitcoin tested the $38,000 area today
- Energy commodity trading is mixed, with oil gaining 0.8% while US natural gas is down 2.5%.
- Precious metals traded mixed, with gold gaining 0.7% and silver adding 0.9%, while platinum fell 1.2% and palladium fell more than 5%.
- Palladium broke the psychological barrier of $1000 per ounce today for the first time in 5 years!
- NZD and CAD are the top performing majors, while CHF and JPY are the biggest laggards
The EURUSD currency pair tried to break back below the 1.0700 price band today, but as in the previous two days, a decisive break did not occur. Source: xStation5 !–cleared–>
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