- US equities are trading with a mild optimism. S&P 500 has reached yet another ATH today, yet it retracted slightly already, gaining 0.6% at the moment. Dow Jones remains flat, Nasdaq is the most bullish index today, gaining 1.3% mainly due to tech stocks, while the small-cap Russell 2000 spends the session in the red (-0.25%).
- European markets are also in a moderately good mood . Polish WIG20 is the leader with its long awaited gains (+3.1%), German DAX trades 1.7% higher and French CAC40 rises by 0.75%. British FTSE 100 retracts, however, losing 0.32%.
- Eurozone retail sales have ticked up slightly above the expectations in September (0.5% MoM, forecast 0.4%, previously 0.2%)
- Swedish Riksbank has cut interest rates by 0.75 bp, in line with markets’ expectations (2.75%, forecast: 2.75%, previously: 3.5%). According to the central bank’s initial statement, rate cuts may also take place in December and early 2025.
- Norges Bank has kept the policy rate unchanged at 4.5% following the November 6 meeting, with expectations to maintain this rate until the end of 2024, according to Governor Ida Wolden Bache.
- Germany September industrial production came lower than expected at -2.5% vs -1.0% m/m.
- Chinese index contracts, reflecting the performance of the Hang Seng Index's largest companies, gained more than 5% today. Investors expect that the higher tariffs that Trump is likely to impose on the Chinese economy could make the announced stimulus tools for the economy stronger than originally expected.
- China’s export growth surges to 27-months high, with trade balance growing to $95.7 bn. The exponential growth of China’s exports has helped the country to compensate for a weak domestic demand. Trump’s election, however, poses a threat to this momentum, with the president-elect’s promises of aggressive tariffs policy.
- BOE voted 8-1 to cut the Bank Rate by 25 pb to 4.75%, while the Monetary Policy Committee (MPC) aims to achieve a 2% inflation target while supporting growth and employment.
- Rheinmetall gained 6% today, as the company commented that its experiencing growth 'like we have never before in the Group' amid the Ukraine war; the company raised its profitability target for FY 2024.
- US jobless claims change came as expected: 222k vs 221k exp.
- Lyft shares skyrocket after beating expectations and announcing a strategic partnership for autonomous vehicles.
- Norwegian Krone and Australian dollar are the strongest currencies today, gaining 2% and 1.55% respectively against USD, which cools down after the post-election spike driven by Trump’s victory.
- Energy commodities gaintoday, with OIL.WTI leading (+1.06%), OIL is 0.92% higher, while NATGAS slips 1.48%.
- Crypto continues the rally after the US presidential election. Bitcoin gains 0.88% and stays above $76,000, while Ethereum is 4.63% higher to $2860.
Daily Summary: As a ceasefire drifts away, markets lose ground
Warsh before the Senate: “I will not be a tool of the president” and signals Fed reform agenda
US Open: Macro Up, Tensions Down!
BREAKING: U.S. sales above expectations!
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