- Volatility on Wall Street remains limited as investors hold their breath ahead of tomorrow’s FOMC decision on U.S. interest rates. The Dow Jones is once again the weakest among major indices (US30: -0.2%), while the S&P 500 (US500) and Nasdaq (US100) trade flat. The Russell 2000 (US2000: +0.5%) is spending the session in the green.
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Kevin Hassett, the leading candidate to succeed Jerome Powell, would place Treasury Secretary Scott Bessent on the top of the list for a next chair, "though Bessent does not want the role."
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Job openings in the JOLTS report unexpectedly rose in October to a five-month high (7.65 million; forecast 7.12 million; previously 7.23 million). However, hiring slowed, layoffs increased, and quits fell to their lowest level in five years, painting a picture of a frozen labor market.
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Sentiment in Europe was mixed today. France’s CAC40 led declines (FRA40: -1%), with smaller pressure seen on the UK’s FTSE 100 (UK100: -0.2%). Gains were recorded in Italy (ITA40: +0.1%), Spain (SPA35: +0.1%), Germany (DE40: +0.5%), and Poland (W20: +2.1%).
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The RBA kept interest rates in Australia at 3.60%, as expected. The central bank’s governor indicated a possible return to rate hikes, which further supported the AUD.
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The Japanese yen remains the weakest G10 currency, extending losses after a worse-than-expected GDP contraction in Q3 (-0.6% vs. -0.4% forecast). The dollar index adds another 0.2% ahead of the FOMC decision, trading at its highest in a week. EURUSD is down 0.14% to 1.162.
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Silver leads precious metals today, gaining about 3.9% and setting another record above USD 60. Gold also benefits from dovish expectations for Fed policy in 2026 (+0.4% to USD 4,205).
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In energy commodities, declines continue: Brent and WTI crude are down around 1%, while NATGAS falls another 4.8%.
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