- Wall Street indices launched today's trading slightly higher but are now trading lower on the day. S&P 500 and Dow Jones drop 0.4%, Nasdaq trades 0.3% lower and small-cap Russell 2000 drops over 1%
- US indices erased earlier gains after US 30-year bond auction failed to attract as much bids as market expected, leading Treasury to allot bonds at the yield of 4.769% instead of expected 4.716%
- Lack of demand puts recent recovery moves on the Treasury market under question with a risk of renewed sell-off and climb in yields
- Fed Chair Powell said that he is not sure whether bank's stance is sufficiently restrictive and that if it becomes appropriate to tighten further, Fed will not hesitate
- European stock market indices finished today's trading higher - German DAX gained 0.8%, French CAC40 rallied 1.1%, UK FTSE 100 added 0.7% and Dutch AEX surged almost 2%
- White House said that Israel agreed to implement four hour pauses in military activities in northern Gaza each day
- ECB Vujcic said that ECB must be ready for either hikes or cuts in 2024
- ECB Centeno said that plateau has been reached in terms of interest rates
- Fed Barkin said that the full effect of rate hikes are yet to be seen. He also said that he is not yet convinced that inflation is on a smooth glide path to 2%
- Fed Bostic said that Federal Reserve will stay restrictive until sure inflation will reach 2% target
- BoC Senior Deputy Governor Rogers says that higher levels of government debt and geopolitical risks can push rates higher
- Chinese CPI inflation for October came in at -0.2% YoY (exp. -0.1% YoY), down from 0.0% YoY in September. PPI inflation came in at -2.6% YoY (exp. -2.7% YoY), down from -2.6% YoY in September
- US initial jobless claims came in at 217k (exp. 218k), unchanged from a week ago. Continuing claims increased from 1.818 million to 1.834 million
- Cryptocurrencies continue to rally with Bitcoin testing $38,000 area earlier today
- Energy commodities are trading mixed - oil gains 0.8% while US natural gas price are down 2.5%
- Precious metals trade mixed - gold gains 0.7% and silver adds 0.9% while platinum drops 1.2% and palladium plunges over 5%
- Palladium broke below the psychological $1,000 per ounce level today for the first time in 5 years!
- NZD and CAD are the best performing major currencies while CHF and JPY lag the most
EURUSD attempted to break back below the 1.0700 price zone today but just as was the case on the previous two days, no decisive breakout was made. Source: xStation5
