Market Update – November 14

Stock markets are treading water in Europe, after a largely higher close across Asia. The ASX gained 0.8%, the Nikkei 0.3%, while China bourses traded mixed. In Europe GER40 and UK100 are up 0.1% and down -0.1% respectively, while US futures are posting slight gains, as markets wait for the key US inflation report later today.The DXY dollar index has traded in a relatively narrow range so far and is at 105.674.

• Yen’s quick recovery from 151.91 on Monday probably reflected positioning in the options market
• UK wage growth remains high. Hopes that an easing labour market will limit upward pressure on wages were one of the reasons the BoE has stopped the tightening cycle, but today’s round of data will give those who voted for another hike something to argue with.
• USDJPY – 151.60 – Yen traders brace for risk of deeper drop on US Inflation – 33-year high?
• Treasury Yellen ”Beijing’s heavy financial support for certain industries could pose a threat to other nations” – ” downside risk to the chinese economic outlook that could affect . . . many Apec economies”
• Stocks have recovered from opening losses, with small gains registered on the US500 and US30. The former broke 4-month down channel to the upside.
• Asian & EU equities crept higher – GER40 +0.14%, JPN225 +0.34%.
• Treasuries have found a bid with yields a couple of basis points
• USOIL pick to 78.35 post an OPEC report stating Demand is robust, and “overblown negative sentiment” – The American Automobile Association said the US Thanksgiving travel period will be the busiest since 2019.
• Gold steady at 1945 after yesterday’s rally
• TODAY: German ZEW, IEA report, US CPI. Earnings: Home Depot today, Cisco Systems, Target on Wednesday, then Alibaba Group Holding
  BABA and Walmart report on Thursday.
• US CPI preview: Headline inflation fell to 3.3% in October, down from 3.7 % in September.

Biggest Mover: GBPUSD breached 1.2300 – GBP responded strongly post UK jobs data – impressive figures – employment rose (+54K), average weekly earnings up and revised higher.

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Andria Pichidi

Market Analyst

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