Global Markets:
- Asian Stock Markets : Nikkei up 1.10%, Shanghai Composite up 0.71, Hang Seng up 2.51% ASX up 1.14%
- Commodities : Gold at $1995.05 (0.08%), Silver at $22.74 (-0.43%), Brent Oil at $87.06 (0.26%), WTI Oil at $82.73 (0.32%)
- Rates : US 10-year yield at 4.679, UK 10-year yield at 4.432, Germany 10-year yield at 2.715
News & Data:
- (GBP) Official Bank Rate 5.25% vs 5.25% expected
- (USD) Unemployment Claims 217K vs 210K expected
Markets Update:
Asian-Pacific markets closed the week with gains, as investors sought insights into the region’s business activity. China’s service sector expanded slightly in October, with the Caixin services purchasing managers index reaching 50.4, slightly above September’s 50.2. In contrast, Hong Kong’s private sector continued to contract in October due to declining new business, especially from mainland China.
Market performance in response to this data was positive. Hong Kong’s Hang Seng index surged by 2.83%, while China’s CSI 300 increased by 0.89%. South Korea’s Kospi closed 1.08% higher, and the Kosdaq also gained, marking their third consecutive day of gains. In Australia, the S&P/ASX 200 closed 1.14% higher, while Japan’s markets were closed for a public holiday.
On Wall Street, indexes rose as Treasury yields fell, with investors speculating that the Federal Reserve might halt rate hikes for 2023. The Dow Jones Industrial Average closed 1.7% higher, its best day since June, and the S&P 500 recorded a 1.89% increase, its first back-to-back gains of over 1% since February. The Nasdaq Composite also climbed by 1.78%, marking its most robust session since July.
Upcoming Events:
- 12:30 PM GMT – CAD Employment Change
- 12:30 PM GMT – CAD Unemployment Rate
- 12:30 PM GMT – USD Average Hourly Earnings m/m
- 12:30 PM GMT – USD Non-Farm Employment Change
- 12:30 PM GMT – USD Unemployment Rate
- 1:45 PM GMT – USD Final Services PMI
- 2:00 PM GMT – USD ISM Services PMI
