- US stock markets dump after Big Tech earnings with US100 leading losses (-1.98%), US500 -1.42% down and US2000 leading 1.4% lower.
- European markets close lower, with French FRA40 and Polish W20 leading losses 1.12% and 1.2% decline respectively. Spanish SPA35 and Italian ITA40 were the best performing, down 0.4%.
- Asian-Pacific markets show similar performance, led by Japan's JP225 declining(+2.6%), CH50cash (-0.6%) and some indices flat CHN.cash (0.03) and VIET30 gaining (+0.51%).
- Fed’s preferred inflation measure (PCE) came in in line with initial expectations (PCE Price index: actual 2.1% YoY; forecast 2.1% YoY; previous 2.2% YoY).
- US jobless claims reading was lower than expected, marking 5-month low and showing strength in the US labor market (216k, forecast: 230k, previously: 227k, revised to 242k).
- Hong Kong Q3 GDP growth came in 1.8% YoY vs 3.1% exp. and 3.2% in Q2 2024. Quarterly GDP surprisingly dropped by -1.1% while markets anticipated 0.2% growth after 0.4% in Q2 2024. Overall, data point to slowing economy. The reading will be revised on November 15, with more details.
- Eurozone CPI dynamic (flash for October) came in 2% YoY vs 1.9% exp. and 1.7% previously.
- The Chicago PMI fell to 41.6, well below forecasts and the 50-mark, signaling a deepening contraction in the region's manufacturing sector.
- US indices declined sharply after negative reactions to Microsoft and Meta earnings, despite both companies beating top and bottom-line expectations. The selloff intensified on concerns about elevated AI infrastructure spending and moderating cloud growth outlook.
- Energy commodities bounce back with only Natural Gas plummeting (-4.01%), while OIL and OIL WTI are 1.33% and 1.61% higher respectively.
- Precious metals decline with Palladium and Silver leading (-2.62% and -2.95% respectively), followed by Platinum (-1.63%) and Gold (-1.49%)
- Despite record inflows to Bitcoin ETFs, cryptocurrencies suffer losses. Bitcoin retest $70,000 (-2.83%). Ethereum declines 5.43% while Dogecoin loses 4.46%.
- JPY is the strongest currency today, following BoJ mentioning possible rate hikes. USDJPY dropped nearly 1% today, USD also weakened against euro in the light of higher than expected eurozone CPI. The British pound remains the weakest currency, as investors fret over the UK's budget (EURGBP: +0.7%).
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