- Wall Street indices launched today's trading higher as lower-than-expected ADP employment change reading was seen as a dovish development
- ADP report showed a 103k increase in US employment for November (exp. 130k)
- US indices have given up part of the gains since the opening and are now trading mixed. S&P 500 drops 0.1%, Nasdaq trades 0.2% lower, Dow Jones gains 0.2% and small-cap Russell jumps 0.7%
- Oil prices extended post-OPEC+ drop into a fifth session, with Brent and WTI trading over 3% lower on the day. WTI dropped below $70 per barrel for the first time since early-July 2023
- Oil continued to drop even as DOE report showed a bigger-than-expected decline in US crude inventories and as Algeria said that latest OPEC+ cuts may be extended beyond Q1 2024
- European stock markets indices finished today's trading higher - German DAX gained 0.7% and moved to fresh all-time high, UK FTSE 100 added 0.3%, French CAC40 jumped 0.7% while Dutch AEX was up 0.3%
- Bitcoin is catching a breath following recent rally with price dropping around 0.6% today. However, the coin continues to trade near $44,000 mark
- Bank of Canada left main interest rate unchanged at 5.00% for the third meeting in a row, in-line with market expectations. CAD gained following the decision as no dovish twist was spotted in the statement
- Atlanta Fed GDPNow estimate for US growth in Q4 2023 increased from 1.2 to 1.3%
- DOE report showed a 4.63 million barrel drop in headline US crude oil inventories (exp. -2.3 mb) as well as 5.42 million barrel build in gasoline inventories (exp. +1.2 mb) as well as 1.27 million barrel increase in distillate inventories (exp. +1.1 mb)
- US trade balance for October came in at -$64.3 billion (exp. -$64.2 billion)
- Canadian trade balance for October came in at C$2.97 billion (exp. C$1.7 billion)
- Australian economy expanded at a pace of 0.2% QoQ in Q3 2023 (exp. 0.4% QoQ)
- German factory orders slumped 3.7% MoM in October (exp. +0.1% MoM)
- Euro area retail sales increased 0.1% MoM in October (exp. +0.2% MoM). On an annual basis, retail sales declined 1.2% YoY (exp. -1.0% YoY)
WTI (OIL.WTI) dropped below $70 per barrel today for the first time since early-July 2023 as slump triggered by lackluster OPEC+ announcement last week continues. Source: xStation5
