ASIA:
India is poised for an economic boom driven by investment in manufacturing, the country’s energy transformation and advanced digital infrastructure, and these drivers will make it the world’s third-largest economy and stock market by the end of the decade ending in 2030, global investment bank Morgan Stanley said in a report. Four global trends – demography, digitization, decarbonization and deglobalization favor what is called the New India. It said India will drive a fifth of global growth by the end of this decade.
The major Asian stock markets had a mixed day today:
- NIKKEI 225 decreased 15.53 points or -0.06% to 27,663.39
- Shanghai increased 34.17 points or 1.15% to 3,003.37
- Hang Seng increased 371.90 points or 2.41% to 15,827.17
- Kospi increased 1.65 points or 0.07% to 2,336.87
- ASX 200 increased 9.80 points or 0.14% to 6,986.70
- SENSEX decreased 215.26 points or -0.35% to 60,906.09
- Nifty50 decreased 62.55 points or -0.34% to 18,082.85
The major Asian currency markets had a mixed day today:
- AUDUSD increased 0.00412 or 0.64% to 0.64360
- NZDUSD increased 0.0049 or 0.84% to 0.58900
- USDJPY decreased 1.484 or -1.00% to 146.410
- USDCNY decreased 0.02218 or -0.30% to 7.28532
Precious Metals:
- Gold increased 7.45 USD/t oz. or 0.45% to 1,654.95
- Silver increased 0.067 USD/t. oz or 0.34% to 19.717
Some economic news from last night:
Japan:
Monetary Base (YoY) decreased from -3.3% to -6.9%
South Korea:
CPI (YoY) (Oct) increased from 5.6% to 5.7%
CPI (MoM) (Oct) remain the same at 0.3%
Australia:
AIG Manufacturing Index (Oct) decreased from 50.2 to 49.6
Building Approvals (MoM) (Sep) decreased from 23.1% to -5.8%
Home Loans (MoM) decreased from -2.7% to -9.3%
Invest Housing Finance (MoM) decreased from -4.8% to -6.0%
Private House Approvals (Sep) decreased from 4.8% to -7.8%
New Zealand:
Employment Change (QoQ) (Q3) increased from 0.0% to 1.3%
Unemployment Rate (Q3) remain the same at 3.3%
EUROPE/EMEA:
The market expects the Bank of England to raise interest rates by 75 basis points on Thursday, the biggest increase since 1989, but economists believe policymakers will strike a dovish tone as the prospect of a recession deepens. With UK inflation hitting a 40-year high of 10.1% in September, the Bank is raising its main interest rate for the eighth straight time, but weaker growth momentum and a major shift in fiscal policy are expected to moderate calls for more aggressive monetary tightening.
The major Europe stock markets had a negative day:
- CAC 40 decreased 51.37 points or -0.81% to 6,276.88
- FTSE 100 decreased 42.02 points or -0.58% to 7,144.14
- DAX 30 decreased 82.00 points or -0.61% to 13,256.74
The major Europe currency markets had a mixed day today:
- EURUSD increased 0.00017 or 0.02% to 0.98789
- GBPUSD decreased 0.00162 or -0.14% to 1.14686
- USDCHF decreased 0.00131 or -0.13% to 0.99849
Some economic news from Europe today:
Germany:
German Trade Balance (Sep) increased from 1.2B to 3.7B
German Manufacturing PMI (Oct) decreased from 47.8 to 45.1
German Unemployment Change (Oct) decreased from 13K to 8K
German Unemployment Rate (Oct) remain the same at 5.5%
Spain:
Spanish Manufacturing PMI (Oct) decreased from 49.0 to 44.7
Italy:
Italian Manufacturing PMI (Oct) decreased from 48.3 to 46.5
France:
French Manufacturing PMI (Oct) decreased from 47.7 to 47.2
Euro Zone:
Manufacturing PMI (Oct) decreased from 48.4 to 46.4
US/AMERICAS:
The decision is in – the Federal Open Market Committee will raise rates by 75 bps as the markets had anticipated. This marks the fourth consecutive 75 bps raise as the Fed maintains a hawkish approach to curb inflation. Rates now sit at the highest level since January 2008 at 3.75%-4%. “The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time,” the group released in a statement.
US Market Closings:
- Dow declined 505.44 points or -1.55% to 32,147.76
- S&P 500 declined 96.41 points or -2.5% to 3,759.69
- Nasdaq declined 366.05 points or -3.36% to 10,524.8
- Russell 2000 declined 62.25 points or -3.36% to 1,789.14
Canada Market Closings:
- TSX Composite declined 240.7 points or -1.23% to 19,277.01
- TSX 60 declined 12.46 points or -1.05% to 1,169.28
Brazil Market Closing:
- Bovespa advanced 891.58 points or 0.77% to 116,928.66
ENERGY:
The oil markets had a green day today:
- Crude Oil increased 1.303 USD/BBL or 1.47% to 89.673
- Brent increased 0.93 USD/BBL or 0.98% to 95.580
- Natural gas increased 0.4592 USD/MMBtu or 8.04% to 6.1732
- Gasoline increased 0.0903 USD/GAL or 3.48% to 2.6848
- Heating oil increased 0.0497 USD/GAL or 1.37% to 3.6708
The above data was collected around 14:59 EST on Wednesday
- Top commodity gainers: Natural Gas (8.04%), Palm Oil (3.90%), Cotton (5.36%) and Coffee (4.15%)
- Top commodity losers: HRC Steel (-4.65%), Milk (-5.18%), Cheese (-4.03%) and Wheat (-6.55%)
The above data was collected around 15:07 EST on Wednesday.
BONDS:
Japan 0.251%(+0.1bp), US 2’s 4.55% (+0.012%), US 10’s 4.0505% (-0.15bps); US 30’s 4.12% (-0.010%), Bunds 2.129% (+0.5bp), France 2.683% (+1bp), Italy 4.291% (+1.8bp), Turkey 11.25% (+26p), Greece 4.571% (-0.4bp), Portugal 3.164% (+3.1bp); Spain 3.284% (+6.8bp) and UK Gilts 3.388% (-7.6bp).
