MON: FOMC SLOOS, BoJ Minutes (Sep), BoC Market Participants Survey; Japanese Jibun Final Composite/Services PMIs (Oct), German Industrial Orders (Sep), EZ Final Construction/Services PMIs (Oct), UK Final Construction PMI (Oct), US Employment Trends (Oct).TUE: RBA...
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Weekly Market Outlook (06-10 November)
UPCOMING EVENTS:Monday: BoJ Meeting Minutes.Tuesday: Japan Wage data, Chinese Trade data, RBA Policy Decision, Switzerland Unemployment Rate, Eurozone PPI.Wednesday: Eurozone Retail Sales, BoC Summary of Deliberations.Thursday: BoJ Summary of Opinions, Chinese...
Experiment shows Artificial Intelligence making illegal (insider) trades, covering it up
An AI bot made illegal trades, acting on insider information, and then lied about it to its human handlers. It occurred in a demonstration event at the UK's AI safety summit. Apollo Research conducted the experiment. The BBC wrote up a report on the simulated...
Chinese state-owned energy giant Sinopec sign a new 27-yr LNG deal with Qatar
China Petrochemical Corporation, better known as Sinopec Group, is the world's largest oil refining, gas and petrochemical conglomerate. Its a Chinese state-owned firm and as such is administered by the Chinese Communist Party's State-owned Assets Supervision and...
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Forexlive Americas FX news wrap: Dollar sinks after non-farm payrolls miss estimates
Markets:Gold up $7 to $1992US 10-year yields down 9.3 bps to 4.57%WTI crude oil down $1.64 to $80.83S&P 500 up 1.0%NZD leads, USD lagsThis week marked a turn of the calendar and a turn in markets. Treasury yields plunged and the dollar sank along with them....
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US equity close: Largest weekly gain for the Nasdaq since November 2022
S&P 500 weekly chartClosing changes on the day:S&P 500 up +1.00%DJIA +0.7%Russell 2000 +2.7%Nasdaq Comp +1.4%Toronto TSX Comp +1.0%On the week:S&P 500 up 5.9% -- best since Nov 2022DJIA +5.1%Russell 2000 +7.6% -- best since Feb 2021Nasdaq Comp +6.6%Toronto...
Fed’s Bostic: Policy is likely in the right place given the economic outlook
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Did Barron’s nail the peak in yields?
The old adage is that magazine covers are a jinx. That's particularly true with The Economist but Barron's has had some doozies, including making the case for Pfizer earlier this year (it's down 40% since).The cover this week certainly raised alarm bells but it may...
Earthquake shakes buildings in New Delhi
There are reports of an earthquake being felt in New Delhi, with buildings shaking. A related report cites a 6.2 magnitude earthquake in the Nepal region, however the USGS classifies it at 5.6.It's 11:45 pm local time in New Delhi so people would be indoors. The...
Major shifts underway in market expectations for Federal Reserve interest rates
This week there have been some big shifts on the market's thinking around the path of Fed policy. Given the market moves, it's no surprise that's in a dovish direction.At the start of the week, the Fed funds futures market was pricing in 74 bps of rate cuts by the end...
European equities didn’t rinish as strongly as you’d hope
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Baker Hughes US oil rig count 496 vs 504 prior
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
BOE’s Haskel: Estimate of 6% equilibrium is the upper limit for me
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
MUFG trade of the week: Going short USD/MXN, and short USD/SEK
USDMXN daily MUFG Research added 2 new trades to its TOTW portfolio. Short USD/MXN - (spot ref @ 17.400), Target @ 16.900 & Stop @ 17.800 and Short USD/SEK - (spot ref @ 10.980,) Target @ 10.650 & Stop @ 11.200. "We are recommending a new short USD/MXN trade...
US dollar slides further as equities continue to sizzle
The US dollar is making fresh lows for the week as the stock market sizzles.The S&P 500 is up 1.1% and the Russell 2000 up 2.8% in a broad rally in risk assets after a jobs report that painted a benign picture of the economy. The market is now pricing in 98 bps in...
Cable stretches to the highs since September, rising 150 pips
GBPUSD dailyCable may have found a bottom.The US dollar has sold off broadly today but the pound is taking particular advantage, up 150 pips to 1.2349.It's the best gain since a powerful stretch of gains in early June. That series of gains is a reminder that the pair...
Nasdaq falls from the highs but still on track for fifth straigh day of gains
US equities are off the highs but still comfortably into positive territory on the day. The S&P 500 is up 0.7% and the Nasdaq up 0.9%.It's set to be the fifth straight day of gains and comes despite a disappointing earnings report from Apple.Nasdaq CompositeThe...