Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping.
American October wholesale inventories surge
In October, American wholesale inventories rallied a bit more than initially anticipated because sales went down, dropping a hint that inventory investment could potentially contribute to economic surge in the fourth quarter.
On Friday, the Commerce Department told that wholesale inventories inched up by up to 0.8% instead of soaring by nearly 0.7% as posted in September. Additionally, in September, stocks at wholesalers managed to add nearly 0.7%.
In October, they managed to surge by up to 6.9% year-on-year.
By the way, the component of wholesale inventories going into the calculation of gross domestic product surge managed to head north by up to 0.5% in October. In the third quarter, inventories bounced off after being suppressed in the April-June period.
As a matter of fact, inventories tacked on by up to 2.27% to the third quarter's 3.5% annualized surge rate. Taking into account firm domestic demand, American businesses will most probably keep boosting stocks of goods that in turn should back output at factories and back economic surge in the fourth quarter.
Besides this, in October, wholesale car inventories managed to inch up by up to 3.4% having rallied by 2.5% in September. Moreover, machinery inventories tacked on by nearly 2.1% having jumped by 1.4% in September. In October, shares of farm products went down by 2.7% having slumped by 4.7% in the prior month.
Moreover, petroleum inventories went down by 8.9% having surged by 5.7% in September.
In October, sales at wholesalers went down by 0.2% having ascended by up to 0.1% in September. Moreover, there were dives in sales of cars, hardware, and furniture.
Some financial experts are assured that at October's sales tempo, it would take wholesalers up to 1.28 months to totally clear shelves, in contrast with 1.27 months in September.
The last week was so eventful for traders: FOMC Meeting, Bank of England’s rate decision, the OPEC+ meeting, and also NFP. This week is going to be interesting as well! Let’s see what you should focus on.
The US Inflation Rate (CPI) will be released on Wednesday, November 10, at 15:30 MT (GMT+2).
ISM Manufacturing PMI will be announced at 17:00 MT (GMT+2) on Wednesday, December 1.
The Eurozone will publish the Indicator of GfK Consumer Confidence on November 25, at 09:00 GMT+2.
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.