Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Fresh China's Losses ahead of a Busy Trading Week
A new week will be interesting as we await Central Banks Meetings, more earnings reports, and NFP. Let's review the main headlines for this Monday as we prepare for volatile days ahead!
15:45 GMT+2, US Chicago PMI
China is loosing again
Data released on Monday showed that the Chinese Manufacturing PMI dropped to 49.2 (vs. 49.9 expected), while the Non-Manufacturing PMI fell to 48.7 (vs. the forecast of 50.2). Also, rising Covid-19 cases from numerous outbreaks across China resulted in tightening local curbs and lockdowns and even the closure of Disney’s Shanghai resort. Another factor that weakened Chinese assets was Hong Kong’s GDP slowdown. According to advance estimates, it plunged 4.5% in the July-to-September period from a year earlier.
China’s HK50 dropped below the 15 000 level and moved closer to the support at 14 000.
Meanwhile, USDCNH has regained its strength, targeting the recent high at 7.33. The next high at 7.37 will be tested if this level is broken.
Other news worth following
- This week, we will see the earnings reports by AIG, Pfizer, AMD, Electronic Arts, Booking, Robinhood, Paypal, and many other American companies, Don't forget to check the forecasts in the economic calendar before the releases.
- As the Fed is expected to raise the interest rate this week, it adds pressure to the Japanese yen. USDJPY has gained 0.36% since the start of today's trading session.
- Twitter will be delisted from the New York Stock Exchange on November 8. All positions for the Twitter stock will be closed at the latest price.
- In Brazil, former president Lula de Silva won the second round of Brazil's presidential elections, overcoming his rival. The 76-year-old politician’s win represents the return of the left into power in Brazil.
- Eurozone's inflation soared to a fresh high, with consumer prices jumping by 10.7% from a year ago in October, exceeding the forecast of 9.9%.
Good luck in trading! For more market updates, follow FBS Telegram Channel.
The dollar's status as the world's reserve currency could only be recovered if the US controls its spending. The huge budget deficit and rising interest rates on the US national debt should scare every American, analysts say. Read the full report to learn more!
Chinese investors are selling the UST. Meanwhile, the earning season continues. What's going on in the markets?
The Japanese yen fell to its lowest level against the US dollar in 33 years. Read the full report to learn the next target for USDJPY!
The US stock market fell in the third quarter. What's going on and why economists think that the last quarter will be better? Let's discuss it all here.
BlackRock CEO forecasts the Fed may have to raise rates further. The US dollar index (DXY) gains 130 points today. Read the full report to get more fresh news and technical analysis!