ASIA/PACIFIC
-The Australian stock market kicked off the new trading week firmly in the green with all eyes now on Australia’s central bank interest rate decision on Tuesday.
-Asian markets rose on Monday as investors await China’s parliament meeting outcome for stimulus details and China’s October trade data.
-India’s central bank is well-equipped for post-U.S. election volatility, Reuters reported citing sources familiar with the bank’s thinking.
. EUROPE
– Major European stock markets opened mixed on Monday.
-The Bank of England is expected to cut interest rates on Thursday (Nov. 7) despite looser fiscal policy, the Financial Times reported.
-Germany’s manufacturing sector remained in contraction territory at 43.0 in October, according to S&P Global and Hamburg Commercial Bank (HCOB). The Eurozone Manufacturing Purchasing Managers Index (PMI) stood at 46.0 in September, reaching a 5-month high, a HCOB joint report revealed.
. AMERICAS
North America
– U.S. stock futures were mixed early Monday as investors geared up for the highly-anticipated U.S. presidential election due to take place on Tuesday and the Federal Reserve’s monetary policy meeting on Thursday.
Latin America
-Argentina’s central bank cut its benchmark interest rate to 35% in a surprise move on Friday (Nov.1).
-Wages in Uruguay grew 6.95% year-on-year, although real wages fell in September, according to a report from Uruguay National Statistics Institute (INE).
. AFRICA
-Credit ratings agency Fitch raised Egypt’s rating to “B” from “B-“, citing the country’s stronger finances on the back of several foreign investments and support, and tighter monetary conditions.
-African private capital activity declines by 11% YTD amid world market challenges, according to a report by the African Private Capital Association (AVCA).
-In early trading, the South African rand spiked to its best level (R17.50/$) in almost two weeks on Monday, amid dollar weakness as US election and likely Fed rate cut loom.
. MIDDLE EAST
-Oman’s OQ Base Industries plans to offer 49% of its shares in an IPO on the Muscat Stock Exchange, with a listing expected in December, Zawya reported.
-Saudi Basic Industries Corp (SABIC), one of the biggest petrochemical companies globally, posted 1 billion riyals ($266 million) in profit in the third quarter, from a net loss of SAR 2.88 billion in the year-ago period.
-Abu Dhabi-based investment holding company, Alpha Dhabi, saw its Q3 2024 net profit jump 83% year-on-year (YoY) to 7.5 billion dirhams ($2.04 billion).
. COMMODITIES
GOLD
Spot gold edged up by 0.1% to $2,738.32 per ounce, as of 0227 GMT while U.S. gold futures
were flat at $2,747.80 according to Reuters.
OIL
Brent futures rose by $1.14 per barrel, or 1.56%, to $74.24 a barrel while U.S. West Texas Intermediate crude also increased by $1.14 a barrel, or 1.64%, to $70.63 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month.
