ASIA/PACIFIC
-The Australian stock market posted solid gains on Wednesday (Nov. 6) after Wall Street surged overnight ahead of the U.S. presidential election results.
-Asian stocks ended mixed as Republican Donald Trump moved step closer to winning White House. Expectations that he could impose tariffs of 60% or more on goods from China, sent domestic Chinese stocks lower.
-The Bank of Japan September monetary policy meeting minutes showed members were in agreement over the central bank raising rates if economic and price growth meets expectations.
. EUROPE
– European stocks rose sharply on Wednesday morning but closed lower as Donald Trump won the United States elections with a clear majority of 270 seats.
-The euro hit it lowest against dollar since June as Trump won. The common currency plunged 2.17% against the greenback, changing hands for 1.06894 at 1:33 pm CET.
-The Bank of England is widely expected to cut rates on Thursday, in the second such trim this year.
. AMERICAS
North America
– Major stock market indices in the United States opened higher following the victory of Trump in the 2024 presidential election. Investors seemingly interpreted his triumph as a positive sign for trading, with the dollar and the US Treasury yields also rising on the news.
Latin America
-Swiss banking giant Julius Baer may be considering selling its Brazilian operations, with Goldman Sachs allegedly overseeing the potential divestment, according to reports.
-The Mexican peso tumbled to its weakest level in over two years as U.S. election results trickled in.
. AFRICA
-Investors prefer longer-term government securities amid inflation concerns, according to a report by the Central Bank of Nigeria.
-Egypt will launch an international gold exploration bid round in the Eastern Desert before the end of this year, a government official told Asharq Business.
-South Africa’s rand briefly fell to R17.80 to the dollar in the early hours of Wednesday morning, before recovering slightly.
. MIDDLE EAST
-Stock markets in the GCC rose in early trade on Wednesday following Trump’s victory.
-UAE’s retailer Lulu has priced its offering at 2.04 UAE dirhams ($0.56) per share, at top of the range, implying a market capitalisation of AED 21.1 billion. The company has raised $1.72 billion via the IPO, making it the largest UAE IPO of 2024 to date.
-The UK has become by far the largest source of qualified foreign investor trades on Tadawul, Sarah Al-Suhaimi, chair of Saudi Tadawul Group, told the Capital Markets Forum Saudi-UK Dialogue 2024 event in London.
. COMMODITIES
GOLD
Spot gold held its ground at $2,740.61 per ounce on Wednesday while U.S. gold futures was marginally lower at $2,749.10 per ounce, Reuters reported.
OIL
Brent crude oil futures were down $2.01, or 2.66%, at $73.52 per barrel by 8:33 a.m. ET, while U.S. West Texas Intermediate (WTI) crude fell $2.08, or 2.89%, to $69.91 per barrel.
