As trading commences on Wednesday, November 13, 2024, investors awaited the latest U.S. consumer price index data for insights on the pace of inflation.
ASIA/PACIFIC
-The Australian stock market closed in the red for third consecutive day on Wednesday, tracking losses on Wall Street as the U.S. postelection rally stalled overnight.
-Asian stocks hit two-month lows as investors assessed corporate goods data out of Japan, which showed year-on-year producer price growth in October reached its highest since July last year at 3.4%.
-The annual inflation rate in India soared to 6.21% in October of 2024 from 5.49% in the previous month, well above market expectations of 5.81% to mark the highest inflation rate in over one year.
. EUROPE
– European stock markets opened mostly lower and traded mostly lower at the close as investors scrutinized the latest consumer price report from the U.S., which saw annual inflation accelerating in October.
-Member of the European Central Bank (ECB) Governing Council and Bank of France Governor Francois Villeroy de Galhau indicated that more interest rate cuts could be on the horizon.
-Bank of England Monetary Policy Committee member Catherine Mann during a panel discussion organized by BNP Paribas cautioned about the upward risk of inflation despite the progress made in recent months.
. AMERICAS
North America
– U.S. major stock indices traded mostly higher in the premarket session on Wednesday, as investors expected the release of the Consumer Price Index (CPI) data later in the day.
Latin America
-The Brazilian stock exchange, B3, experienced a turbulent October in 2024. Financial volumes dipped, and foreign investors continued their exodus from the market, the Rio Times reported.
-Venezuela’s oil industry has shown signs of recovery, with crude production reaching its highest level this year.
. AFRICA
-Egypt explores retail bond market to boost financial inclusion, Daily News Egypt reported.
-South Africa is the most expensive country for international money transfers, according to the World Bank’s Remittance Prices Worldwide report, as the average cost of sending $200 from the country is 13.18%, up from 12.82% in Q4 2023.
-Zimbabwe Stock Exchange self-listing faces possible delays amid regulatory approvals, The Zimbabwe Mail reported.
. MIDDLE EAST
-Most stock markets in the Gulf fell in early trade on Wednesday, tracking Asian shares lower and ended the day in the red.
-Dutch bank ING Group could double wholesale banking team in Middle East, Zawya reported.
-Saudi Arabia’s United International Holding Company (UIHC) has completed the book-building process for participating parties, setting the final offer price for its initial public offering (IPO) at SAR 132 per share.
. COMMODITIES
GOLD
Spot gold rose 0.4% at $2,608.18 per ounce by 0200 GMT while U.S. gold futures was up 0.3% at $2,614.10.
SILVER-PLATINUM-PALLADIUM
Spot Spot silver rose 0.7% at $30.91 per ounce. Platinum added 0.5% to $952.80 and palladium
nudged 0.7% higher at $951.13.
OIL
Brent futures rose 13 cents or 0.18% to $72.02 a barrel by 0205 GMT, and U.S. West Texas Intermediate (WTI) crude futures gained 13 cents, or 0.19%, to $68.25.
