As trading commences on Thursday, November 14, 2024, upcoming employment figures from the United States take center stage. Focus also on Fed Chair Jerome Powell who is set to speak in Dallas, Texas.
ASIA/PACIFIC
-The Australian stock market closed in the green on Thursday as Australia’s unemployment rate remained steady in October at 4.1% as economists had expected.
-Asian markets mostly fell with Hong Kong’s Hang Seng index leading losses in the region after the U.S. October consumer price index reading reinforced expectations that the Fed would cuts rates again in December.
-Reserve Bank of India (RBI) Governor Shaktikanta Das speaking in Mumbai on Thursday at CNBC-TV18′s Global Leadership Summit warned growing risk of global inflation returning.
. EUROPE
– Major stock market indices in Europe opened mostly higher and closed in the green as investors assessed the most recent economic data.
-The Eurozone’s gross domestic product (GDP) increased by 0.4% in Q3 2024 matching expectations. Industrial production was down 2% in September compared to the previous month, Eurostat data showed.
-Norway’s oil and gas industry is poised for record-breaking investments this year, maintaining its projected 256.1 billion crowns ($22.9 billion) according to Statistics Norway.
. AMERICAS
North America
– U.S. stock futures traded higher on Thursday amid a new batch of economic data and earnings reports. After showing a lack of direction for much of the session, stocks came under pressure in the latter part of the trading day on Thursday.
Latin America
-Argentina’s central bank has unveiled a new 20,000 peso banknote, worth about $20.
-Mexico is looking to address Petroleos Mexicanos’ nearly $100 billion debt load without having the company turn to capital markets in the short term, Bloomberg reported.
. AFRICA
-The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) at an aggregated value of EGP 50 billion in two tranches on Thursday (Nov. 14).
-The Central Bank of Nigeria’s October 2024 Inflation Expectations Survey (IES) has revealed a strong desire among Nigerians for lower interest rates, with 76% of respondents advocating for a rate reduction amid economic pressures.
-South Africa’s unemployment rate fell to 32.1% in Q3 of 2024, down from a two-year high of 33.5%% in the prior period, marking the first decrease since Q3 2023.
. MIDDLE EAST
-Most stock markets in the Gulf edged higher in early trade on Thursday (Nov. 14) and ended the day mixed.
-The banking sector in the GCC is expected to maintain strong performance in 2025, “even though it will likely be modestly affected by lower interest rates,” according to a report from S&P Global Ratings released on Wednesday (Nov. 13).
-Dubai-listed Shuaa Capital expects to begin its mandatory convertible bonds (MCB) offering by the first quarter of 2025, the investment bank said, as it narrowed Q3 2024 loss to 22 million dirhams ($6 million).
. COMMODITIES
GOLD
Spot gold was down 0.6% at $2,559.39 per ounce, as of 0244 GMT, while U.S. gold futures
fell 0.9% to $2,564.00.
SILVER-PLATINUM-PALLADIUM
Spot silver fell 0.9% to $30.05 per ounce while platinum lost 0.5% to $933.10 and palladium
dropped 0.8% to $925.75.
OIL
Brent crude futures were down 6 cents, or 0.08%, at $72.22 a barrel by 0133 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 13 cents, or 0.19%, at $68.30.
TODAY’S MARKET DATA SNAPSHOT
STOCK INDEX – PRICE – CHANGE
| ASX200 | 8,224 | 0.4% |
| NIKKEI 225 | 38,535.70 | -0.5% |
| STOXX600 | 507.03 | 1.08% |
| DJIA | 43,750.86 | -0.47% |
| S&P 500 | 5,949.17 | -0.60% |
| NASDAQ | 19,107.65 | -0.64% |
