🌍 Macro in focus
Fed hike bets and oil are driving markets. 🇺🇸 October CPI rose 0.4% m/m, above forecasts, and core held at 0.3%. Markets now price roughly an 85% chance of a December hike, with a 50 bp move being discussed. The US 10Y yield is around 5.1% 📈 and the dollar is near 19-month highs 💵. 🛢️ Oil is back in focus after Trump said no Iran deal is needed. The US blockade stays in place and Hormuz risks remain.
🌏 Asian markets
Asia is mostly lower after Nvidia’s CEO shake-up. 📉
▫️ 🇯🇵 Nikkei 225: 61,216 (+0.65%), the standout gainer
▫️ 🇭🇰 Hang Seng: 23,649 (–1.5%), with tech under pressure
▫️ 🇨🇳 Shanghai Composite: 3,637 (–0.5%)
▫️ 🇰🇷 Kospi: 5,298 (–0.85%)
▫️ 🇮🇳 Nifty 50: 25,139 (–0.6%)
💴 USD/JPY is back at 160.10, so Japan’s FX intervention warnings are in focus.
🇺🇸 Wall Street
Thursday’s close was lower.
▫️ S&P 500: 7,592 (–0.35%)
▫️ Nasdaq: 25,366 (–0.39%)
▫️ Dow: 52,297 (–0.36%)
Nvidia fell 4.3% 💥 after Jensen Huang left the CEO role. Nvidia reports earnings on November 17.
🇪🇺 Europe
European stocks closed higher on Thursday, with the STOXX 600 at a record. 🏆 DAX 26,772 (+0.4%), FTSE 100 10,863 (+0.25%).
💱 Markets snapshot
▫️ EUR/USD: 1.1059
▫️ 🥇 Gold: ~$3,894, near yearly lows
▫️ 🛢️ Brent: $96.12, WTI: $88.60
▫️ ₿ Bitcoin: ~$68,700 (–6.6%), below $70,000 for the first time since August ⚠️
▫️ Ethereum: ~$1,930 (–5.6%), below $2,000
📅 Today’s calendar (GMT)
▫️ 13:30 – 🇺🇸 PPI and Core PPI (October), forecast around +0.4% and +0.3% m/m
▫️ 15:50 – 🇺🇸 Fed’s Bowman speaks
👀 Watch: a hot PPI would lift the dollar and yields and add pressure on gold and crypto. 🚀
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