Market Talk – October 30, 2023

ASIA:

The major Asian stock markets had mixed day today:

• NIKKEI 225 decreased 294.73 points or -0.95% to 30,696.96
• Shanghai increased 3.77 points or 0.12% to 3,021.55
• Hang Seng increased 7.63 points or 0.04% to 17,406.36
• ASX 200 decreased 54.00 points or -0.79% to 6,772.90
• Kospi increased 7.74 points or 0.34% to 2,310.55
• SENSEX increased 329.85 points or 0.52% to 64,112.65
• Nifty50 increased 93.65 points or 0.49% to 19,140.90

The major Asian currency markets had a mixed day today:

• AUDUSD increased 0.0035 or 0.55% to 0.63690
• NZDUSD increased 0.0018 or 0.31% to 0.58310
• USDJPY decreased 0.524 or -0.35% to 149.076
• USDCNY decreased 0.00653 or -0.09% to 7.32617

The above data was collected around 12:50 EST.

Precious Metals:

Gold decreased 7.22 USD/t oz. or -0.36% to 1,998.56

Silver increased 0.191 USD/t. oz or 0.82%% to 23.331

The above data was collected around 13:51 EST.

Some economic news from last night:

Australia:

Retail Sales (MoM) (Sep) increased from 0.3% to 0.9%

No economic news from today:

EUROPE/EMEA:

The major Europe stock markets had a green day today:

•  CAC 40 increased 29.69 points or 0.44% to 6,825.07
•  FTSE 100 increased 36.11 points, or 0.50% to 7,327.39
•  DAX 30 increased 29.13 points or 0.20% to 14,716.54

The major Europe currency markets had a mixed day today:

• EURUSD increased 0.00495 or 0.47% to 1.06135
• GBPUSD increased 0.00359 or 0.30% to 1.21579
• USDCHF decreased 0.00017 or -0.02% to 0.90183

The above data was collected around 14:25 EST.

Some economic news from Europe today:

Swiss:

KOF Leading Indicators (Oct) decreased from 95.9 to 95.8

Spain:

Spanish CPI (YoY) (Oct) remain the same at 3.5%

Spanish HICP (YoY) (Oct) increased from 3.3% to 3.5%

Germany:

German GDP (YoY) (Q3) decreased from 0.0% to -0.3%

German GDP (QoQ) (Q3) decreased from 0.1% to -0.1%

German CPI (MoM) (Oct) decreased from 0.3% to 0.0%

German CPI (YoY) (Oct) decreased from 4.5% to 3.8%

US/AMERICAS:

Semiconductor shares fell 20% on October 30th after the company offered weaker-than-expected guidance for its fourth quarter. The company expects revenue to fall between $1.95 billion and $2.05 billion, while Wall Street was expecting $2.18 billion. Analysts said investors should “remain cautious.” ON Semiconductor’s guidance suggests the company has “finally succumbed to macro pressures” like softening demand for cars. The company’s third-quarter report beat expectations but offered weak guidance for the rest of the year. Despite the weak guidance, analysts believe the company’s structural improvements will yield better outcomes than it saw in past cycles. In other news, the US economy grew at a 4.9% annualized pace in Q3 2023, exceeding expectations and marking the biggest gain since Q4 2021. The increase was due to contributions from consumer spending, increased inventories, exports, residential investment, and government spending.

US Market Closings:

• Dow advanced 511.37 points or 1.58% to 32,928.96
• S&P 500 advanced 49.45 points or 1.2% to 4,166.82
• Nasdaq advanced 146.47 points or 1.16% to 12,789.48
• Russell 2000 advanced 10.35 points or 0.63% to 1,647.29

Canada Market Closings:

• TSX Composite advanced 119.37 points or 0.64% to 18,856.76
• TSX 60 advanced 7.32 points or 0.65% to 1,131.9

Brazil Market Closing:

• Bovespa declined 769.83 points or -0.68% to 112,531.52

ENERGY:

The oil markets had a negative day today:

• Crude Oil decreased 3.174 USD/BBL or -3.71% to 82.367
• Brent decreased 2.805 USD/BBL or -3.10% to 87.675
• Natural gas decreased 0.1254 USD/MMBtu or -3.60% to 3.3576
• Gasoline decreased 0.0657 USD/GAL or -2.84% to 2.2468
• Heating oil decreased 0.1001 USD/GAL or -3.28% to 2.9518

The above data was collected around 13:51 EST.

•   Top commodity gainers: Platinum (3.01%), HRC Steel (2.28%), Orange Juice (2.49%), and Aluminum (1.67%)
•   Top commodity losers: Crude Oil (-3.71%), Natural Gas (-3.60%), Brent (-3.10%), and Heating Oil (-3.28%)

The above data was collected around 14:34 EST.

BONDS:

Japan 0.900%(+2.7bp), US 2’s 5.05% (+0.036%), US 10’s 4.8815%(+3.65bps); US 30’s 5.04% (+0.019%), Bunds 2.822% (-1.3bp), France 3.435% (-1.7bp), Italy 4.74% (-7.2bp), Turkey 26.44% (-14bp), Greece 4.143% (-1bp), Portugal 3.526% (-2.1bp), Spain 3.895% (-3.4bp) and UK Gilts 4.558% (+1.3bp).

The above data was collected around 14:38 EST.