INTEREST RATES in focus this week, Australia (Tues), US (Wed), UK (Thu) all expected to rise again. End of week also sees non-farm data release. Euro inflation keeps climbing to new highs. $Wheat - main 2212(ZWmain)$futures spike up (see attached chart) on Russia abandoning grain deal. $Tesla Motors(TSLA)$want to buy into $GLENCORE PLC(GLEN.UK)$?! US earnings fail from the big boys last week. Another busy US earnings week ahead - see below for my picks.
Earlier today: AUD Retail Sales (MoM) (Sep) as expected. Chinese Manufacturing PMI (Oct) worse than expected. EUR CPI (YoY) (Oct) up to 10.7%.
Trending on Social Media this morning:
USA: META (see attached chart), Adidas, FRGT, KAL, TSHA, PCVX sectors: diesel fuel stocks,
UK: META, Adidas, AMC, VOD, sectors: China tech stocks
AUD: META, Adidas, BABA, sectors: China tech stocks
Stock markets: Slightly higher than where we were this time last week, but a weaker start Monday morning: FTSE 7042 -0.29% DAX 13263 +0.15%, Nasdaq100 11500 -0.75%, S&P500 3889 -0.5%
Commodities: Nat Gas up nearly 10% to 6.218, Wheat up nearly 6% on Russian grain deal failure at 877, WTI crude oil at 86.50 USD -1.51%. Heating oil -18.81% at 3.695.
Crypto: Cryptos a bit stronger: Bitcoin trading 20735, Ethereum at 1621. ATOM, BNB, DOGE, MATIC, XRP, QNT the strongest of the larger coins.
Forex: USD still king of the roost! GBP holding recovery. EUR strengthening. AUD, JPY weak and CHF giving back strength gains. Pair combo ideas: +USDJPY, -AUDUSD, +GBPUSD, +GBPJPY, +USDCHF (see currency strength chart attached)
Scheduled economic news events to watch out for this week: (Times = GMT)
TUES: 01:45 CNY Caixin Manufacturing PMI (Oct), 03:30 AUD RBA Interest Rate Decision (Nov) expected vs previous 2.85% 2.60%,03:30 AUD RBA Rate Statement, 09:30 GBP Manufacturing PMI (Oct),14:00 USD ISM Manufacturing PMI (Oct), 14:00 USD JOLTs Job Openings (Sep), 21:45 NZD Employment Change (QoQ) (Q3), 22:00 NZD RBNZ Gov Orr Speaks, 22:00 NZD RBNZ Press Conference
WED: All Day Holiday Mexico - All Saint's Day, 08:55 EUR German Manufacturing PMI (Oct), 08:55 EUR German Unemployment Change (Oct), 12:15 USD ADP Nonfarm Employment Change (Oct), 14:30 USD Crude Oil Inventories 2.588M, 18:00 USD FOMC Statement, 18:00 USD Fed Interest Rate Decision expected 4.00% vs previous 3.25%, 18:30 USD FOMC Press Conference.
THURS: All Day Holiday Japan - Culture Day, 08:05 EUR ECB President Lagarde Speaks, 09:30 GBP Composite PMI (Oct), 09:30 GBP Services PMI (Oct),12:00 GBP BoE Interest Rate Decision (Nov) expected 3.00% versus previous 2.25%, 12:30 GBP BoE Gov Bailey Speaks, 12:30 USD Initial Jobless Claims, 14:00 USD ISM Non-Manufacturing PMI (Oct),14:15 GBP BoE Gov Bailey Speaks
FRI: Holiday Sweden - All Saint's Day, 09:30 GBP Construction PMI (Oct), 09:30 EUR ECB President Lagarde Speaks, 12:30 USD Nonfarm Payrolls, 12:30 USD Unemployment Rate (Oct), 12:30 CAD Employment Change (Oct),14:00 CAD Ivey PMI (Oct)
US Earnings to watch this week - another big week ahead! My picks: LLY, PFE, TM, COP, AMGN, QCOM, CVS, BP, AMD, PYPL, SBUX, REGN, EOG, ABNB, ZTS, MRNA, UBER, MNST, FTNT, SQ, EA, EBAY, COIN, MGM, HOOD, ROKU, LTHM.
Good luck with the trading!
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