- Bank of England to deliver 50 bps interest rate cuts in Q4 2024: JP Morgan
- Goldman Sachs predicts a 35% probability of further OPEC+ 'insurance' output cuts
- Chinese Government advisers recommend economic growth target of 5% for 2024
- Goldman Sachs say Chinese stocks could post their first index gains in four years in 2024
- Bank of Canada Governor Tiff Macklem speaks on Wednesday, 22 November
- ICYMI - Agreement reached for 50 hostages to be released, 4 day pause in Gaza fighting
- European Central Bank appearances Wednesday by Centeno, Elderson
- Bank of Japan trims the amounts of JGBs its buying
- PBOC sets USD/ CNY mid-point today at 7.1254 (vs. estimate at 7.1468)
- Oil with a pop higher
- US military has carried out strikes against two Iran-backed facilities in Iraq
- Singapore central bank reaffirms that its current monetary policy settings are appropriate
- Goldman Sachs: US fiscal discipline unlikely, steepening yield curve expected
- Bitcoin has fallen as low as circa $35.8K
- Singapore's Q3 GDP beats earlier expectations: +1.4% q/q
- Australian Leading Index stumbles further, points to more weak growth ahead
- Japan's government slashed its view on the economy, first such downgrade in 10 months
- Northvolts breakthrough battery with no critical minerals could minimise reliance on China
- Oil price forecast: Brent crude expected to reach $80/bbl on a 3 month time horizon
- McDonald's raises its stake in its China business, even as other multinationals pull back
- Amazon (AMZN) founder Jeff Bezos is expected to offload more of his shares
- Nvidia shares poised for 8% surge in Wednesday trade, defying market apprehensions
- Forexlive Americas FX news wrap 21 Nov:Fed minutes are a bit less hawkish than expectation
- Private oil survey data shows MUCH larger headline crude build than was expected
- Canadian government economic update: 2024 growth forecast slashed, higher deficits to come
- US stocks take a pause and snaps a five-day run to the upside
- Trade ideas thread Wednesday, 22 November, insightful charts, technical analysis, ideas
We had some political news during the session as macroeconomic releases dried up.
The US military confirmed it had conducted strikes on two sites in Iraq, both Iran-sponsored facilities, an operations centre and a command node used by Hezbollah.
Later there was news from the Israeli government that Hamas will free 50 of the roughly 240 hostages it is holding in the Gaza Strip over a four-day period. There will be a pause in fighting during these four days.
For markets this was mixed news. Oil has net fallen in price during the session after small swings both ways. Earlier in the session the private survey of inventory reported a much, much larger build than was expected.
From Singapore we had the final estimate for 3Q GDP. This showed the economy grew a better-than-expected 1.1% y/y (expected +0.8%, preliminary reading +0.7%) and +1.4% q/q.
Major FX rates traded in limited ranges.
USD/JPY broadly sideways:
