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rssThe indifference of the S&P 500 towards the chairman of the Fed.
South Korean central bank raise base rate by 25bps to 1% (as expected)
Bank of Korea hikes their 7-Day repo rate by 25bps
Pre-decision polling showed a hike was expected.
South Korean consumer inflation rose 3.2% y/y in October
- fastest on-year gain since January 2012
China financial press says further fiscal support incoming
China Securities Journal with the report, citing analysts:
- more fiscal support to be used
- will assist in supporting growth
- the domestic economy will benefit, will have a solid beginning to 2022
SG eyeing 115.50 in USD/JPY, target as high as above 117
Société Générale have outlined levels they are watching for USD/JPY.
Analysts at the bank nominate 115.50 as a level from back in March of 2017.
- Say that if there is a pullback from there then the lowe from last week circa 113.60 should ‘cushion’ it.
On a break above 115.50, the topside objective is projected at 116.50 with potential to 117.10.
COMEX UPDATE – #Silver back to adding, over 570,000 ounces today. – #Gold added more as well, over 185,000 ounces, though some did come out of the Eligible category.
US stocks finish near the best levels of the day
Early worries vanish
Data showing a strong consumer and tight jobs market didn’t hurt equities, neither did a surprising hawkish turn from the SF Fed President.
US equities started lower but touched the lows of the day within minutes. From there it was a slow, low volatility grind higher as US traders slowly filed out for a long weekend.
- S&P 500 up 11 points to 4710 (+0.2%)
- Nasdaq +0.4%
- DJIA flat
- Russell 2000 +0.2%
Thought For A Day
Kuwait official: OPEC+ discussions have not yet started
The chatter will certainly pick up
A Kuwaiti energy official says that OPEC+ discussions ahead of the meeting next week have not yet started and as such, Kuwait does not yet have any position.
Fair enough.
In other energy news, US natural gas inventories were drawn down by 21 bcf compared to -22 bcf expected.
European equity close: Mixed bag with Italian shares leading the way
Closing changes from the main bourses:
- UK FTSE 100 +0.3%
- German DAX -0.3%
- French CAC +0.1%
- Spain IBEX -0.4%
- Italy MIB +0.7%
There was a nice turnaround in Italian stocks today.
