Rise and shine Traderade family and Happy Monday!
We have Manufacturing data coming out from around the world, a whole roster of Fed speakers in the US. Plus: it’s Jobs Friday this week.
Be sure to check out our “Navigating the Week Ahead” post over the weekend from Mayhem and our “Market Prep” post from Horse.
Europe, Middle East, Africa
Opec+ Meeting is to be held in person for the first time since the pandemic and the rumor is that they are planning a cut in production of over 1 million barrels. Brent and WTI are both up over 4% overnight. [I keep saying OPEC is a cartel, they will behave like one!]
The UK’s chancellor Kwasi Kwarteng has scrapped a decision to lower the top rate of income tax. The GBP and Gilt prices saw a rise but the FTSE Stock Index still remains muted, declining slightly.
Credit Suisse shares were down 9% in the early trading in Zurich on rumors that the Bank is under financial stress. The Bank has been struggling to fortify their balance sheet after the significant losses experienced with the blow up of Archegos Capital and Greensill Capital.
Asia and Australia
Turkish inflation hits 24-year high of 83.5%. The Turkish Lira is down 27% against the USD.
Stock prices of Chinese property companies jumped this morning following a series of policy support announcements from the Regulators - bailout funds, special loans to finish properties and lowering housing provident fund loans by 0.15 percentage points for first-time homebuyers starting from October, the first cut in such loans since 2015.
The Americas
Tesla on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries. They delivered 343,830 in Q3 vs. the forecast of 371,000. Q2 deliveries were 255,000.
Brazil’s elections are in limbo as the Brazilian President Jair Bolsonaro fought his way through to a runoff election against Luiz Inacio Lula da Silva on Oct. 30
Calendar