On Monday 4th: Nothing
On Tuesday 5th: Australian RBA Interest Rate Decision, Canadian Balance of Trade, American ISM Services PMI, Presidential Election
On Wednesday 6th: Canadian Ivey PMI
On Thursday 7th: Australian Balance of Trade, Chinese Balance of Trade, German Balance of Trade, UK BoE Interest Rate Decision, American Fed Interest Rate Decision
On Friday 8th: Canadian Unemployment Rate and American Michigan Consumer Sentiment Prel
Monday 4th of November
Nothing
Major Earnings Releases:
● Berkshire Hathaway
● BioNTech
● Vertex Pharmaceuticals
● AAON Inc
● Loews Corporation
Tuesday 5th of November
The Reserve Bank of Australia (RBA) held its key interest rate steady at 4.35% during its September meeting. This decision marked the seventh consecutive meeting with no change in borrowing costs, aligning with market expectations. While the RBA acknowledged that headline inflation is expected to decline further, it expressed concerns over persistent price pressures. The central bank does not anticipate reaching its 2-3% inflation target until 2026. Market analysts predict that the RBA will maintain the current interest rate at 4.35% during its next rate decision, scheduled for 3:30 AM GMT.
Canada posted a trade deficit of CAD 1.10 billion in August 2024, a significant increase from the revised CAD 0.29 billion deficit in July. This figure exceeded market expectations of a CAD 0.5 billion shortfall and marked the sixth consecutive month of trade deficits. The widening trade imbalance highlights ongoing challenges in Canada's trade dynamics. Market participants forecast that Canada's Balance of Trade will widen to a CAD -1.3 billion deficit for September, with the data scheduled for release at 01:30 PM GMT.
In the United States, the ISM Services PMI surged to 54.9 in September 2024, up from 51.5 in August, marking the strongest expansion in the services sector since February 2023. This growth was driven by accelerated increases in business activity, new orders, and inventories, even as employment decreased, price pressures intensified, and order backlogs remained low. Supplier deliveries also returned to expansionary territory. Market expectations for October anticipate a slight decrease in the ISM Services PMI to 54.8, with the report due at 03:00 PM GMT.
Election Day in the United States.
Major Earnings Releases:
● DHL Group
● Bouygues
● Fresenius Medical Care
● Hugo Boss
● Zalando
● Ferrari
● Uber Technologies
● Marathon Petroleum
Wednesday 6th of November
In September 2024, the Ivey Purchasing Managers Index (PMI) in Canada surged to 53.1, recovering from a more than three-and-a-half-year low of 48.2 recorded in August. This latest reading indicated a strong renewal of expansion in Canadian economic activity, with the pace supported by a price index that reached its lowest level in six months. Despite this momentum, the employment gauge declined, and the inventories index showed a slight easing. Market participants are anticipating a further rise in Canada’s Ivey PMI to 53.2 in October, with the data set for release at 03:00 PM GMT.
Major Earnings Releases:
● Ageas
● Solvay
● BMW
● Commerzbank
● Enel
● Credit Agricole
● Teleperformance
● PUMA
● Henkel
● Unicredit
● Tenaris
● Toyota Motor
● Virgin Galactic
● Chesapeake
● Qualcomm
● BIOGEN
● Arm Holdings
● Beyond Meat
● Kellogg Company
● WALT DISNEY
● CVS Health
● McKesson
● Marathon Oil
● Novo Nordisk
Thursday 7th of November
Australia's trade surplus on goods reached AUD 5.64 billion in August 2024, holding steady from a downwardly revised figure from July. This marks the largest trade surplus since April, even as there were minor decreases in both exports and imports. Projections for September suggest that Australia’s Balance of Trade will increase to AUD 8.2 billion, with the report scheduled for release at 12:30 AM GMT.
In China, the trade surplus expanded to USD 81.71 billion in September 2024 from USD 75.5 billion during the same month a year prior. Export growth continued, rising by 2.4% year-over-year, though this fell short of forecasts for 6% and marked the slowest growth pace in five months, following an 8.7% increase in August. Imports inched up by 0.3%, decelerating from August's 0.5% rise and missing the consensus estimate of 0.9%, reflecting continued softness in domestic demand. Market expectations for October suggest a decrease in China’s trade surplus to USD 66 billion, with the data expected at 03:00 AM GMT.
Germany’s trade surplus grew to EUR 22.5 billion in August 2024, up from a revised EUR 16.9 billion in July and surpassing the forecasted EUR 18.4 billion. This increase represents the largest trade surplus since May, driven by an unexpected rise in exports and a drop in imports. Looking ahead, analysts expect Germany's Balance of Trade for September to decrease to EUR 18 billion, with the release scheduled for 07:00 AM GMT.
In September 2024, the Bank of England maintained the Bank Rate at 5% following a 25 basis point cut in August—the first rate reduction in over four years. This decision aligned with market expectations, although one member of the committee advocated for an additional 0.25 percentage points cut to bring the rate down to 4.75%. Annual inflation is projected to edge up to around 2.5% by the end of the year as base effects from last year's energy price declines phase out. Meanwhile, headline GDP growth is anticipated to stabilize at approximately 0.3% per quarter in the second half of the year. Market analysts expect the BoE to reduce rates from 5% to 4.75%, with the next decision due at 12:00 PM GMT.
During the Federal Reserve’s September 2024 meeting, officials showed uncertainty over the extent of future rate cuts, ultimately opting for a 50-basis-point reduction to address inflation goals alongside labor market concerns. The Fed clarified that this reduction should not be viewed as a sign of a deteriorating economic outlook or as a signal of accelerated policy easing beyond participants’ calculated path. Most members expressed confidence that inflation was approaching a sustainable path toward the 2% target. The Fed’s decision lowered the federal funds target range by 50 basis points to 4.75%-5%, marking the first rate cut since March 2020, with an additional 100 basis points of cuts anticipated by year-end. Market expectations lean toward a further rate cut from 5% to 4.75%, with the decision due at 07:00 PM GMT.
Major Earnings Releases:
● Grifols
● NATIONAL
● KBC Group
● Weibo Corporation
● Air France-KLM
● LEGRAND
● ENGIE
● Veolia Environnement
● HeidelbergCement
● Daimler
● Rheinmetall
● Poste Italiane
● Honda Motor
● Energias De Portugal
● Telefonica
● ACS Actividades de Construccion y Servicios
● Halliburton
● Expedia Group
● AMC Holdings
● Novavax
● Barrick Gold
● Gilead Sciences
● Aurora Cannabis
Friday 8th of November
Canada's unemployment rate edged down to 6.5% in September 2024, a slight improvement from the 34-month high of 6.6% reached in August. This represents the first monthly decrease in the unemployment rate since January, providing some relief from concerns about labor market softness that had been flagged by the Bank of Canada. Analysts expect the unemployment rate to hold steady at 6.5% in October, with the latest data scheduled for release at 01:30 PM GMT.
In the United States, the University of Michigan consumer sentiment index was revised upward to 70.5 in October 2024, from an initial reading of 68.9, marking a third consecutive monthly increase and the highest level in six months. Both current economic conditions and future expectations were revised higher. The improvement this month was driven by slight gains in buying conditions for durable goods, partly influenced by easing interest rates. With the upcoming election on the horizon, consumer expectations remain cautious. Market projections for November suggest a further increase in the index to 70.6, with the preliminary report expected at 03:00 PM GMT.
Major Earnings Releases:
● Compagnie Financiere Richemont
● Sony
● Cellnex Telecom
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