Macroeconomic/ geopolitical developments
- Mixed Results from Big Tech – Amazon.com, Alphabet (Google’s parent), Meta Platforms (the owner of Facebook), and Microsoft generally reported robust growth that surpassed market expectations, but hints of rising expenses, which cast a shadow on their stock performance.
- Mixed Macro Data – GDP Hotter Than Expected, US Flash PMI Edges Higher, US PCE Mixed.
- ECB Rates Unchanged – a unanimous choice to leave the key deposit rate untouched at 4%.
- Yields Continue Higher – the 10-year U.S. Treasury yield surged past the 5% threshold, a level unseen for 16 years.
Global financial market developments
- US and global equity index futures sold off again, and technically remain vulnerable.
- US and global yields moved significantly higher, with USTs again hitting multi-year high yields.
- The US Dollar Index consolidated again last week having previously dipped back from multi-month highs.
- Gold futures pushed still higher last week to new multi-month highs.
- Oil futures posted a negative consolidation last week, damaging bullish forces.
Key this week
General: UK and EU Daylight Saving Time ended at the weekend, so for this week there is only a 4-hour time difference between London and New York. Daylight Saving Time ends in the US next weekend, 4/5 November.
Central Bank Watch: The Bank of Japan interest rate decision, FOMC and Bank of England interest rate decisions are on Tuesday, Wednesday, and Thursday respectively.
Macro Data Watch: German and EU GDP and CPI are released on Monday and Tuesday respectively, ADP Employment change is released Wednesday, plus S&P Global and ISM Manufacturing, then Services and Composite PMI data are out Wednesday then Friday respectively, with the US Employment report also out Friday.,
Earnings Watch: The key standout this week will be Apple reporting on Thursday.
| Date | Key Macroeconomic Events |
| 10/30/2023 | UK and EU Daylight Saving Time ended at the weekend; German GDP and CPI |
| 10/31/2023 | Bank of Japan interest rate decision; EU GDP and CPI; Canada GDP |
| 11/01/2023 | ADP Employment change; S&P Global and ISM Manufacturing PMI; FOMC interest rate decision |
| 11/02/2023 | German Employment report; Bank of England interest rate decision |
| 11/03/2023 | US Employment report; S&P Global and ISM Services and Composite PMI |
| Date | Key Macroeconomic Events |
| 10/30/2023 | McDonald’s |
| 10/31/2023 | Pfizer; AMD; Caterpillar |
| 11/01/2023 | Qualcomm; CVS Health Corp |
| 11/02/2023 | Apple |
| 11/03/2023 | Microchip |
