Banque Bemo L : Daily Markets Brief

Daily Market Brief

November 17th 2023

FOREIGN EXCHANGE MARKETS

(Sources: Bloomberg / Reuters)

EURUSD

The EUR/USD pair stalls the overnight modest pullback from the 1.0900 neighbourhood, or its highest level since August 31. Against the backdrop of this week's softer US CPI report, the recent slump in Crude Oil prices boosts disinflation hopes.US Initial Jobless Claims pointed to signs of a cooling labour market. The yield on the benchmark 10-year US government bond drops to a near two-month low on Thursday, which continues to undermine the US Dollar (USD) and acts as a tailwind for the EUR/USD pair.

GBPUSD

GBP/USD moves sideways with a negative tone near 1.2410 during the Asian hours on Friday. The US Dollar (USD) receives upward support despite the upbeat jobless claims data from the United States (US) and a decline in the US Treasury yields. Investors await key economic indicators, focusing on UK Retail Sales and US housing data.

USDJPY

The USD/JPY pair edges lower for the second straight day on Friday and trades around the 150.60 area during the Asian session. The US Dollar (USD), so far, has struggled to register any meaningful recovery and remains well within the striking distance of its lowest level since September 1 touched on Tuesday.

INTERNATIONAL EQUITY MARKETS

(Sources: Bloomberg / Reuters)

UNITED STATES OF AMERICA

The Dow Jones Industrial Average closed lower Thursday, as investors took a break from the rally seen this month. Cisco Systems shed nearly 10% a day after the networking hardware maker offered weak guidance for the current quarter and full fiscal year. Walmart slid 8% after the world's largest retailer issued a lower-than- expected forecast for the year. Shares of Chevron also slipped 1.6% as U.S. crude oil prices fell about 5%.

EUROPE

European markets closed lower on Thursday amid a cooling of the positive sentiment seen earlier in the week after the release of positive data from the U.S. and China. Oil and gas stocks led losses, shedding 2.7% on the back of weaker oil prices, while utilities were a rare outlier adding 1.1%.

ASIA

Hong Kong stocks led declines in the Asia-Pacific region on Thursday as Xpeng led electric vehicle stocks lower, while investors digested high-level discussions between the U.S. and China. Stocks including Alibaba, Xiaomi, Xpeng and Li Auto were among

MUST READ

(Source: Bloomberg/ Forexlive)

Top market movers

Both Cisco and Intel corporation had the largest movements on Thursday.

Intel's stock jumped nearly 7% Thursday to $43.35, the shares' highest point since June 2022, after an investment analyst upgraded the company and issued a glowing report about the chipmaker's forthcoming products and partnerships. "We believe (Intel) is lining up significant new server product launches and foundry customer announcements in the next six months," Mizuho Securities' Vijay Rakesh wrote in a note to clients late Wednesday. While the company is still playing catch-up in an increasingly competitive market, a consensus is building on Wall Street that investors had been far too pessimistic about Intel's prospects. Intel's stock is up 74% since February. On the other hand, Cisco shares closed down 9.8% Thursday, marking the worst day since May 19, 2022 when the stock slipped 13.7%. The fall comes a day after the company reported its quarterly earnings that beat on the top and bottom lines but gave weaker-than-expected revenue guidance for the fiscal second quarter. It also reduced its full-year revenue forecast. The company cited a slowdown in orders as customers deployed Cisco products they had purchased in recent quarters.

Fx rates	Last	High	Low	% Daily	% Weekly	% YTD
EUR-USD	1.0849	1.0857	1.0848	-0.03	1.53	1.35
GBP-USD	1.2396	1.2422	1.2393	-0.15	1.38	2.59
USD-JPY	150.64	150.78	150.42	-0.06	0.58	-12.96
USD-CHF	0.8884	0.8892	0.8881	-0.03	1.61	4.06
Commodities	Last	High	Low	% Daily	% Weekly	% YTD
Silver	23.79	23.91	23.73	0.17	6.83	-0.70
Crude Oil	72.96	73.21	72.75	0.08	-5.46	-5.63
Bitcoin	36359.09	36673.50	35948.32	1.09	-2.21	119.83
Etherium	1982.01	1991.50	1953.86	1.34	-3.79	65.25
Period		1 M	3 M			12 M
EURIBOR		3.79	3.99			4.03
SOFR		5.33	5.37			5.24
Notes/Bonds		2 Y	10 Y			30 Y
US		4.85	4.46			4.64
BTP - BUND		0.61	1.76			2.03
GILTS		4.54	4.15			4.59
Index	Close	% Daily	% M	YTD	Futures	% Change
S&P	4508.24	0.12	3.09	17.42	4526.00	0.08
Nasdaq	14113.67	0.07	4.28	34.85	15883.00	-0.06
DJ EuroStoxx50	4302.45	-0.30	3.62	13.41	4327.00	0.32
FTSE 100	7410.97	-1.01	-3.44	-0.55	7445.00	0.23
CAC 40	7168.40	-0.57	1.97	10.73	7185.00	N/A
DAX	15786.61	0.24	3.51	13.38	15883.00	0.25
IBEX 35	9667.40	0.28	3.97	17.48	9675.90	N/A
FTSE MIB	29258.10	-0.71	3.14	23.42	29147.00	N/A
Nikkei	33585.20	0.48	4.82	28.71	33600.00	0.45
Hang Seng	17832.82	-2.12	-1.79	-11.76	17473.00	-2.10
DFM General	3984.52	-0.14	1.05	19.27	N/A	N/A
MSCI Tadawoul	11081.97	0.54	3.27	5.76	N/A	N/A
	PRIOR_CLOSE_MID		CHG_PC CHG_PC CHG_PCT_
Leb. Mrkts	Closing Px	High	Low	% Daily	% Weekly	YTD
Solidere B	65.50	65.50	65.45	-3.68	-0.76	8.53
		MAIN WEEKLY EARNINGS
Company	Ticker	Market Cap	Date	Time	Estimate	Year Ago
Zoom Video Comm	ZM US	$18.90 B	20-Nov-23	Aft-mkt	1.09	1.07
Best Buy Inc	BBY US	$14.99 B	21-Nov-23	Pre-mkt	1.18	1.38
American Eagle O	AEO US	$3.87 B	21-Nov-23	Pre-mkt	0.48	0.42
Abercrombie & Fit	ANF US	$3.51 B	21-Nov-23	Pre-mkt	1.14	0.01
HP Inc	HPQ US	$27.95 B	21-Nov-23	Aft-mkt	0.90	0.86

ECONOMIC CALENDAR

(17-11-23) UK - Retail Sales Inc Auto Fuel MoM

(17-11-23) EA - CPI YoY / MoM

(17-11-23) US - Housing Starts

(20-11-23) US - Leading Index

(21-11-23) CA - CPI NSA MoM / CPI YoY

(21-11-23) US - Existing Home Sales

(22-11-23) US - MBA Mortgage Applications

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