Banque Bemo L : Daily Markets Brief

Daily Market Brief

November 24th 2023

FOREIGN EXCHANGE MARKETS

(Sources: Bloomberg / Reuters)

EURUSD

The EUR/USD pair trades in positive territory above 1.0900 during the early Asian trading hours on Friday. The uptick of the Euro (EUR) is bolstered by the stronger- than-expected Eurozone PMI data. On Friday, market players will shift their attention to the new reading of German Gross Domestic Product for the third quarter (Q3) and US PMI data. At press time, EUR/USD is up 0.03% on the day to trade at 1.0909.

GBPUSD

GBP/USD hovers around 1.2530 during the Asian session on Friday after pulling back from a two-month high hit at 1.2569 on Thursday. The GBP/USD pair experienced a boost from upward PMI data from the United Kingdom (UK) released on Thursday. Additionally, the Pound found relief and made gains against the US Dollar (USD) in thin trading, benefiting from the closure of US markets during Thanksgiving.

USDJPY

The USD/JPY tickes lower following the release of softer domestic core consumer inflation figures during the Asian session on Friday, though rising bets for a Bank of Japan (BoJ) pivot act as a tailwind.

INTERNATIONAL EQUITY MARKETS

(Sources: Bloomberg / Reuters)

UNITED STATES OF AMERICA

U.S. stocks ended higher on Wednesday on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient. Economic reports on jobless claims, durable goods, and consumer sentiment seemed to suggest the economy is easing but may stay strong enough to avoid recession.

EUROPE

European shares rose on Thursday, supported by gains in energy stocks, while investors digested minutes of the European Central Bank's (ECB) October meeting where policymakers were cautiously optimistic about inflation falling in the euro zone.

ASIA

China stocks fell on Friday as investors remained cautious about the country's sluggish economic recovery, with strong foreign outflows denting risk sentiment.

MUST READ

(Source: Bloomberg/ Forexlive)

Short Seller Hedge Funds Rack Up $43B Loss In Recent Market Rally

The recent equity market rally, which has launched the S&P 500 on course for its best month since July 2022, squeezed hedge fund short sellers to the tune of $43 billion. Data showed that hedge fund short-selling losses between end of last week following better-than-expected U.S. inflation data amounted to $43.2 billion. The data did not take into account gains hedge funds might have made from other stock positioning. Among the shorted stocks, the most unprofitable between Nov. 14 to Nov. 20 were Tesla which cost hedge funds $909 million, Apple, costing nearly $484 million and Intel. Since its most recent bottom on Oct. 27, the SPDR S&P 500 ETF SPY, an exchange- traded fund that tracks the index, has risen by nearly 11%. Short positions had been built on companies with large debt piles that have greater exposure to higher interest rates. But in recent weeks, there have been signs the Fed may begin to loosen its policy stance sooner than markets had previously expected. At its last rate-setting meeting, the Fed appeared reluctant to raise rates further, and then last week inflation data showed price pressures were easing faster than expected. The results have seen markets climb rapidly, with gains accelerating as short sellers repurchased shares to cover their short bets.

Fx rates	Last	High	Low	% Daily	% Weekly	% YTD
EUR-USD	1.0907	1.0912	1.0895	0.02	-0.07	1.89
GBP-USD	1.2539	1.2546	1.2525	0.04	0.62	3.77
USD-JPY	149.26	149.71	149.20	-0.20	0.25	-12.15
USD-CHF	0.8837	0.8849	0.8829	-0.06	0.23	4.62
Commodities	Last	High	Low	% Daily	% Weekly	% YTD
Silver	23.73	23.75	23.65	0.20	0.03	-0.96
Crude Oil	76.39	76.81	75.30	-0.92	4.51	-0.52
Bitcoin	37398.82	37489.04	37220.54	0.39	1.06	126.12
Etherium	2070.20	2077.10	2059.75	0.06	4.36	72.61
Period		1 M	3 M			12 M
EURIBOR		3.82	3.96			4.02
SOFR		5.34	5.38			5.23
Notes/Bonds		2 Y	10 Y			30 Y
US		4.94	4.45			4.58
BTP - BUND		0.62	1.77			2.06
GILTS		4.72	4.26			4.72
Index	Close	% Daily	% M	YTD	Futures	% Change
S&P	4556.62	0.41	8.05	18.68	4569.50	0.04
Nasdaq	14265.86	0.46	9.58	36.30	16054.25	0.02
DJ EuroStoxx50	4361.32	0.21	7.28	14.96	4367.00	-0.09
FTSE 100	7483.58	0.19	1.27	0.43	7490.00	-0.29
CAC 40	7277.93	0.24	5.57	12.42	7230.80	N/A
DAX	15994.73	0.23	7.49	14.88	16033.00	-0.02
IBEX 35	9905.50	0.18	10.36	20.37	9764.70	N/A
FTSE MIB	29235.71	0.28	6.03	23.32	29309.00	N/A
Nikkei	33451.83	0.52	8.47	28.86	33610.00	0.51
Hang Seng	17910.84	-1.69	3.63	-10.99	17632.00	-1.66
DFM General	3984.99	0.06	6.57	19.53	N/A	N/A
MSCI Tadawoul	11078.08	-0.20	6.73	5.72	N/A	N/A
	PRIOR_CLOSE_MID		CHG_PC CHG_PC CHG_PCT_
Leb. Mrkts	Closing Px	High	Low	% Daily	% Weekly	YTD
Solidere B	68.15	68.15	68.15	0.00	0.22	12.92
		MAIN WEEKLY EARNINGS
Company	Ticker	Market Cap	Date	Time	Estimate	Year Ago
H World Group	HTHT US	$1.5 B	24-Nov-23	Pre-mkt	0.49	-0.32
Natuzzi, S.p.A	NTZ US	$69.1 M	24-Nov-23	After-mkt	N/A	0.50
Zscaler, Inc.	ZS US	$28.1 B	27-Nov-23	After-mkt	-0.29	-0.47
Seadrill Limited	SDRL US	$3.3 B	27-Nov-23	After-mkt	0.67	-0.36
Intuit Inc.	INTU US	$158.2 B	28-Nov-23	After-mkt	0.70	0.57

ECONOMIC CALENDAR

(24-11-23) DE- Gross Domestic Product QoQ, YoY Q3

(24-11-23) DE- IFO - Business Climate, Expectations, Current Assessment NOV

(24-11-23) EA- ECB's President Lagarde speech; Ecb's De Guindos speech

(24-11-23) CA- Retail Sales MoM SEP; Retail Sales ex Autos MoM SEP

(24-11-23) US- S&P Global Services, Composite, Manufacturing PMI NOV preliminar

(28-11-23) US- Housing Price Index MoM SEP

(28-11-23) US- Consumer Confidence NOV

CONTACT	Banque BEMO sal
Asset Management Unit

Ashrafieh, Elias Sarkis Ave., BEMO Bldg, 4th Floor P.O.Box 16-6353 Beirut, Lebanon

Tel: [phone]

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