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November
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Weekly Markets Diary – 04 November

Looking to the week ahead

The Fed rate announcement largely met with expectations, as they hiked rates by 75bp and maintained the hawkish stance. This has already pulled the Nasdaq down towards the lows it posted in October. The broader S&P 500 has remained slightly more robust, while the Dow Jones has barely posted a move lower since the Fed announcement.

Indicating that the major focus of the higher interest rate environment is on the higher growth names, rather than creating widescale concerns over the state of corporate America, at least not yet. In this reporting season we have seen some major falls from growth name darlings such as Meta Platforms and Amazon, which both have fallen as much as 20% in a day after their results.

Despite these type of performances the consensus estimates for the S&P 500 remains only marginally lower than before the corporate reporting season started. This had allowed the market to post somewhat of a recovery in recent weeks.

Can this buying momentum continue and allow us to be able to talk about a “Santa rally” in the next week or two. Or has the Nasdaq shown us the way and equity markets are set to post moves back towards the recent lows?

CPI data remains key, making Thursday’s US CPI print likely to be the major data point for next week.

Trading Calendar

Monday 7th November

Major Companies Reporting:

US: International Flavors, NRG Energy

UK:  

Germany: QIAGEN

Major Economic Data Due:

No Major Data Due

Tuesday 8th November

Major Companies Reporting:

US: Constellation Energy, Walt Disney

UK: Associated British Foods, DCC, Direct Line, Persimmon

Germany: Bayer, Deutsche Post, Henkel, Porsche

Major Economic Data Due:

10:00 EZ September Retail Sales y/y, -1.3% expected, -2% previous

Wednesday 9th November

Major Companies Reporting:

US: DR Horton, Forest Labs, Occidental

UK: ITV, Marks & Spencer, Smiths Group, Taylor Wimpey

Germany:  Adidas, Brenntag, E.On, Siemens

Major Economic Data Due:

No Major Data Due

Thursday 10th November

Major Companies Reporting:

US: Ralph Lauren

UK: 31 Group, AstraZeneca, National Grid

Germany: Allianz, Continental, Deutsche Telekom, RWE

Major Economic Data Due:

13:30 US October CPY m/m, 0.7% expected, 0.4% previous

13:30 US Weekly Jobless Claims, 217k previous

Friday 11th November

Major Companies Reporting:

US:

UK:  

Germany:

Major Economic Data Due:

07:00 GE October CPI final y/y 10.45 expected, 10.4% previous

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