Data showed that job creation in the US private sector surged in October to 233k, compared to 110k forecast. On the other hand, the preliminary estimate of US 3Q GDP showed a rather sluggish 3Q economic growth at 2.8% qoq, rather than 3.0% forecast and in line with the previous quarter.
Global stock indexes moved lower in Wednesday’s trading as a disappointing performance forecast from Advanced Micro Devices (AMD) weighed on chipmakers in the US Technology sector, while Gold prices rose to record highs as uncertainty ahead of next week’s US ELECTION boosted safe haven demand.
The US Labor Department’s JOLTS JOB OPENINGS survey showed job openings stood at 7.44 million in September, compared with a forecast of 8 million, according to a Reuters poll of economists.
Most global stock indexes rose in Tuesday’s trading, with the NASDAQ (re)setting a record closing high ahead of this week’s key earnings reports, while the US Treasury yield hit a 3-month high on the back of sentiment the US ELECTION is just a week away.
This week will also be full of October’s US labor reports with NONFARM PAYROLL on Friday, where consensus says employment growth slowed to 111,000 in October, reflecting the impact of strikes and weather-related disruptions from Hurricanes Helene and Milton.
Global stock indexes rose on Monday (28/10/24), the first day of a very heavy week as investors braced for this week’s corporate performance reports from the largest US Technology companies known as the “Magnificent Seven”; while Oil prices plunged 6% after Israel’s retaliatory strike on Iran over the weekend missed oil and nuclear facilities.
US ECONOMIC STRENGTH DEBUNKS MARKET PARTICIPANTS’ CONCERNS AHEAD OF US PRESIDENTIAL ELECTION & MIDDLE EAST CONFLICT ESCALATION.
the latest ECONOMIC INDICATORS revealed that Durable Goods Orders for Sept still fell by the same magnitude, minus 0.8% as Aug. Despite the contraction, the figure was better than the -1.1% forecast.
Global stock indexes slumped on Friday (25/10/24), ending the week lower, on US Election fears, while Oil prices rose on concerns about fighting in the Middle East.
