overnight stock market
European and American stock markets were mixed on Tuesday (November 29). In terms of US stocks, the S & P and Nasdaq recorded three consecutive negatives. However, Chinese concept stocks continued to perform well, with the Nasdaq China Golden Dragon Index rising 5.04%.
commodity market
As of the close of the day, the price of light sweet crude oil futures for delivery in January 2023 on the New York Mercantile Exchange rose US$0.96 to close at US$78.20 a barrel, an increase of 1.24%; the price of London Brent crude oil futures for delivery in January 2023 It fell US$0.16, or 0.19%, to close at US$83.03 a barrel. U.S. natural gas futures rose more than 8%, as weather forecasts showed that North America will turn significantly colder in mid-December.
On the New York Mercantile Exchange gold futures market, the most active February 2023 gold futures price rose by US$8.4 from the previous trading day to close at US$1,763.7 an ounce, an increase of 0.48%. Market analysts believe that the market expects the Fed to slow down the pace of raising interest rates is the main reason for the rise in gold prices that day. Silver futures for delivery in March 2023 rose 31.1 cents, or 1.47%, to settle at $21.436 an ounce.
Corn, wheat and soybean futures on the Chicago Board of Trade were mixed. The March 2023 contract, the most active in the corn market, closed at $6.695 per bushel, down 1.75 cents, or 0.26%, from the previous trading day; The trading day rose by 0.75 cents, or 0.10%. The January 2023 soybean contract closed at $14.595 per bushel, up 2.25 cents, or 0.15%, from the previous trading day.
Russia-Ukraine Conflict Express
①Russia claims to continue its offensive, Ukraine claims to carry out air strikes on Russian troops
②The United States considers providing Ukraine with “Patriot” missiles and Russia warns
③The Minister of Defense of Slovakia confirmed that the country has provided Ukraine with 30 infantry fighting vehicles
④Ukrainian President Zelensky had a phone call with German Chancellor Scholz
⑤Ministry of Ukrainian Infrastructure: Three cargo ships left the southern port of Uzbekistan
⑥The Ukrainian Foreign Minister held talks with the Director General of the International Atomic Energy Agency
other market news
[French President Macron will start a three-day visit to the United States]
On November 29 local time, French President Macron went to the United States. He will start a three-day visit from November 30 to December 2. During this visit, France and the United States will discuss issues such as the conflict between Russia and Ukraine, trade distortions caused by the US “Inflation Reduction Act”, space, civilian nuclear energy and biodiversity cooperation. The visit is Macron’s second to the United States as French president, the first in 2018.
[Deputy Chancellor of Germany: The EU will make a “strong response” to the US “Inflation Reduction Act”]
On November 29, local time, German Federal Vice Chancellor and Minister of Economics and Climate Protection Habeck announced that the EU will make a “strong response” to the US “Inflation Reduction Act”, and the EU will also prepare for trade conflicts with the US. Prepare. Harbeck said the US’s $370 billion Inflation Cutting Act had benefited US businesses, so Europe needed to respond with similar measures. He also said that the measures taken by the United States to slow inflation were not in line with World Trade Organization principles and that there must be a corresponding European plan. Harbeck believes that Germany and the EU need a more active industrial policy, “We will not let Germany lose its status as an industrial base.” He emphasized that the German Federal Government will vigorously promote fundamental changes in energy transition and digital economy in 2023.
[Former New York Federal Reserve Chairman Dudley: The peak interest rate of the Fed is expected to be 5-5.5%]
Former New York Fed President Dudley believes that the US service sector inflation is still high, the labor market is still tight, and employment growth is still much higher than the level that indicates a weakening labor market, so the Fed still has a lot of work to do. He also believes that the Fed’s strategy is to “emphasize longer rather than higher” and carry out a series of smaller interest rate hikes, with the peak interest rate expected to be in the range of 5-5.5%. He predicts that after interest rates reach 5.25% and 5.5%, the Fed will stop and wait and see that restrictive monetary policy measures will slow the economy, weaken the labor market further, and gradually lower wage and service industry inflation.
[ECB Hernandez Decos: Unable to predict how much interest rates need to be raised]
European Central Bank Governing Council and President of the Bank of Spain Hernandez Decos said that Spain’s GDP in the fourth quarter may be similar to the third quarter; Spain’s core inflation may begin to ease in the spring; it is impossible to predict how much interest rates need to be raised.
[IEA Director: OPEC+ should take into account the fragile state of the global economy when reviewing output policy]
International Energy Agency (IEA) chief Birol said on Tuesday that OPEC+ should take into account the “very fragile” state of the global economy when considering output cut options at its upcoming meeting. Birol said in an interview, “It will be very important for OPEC+ countries to consider the very fragile global economic situation. Some of their major customers are about to fall into recession.” Attention should be paid to the situation in developing countries.
[Bayley, the first bond sale after the Bank of England implemented emergency bond purchases: the national bond market has not yet returned to normal]
The Bank of England sold 346.4 million pounds of long-dated conventional and inflation-protected bonds on Tuesday, its first bond sale after earlier emergency bond purchases. The BoE received bids of £480.5 million, the statement showed. Bank of England Governor Bailey said that the British government bond market is still suffering from the shock of the past few months and cannot absorb large-scale asset sales.
[The 2022 flu season in the United States has confirmed more than 6 million flu cases]
The US Centers for Disease Control and Prevention (CDC) reported on November 28 local time that there have been more than 6 million confirmed cases of influenza in the US so far in the 2022 flu season. The U.S. flu season typically starts in October and ends around May of the following year. Data show that as of November 19, more than 53,000 people have been hospitalized and 29,000 people have died from the flu in the United States during the current flu season. So far, 12 children have died from the flu.
[The French Prime Minister calls on the public to wear masks due to the resurgence of the new crown epidemic]
On November 29, local time, French Prime Minister Borne called on the people of the country to maintain an epidemic prevention distance and wear masks in crowded places, such as the bus system. Borne said that last week, there were about 40,000 new confirmed cases of new coronary pneumonia in France every day, the number of new hospital admissions increased by about 10%, and the number of new deaths was 400. A new round of the epidemic has arrived. Borne said that the new crown epidemic and the recent bronchitis and influenza epidemics have doubled the pressure on French hospitals. Therefore, measures such as wearing masks and maintaining epidemic prevention distance are very important.
[Michelin plans to cut 451 jobs in 2023]
Michelin plans to cut 451 jobs in France in 2023, Agence France-Presse reported, citing a memo sent to trade unions by Michelin. Michelin will cut 313 jobs at its headquarters in Clermont-Ferrand, while the company intends to create 318 new jobs. The total number of job cuts at Michelin will reach 1,750 over three years, rather than the 2,300 initially announced.