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Fresh China's Losses ahead of a Busy Trading Week

Fresh China's Losses ahead of a Busy Trading Week

Information is not investment advice

A new week will be interesting as we await Central Banks Meetings, more earnings reports, and NFP. Let's review the main headlines for this Monday as we prepare for volatile days ahead!

Today's Events

15:45 GMT+2, US Chicago PMI

China is loosing again

Data released on Monday showed that the Chinese Manufacturing PMI dropped to 49.2 (vs. 49.9 expected), while the Non-Manufacturing PMI fell to 48.7 (vs. the forecast of 50.2). Also, rising Covid-19 cases from numerous outbreaks across China resulted in tightening local curbs and lockdowns and even the closure of Disney’s Shanghai resort.  Another factor that weakened Chinese assets was Hong Kong’s GDP slowdown. According to advance estimates, it plunged 4.5% in the July-to-September period from a year earlier.

China’s HK50 dropped below the 15 000 level and moved closer to the support at 14 000.

HK50Daily.png

Meanwhile, USDCNH has regained its strength, targeting the recent high at 7.33. The next high at 7.37 will be tested if this level is broken. 

Other news worth following

  • This week, we will see the earnings reports by AIG, Pfizer, AMD, Electronic Arts, Booking, Robinhood, Paypal, and many other American companies, Don't forget to check the forecasts in the economic calendar before the releases. 
  • As the Fed is expected to raise the interest rate this week, it adds pressure to the Japanese yen. USDJPY has gained 0.36% since the start of today's trading session.
  • Twitter will be delisted from the New York Stock Exchange on November 8. All positions for the Twitter stock will be closed at the latest price. 
  •  In Brazil, former president Lula de Silva won the second round of Brazil's presidential elections, overcoming his rival. The 76-year-old politician’s win represents the return of the left into power in Brazil.
  • Eurozone's inflation soared to a fresh high, with consumer prices jumping by 10.7% from a year ago in October, exceeding the forecast of 9.9%. 

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