Daily analysis 09 NOVEMBER 2022

• US indices finished yesterday’s trading higher. It was the third consecutive day of gains on Wall Street. S&P 500 gained 0.56%, Dow Jones added 1.02% and Nasdaq moved 0.49% higher
• US midterms elections are behind us but we will have to wait for full results. Early results and estimates suggest that Democrats will retain control over the Senate. Republicans are seen as getting majority in the House of Representatives
• No major moves can be seen on the markets in response to those early projected results as split power in Congress is an outcome that was expected prior to elections
• Indices from Asia-Pacific traded mixed today. Nikkei, Nifty 50 and indices from China dropped while S&P/ASX 200 and Kospi gained
• DAX futures point to a slightly lower opening of the European cash session today

• Telegraph reports that UK Prime Minister Sunak may raise an income tax rate for the top earners
• FedEx, a major US shipping company, said that it expects lower demand as demand trends reversed faster than expected. Company said that it had to defer a number of projects and cut vendor headcount
• Chinese CPI inflation decelerated from 2.8 to 2.1% YoY in October (exp. 2.4% YoY). PPI inflation came in negative at -1.3% YoY (exp. -1.6% YoY)
• API report on US oil inventories pointed to a 5.62 million barrel build (exp. +1.1 mb)
• Overall, cryptocurrencies calmed after yesterday’s rout but major coins continue to trade lower. Bitcoin drops 0.2%, Ethereum trades 1.1% lower and Ripply drops 2.5%
• Oil is trading a touch higher while precious metals decline slightly
• USD and JPY are the best performing major currencies while NZD and AUD lag the most

Bitcoin briefly dropped below the $18,000 mark and retested lows from late-June. The coin bounced off the daily lows and recovered. However, it is trading more or less flat on the day.