Daily analysis 10 NOVEMBER 2022

• US indices finished yesterday’s trading lower, snapping a three-day winning streak. S&P 500 dropped 2.08%, Dow Jones moved 1.95% lower and Nasdaq slumped 2.48%. Russell 2000 finished trading 2.68% lower
• Indicies from Asia-Pacific also traded lower. Nikkei dropped 1%, S&P/ASX 200 moved 0.5% lower, Kospi declined 0.9% and Nifty 50 traded 0.7% down. Indices from China traded up to 2% lower
• DAX futures point to a slightly lower opening of the European cash session

• US President Biden said that while he cannot guarantee that he will be able to get rid of inflation. He also said that he believes US economy will be able to have a soft landing
• Fed Kashkari said that it is premature to talk about a policy pivot. Kashkari also said that inflation is not driven by wage growth but by supply chain challenges, stimulus programmes and Russia-Ukraine war
• RBA Deputy Governor Bullock said that rates in Australia may need to rise more but RBA is getting closer to a pause in the cycle
• BoJ Governor Kuroda said that inflation is Japan is likely to return below 2% next year. He said that it is too early to exit loose policy and that cutting negative rates further remains an option
• BlackRock, the largest asset manager in the world, said that it remains underweight on US equities as recent correction was not deep enough to reflect deteriorating earnings outlook
• BlackRock said it is also underweight on European stocks amid ongoing energy crisis
• Binance abandoned a plan to acquire FTX following due diligence process and media reports on mishandling of funds and fraud
• Cryptocurrencies are staging a comeback today, following recent heavy selling. Bitcoin trades 5% higher, Ethereum jumps 5.5% and Dogecoin rallies 14%. FTX trades over 35% higher
• Oil is trading little changed on the day. Precious metals trade slightly higher with gold gaining 0.2%
• EUR and GBP are the best performing major currencies while AUD and NZD lag the most

ETHEREUM halted recent sell-off in the $1,070 area and started to recover along with the whole cryptocurrency market. Coin is trading over 5% higher on the day but still around 25% week-to-date lower.