U.S discussed Israel striking Iran oil facilities, crude up about 10% this week
For today : Ishiba inconsistent (see below-tells cabinet to compile stimulus package) JPY back up a little (might work on risk-off again), all ears and eyes on NFP (exp around 140K and 4.2%, ALL about rates in 2024) + weekend risk with Middle East principally. Overall, equity markets seeing some profit taking in the hot M7 over last 10days, went straight into China, energy, copper, Iron ore, Gold related stocks, now the China macro questions comes (will it work or not, time will tell ! some might take profits on China longs already next week), valuations do not really support much further improvement in Q4, earnings downgrades likely to hurt still, but liquidities plenty/CB rate cuts 'put' ! >>> plenty of potential VOLATILITY ahead in Q4, play accordingly in short-term daily, weekly moves, as CHINA story showed recently, strategist in banks went from ''it's uninvestable to lets buy it, because my benchmark says buy, I have to buy''. USD picked up a little again (weak into quarter.-end..) held the key levels we often mentioned towards end of Q3, namely 1.12 EURO, 1.3250 CABLE, .68+ AUDUSD, 140 USDJPY and 0.83-0.8400 USDCHF.
U.S. Port Workers Agree to End Their Strike Companies sweeten contract offer to a 62% wage increase to reopen ports from Maine to Texas
Italy plans windfall tax on companies to narrow deficit. Italy to ask firms including defense companies to contribute to budget
Small but important steps in EU-UK relation
Russian court freezes funds of US banks JP Morgan and Mellon
Donald Trump is clearly not happy about the release of a bonbshell 165-page motion Wednesday filed by Special Counsel Jack Smith which lays out a sprawling timeline of how the former president attempted to claw his way back into power after losing the 2020 election
Reeves raises hopes of investment surge as she attacks Tory plans. UK chancellor vows to avoid ‘mistakes’ of Jeremy Hunt and stokes optimism that spending could surpass manifesto
Euro area growth figures mask significant heterogeneity across countries/Schnabel
U.S. Port Workers Agree to End Their Strike - WSJ >>> 62% over six years, $63 an hour from $39 an hour...not bad!
Japan PM Shigeru Ishiba asks ministers to craft economic relief package to cushion inflation impact (msn.com)
Israeli strike suspected near Russian air base in Syria which transported weapons for Iran (telegraph.co.uk)
Sterling plunges 1% after Bank of England governor's comments on rates (cnbc.com) ''got to love these headlines : ''plunges 1%''...good grief)..just a bit of long #positioning been all hopeful on GBP lately
Having said that : Small but important steps in EU-UK relations (ft.com)
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