1 Nov 2022

The three major U.S. stock indexes continued to fluctuate overnight. As of the close, the Dow fell 0.39%, the Nasdaq fell 1.03%, and the S&P fell 0.75%. The yield on the 10-year U.S. Treasury bond rose 0.947% to close at 4.052%, a difference of about -44 basis points compared with the yield on the two-year Treasury bond. The VIX, the fear gauge, fell 0.5%. Brent crude closed down 1.54%. Spot gold closed down 0.65% at $1,633.68 an ounce. The dollar index remained high, closing at 111.59.

OPEC raised its forecasts for global oil demand in 2023, medium term and 2045; total investment in the oil industry is expected to reach $12.1 trillion by 2045, up from expectations in 2021. U.S. President Joe Biden has said that if oil companies don't lower oil prices, they should impose higher taxes on their excess profits. The U.S. Treasury Department issued a statement on the restrictions on Russian oil: Russian oil loaded before December 5 and unloaded before January 19 is not subject to price caps.

Japan's finance ministry said Japan spent 6.3 trillion yen in foreign exchange intervention in October. The euro zone's CPI in October recorded an annual rate of 10.7%, a record high. The Met Office said: "There is an increased likelihood of below-normal temperatures in the UK over the next three months, with average temperatures likely to be between 4-6C, slightly below the average of the past five years. U.S. consumer savings levels remain strong, meaning higher interest rates will persist for longer. According to CME's "Federal Reserve Watch": The probability of the Fed raising interest rates by 75 basis points in November is 87.8%.

Apple fell 1.54% after Saudi Arabia said Apple would be one of the first companies to enter the Riyadh Special Economic Zone.

Amazon fell 0.94% as the market judges tech companies such as Amazon by a new standard: the pace of spending cuts.

Tesla fell 0.43%, Tesla’s Berlin Gigafactory is preparing for a large-scale expansion, and has applied for 70 hectares of land in Germany; all Twitter directors have been removed, Musk has become the only director of Twitter, and Twitter said it will repay all outstanding repay loan.

Meta fell 6.09%, and Meta has withdrawn from the ranks of the world's top 20 companies. Credit Suisse rose 4.83%, and plans to raise 4 billion Swiss francs through the issuance of new shares. It is reported that it has invited at least 20 banks to help it underwrite.

Ford Motor rose 0.83%, and the price of all Mustang Mach-E series in China was lowered by 20,000-28,000 yuan, and the adjusted price range was 249,900-369,900 yuan.

Emerson Electric fell 0.92% to sell a 55% stake in its climate technology business to Blackstone, valuing the unit, including debt, at $14 billion.

TSMC fell 0.74%. According to industry sources, the 3nm monthly production capacity was originally scheduled to reach 44,000 pieces by the end of the year, but now it is only about 10,000 pieces, and the volume rate is significantly lower than expected.

Sources from: Investing.com; Reuters.com

Louis Yap

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