- On expectations that a key US inflation report will reveal price pressures tapering off last month, strengthening the belief that interest rates have peaked, US equities futures and Treasury bonds crept higher.
- Nasdaq 100 contracts saw a 0.2% increase, while the yield on the Treasury 10-year fell two basis points to 4.62%. Following good earnings from iPhone manufacturer Hon Hai Precision, which increased 5% on news of a partnership with Amazon, Apple increased 0.4% in premarket trade. With its greatest winning run in over seven years, Nvidia was expected to continue its upward trend into its tenth consecutive session.
- Glencore, which surged 4% after agreeing to pay nearly $7 billion to acquire a majority stake in Teck Resources' coal division, led the increase in mining stocks in Europe. The Stoxx 600 index was not up or down. WTI oil futures were trading close to $78 a barrel.
- According to a poll of economists, US inflation likely decreased from 3.7% in September to an annual rate of 3.3% in October. Core inflation, which excludes the cost of food and energy, is expected to remain steady, indicating a sluggish approach to the Federal Reserve's 2% inflation objective.
- According to MUFG Bank strategist Lee Hardman, "markets are increasingly confident the Fed and other central banks have finished their hiking cycles, and for that view to be challenged we will need a significant upside surprise in today's inflation data."
- US 10-year treasury note has peaked in the current cycle, said 30 of 32 strategists - Poll.
- IEA raises 2024 global oil demand growth forecast to 930,000 bpd (prev. 880,000 bpd) – Monthly Report.