Market moving fundamental events analysis


China outperformed and stocks head for the best week in three months, after an announcement that limits on foreign ownership of Chinese banks and asset managers will be removed. What other market drivers do traders need to pay attention to? Get an overview here with 10 November Market moving fundamental events analysis.

10 November, HotForex –While Chinese investors also propped up Hong Kong markets, elsewhere in Asia equities mostly declined, with Japan leading the way, following on from declines on Wall Street in Europe yesterday.

European Market Outlook

U.S. tax concerns have spooked markets and the GER30 closed with a loss of -1.49% on Thursday, amid disappointing earnings reports, a stronger EUR and concerns about the prospects for U.S. tax reforms and while the index still remains at the high level of over 13000 some are speculating on a broader correction from record levels.

UK100 futures, as well as DJ mini futures, are posting marginal gains, but the UK100 already outperformed yesterday amid a weaker pound. Today’s calendar focuses on production data out of the U.K., France, and Italy and the U.K. also has trade data for September and the NIESR GDP estimate in the afternoon.

10 November Market moving fundamental events

Forex Market Action

USDJPY has recovered poise in Asia after tumbling yesterday on news that the implementation of the Senate plan to cut corporate tax in the U.S. will be delayed by two years and the extent of some other taxes will be trimmed. The news sparked a steep sell-off in U.S. and global equity markets, driving demand for the yen, among other perceived safe haven currencies and assets.

A subsequent report that Republican Senator Cornyn is looking to avoid a one-year delay seemed to throw markets a lift line. USDJPY pair has recouped to around 113.40 after clocking a low at 113.09, which is the lowest level seen since October 31.

Main Macro 10 November Market Moving Fundamental Events

  • UK Manufacturing Production – Expectations – a fall to 0.3% m/m from 0.4% and a 2.4% y/y from 2.8%.
  • UK Good Trade Balance – Expectations – a deficit of -12.8B Pounds for September from – 14.25B.
  • US Prelim UoM Consumer Sentiment – Expectations –  unchanged at 100.7.

Support and Resistance Levels

10 November Market moving fundamental events

Disclaimer

This article about 10 November Market moving fundamental events was written by Andria Pichidi, Market Analyst at HotForex. The provided article is a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.

All information provided gathered from reputable sources. Any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. We assume no liability for any loss arising from any investment made based on the information provided in this communication.

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