It was a very mixed month for world equity markets, with net monthly changes ranging from +13.9% (USA- Dow), +9.4% (Germany), +6.4% (Japan), +5.8% (India, Australia), +5.3% (Russia), +5.2% (Brazil), +5.1% (South Africa), -4.3% (China), to -14.7% (Hong Kong).
Lets take our regular look at ten of the world equity markets.
USA - Dow
Germany – DAX
Japan – Nikkei
Brazil – Bovespa
Russia - RTSI
India – SENSEX
China – Shanghai comp'
South Africa – Dow
Hong Kong – Hang Seng
Australia – AORD
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Summary
Eight world equity markets were net higher for October, with two net lower.
The USA and Germany lead the up, whilst the Chinese and Hong Kong markets were powerfully lower.
The USA, Japanese, Brazilian, and Indian markets are back above their respective monthly 10MA.
All ten markets still have negative monthly momentum.
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Looking ahead
Earnings:
M - PLTR, BNTX, CRON, APRN, FANG, MOS, LYFT, ATVI, SEDG, TTWO, CLOV, TRIP, FIVN
T - NCLH, WKHS, DD, DIS, OXY, AMC, UPST, PLUG, LCID, NVAX, AFRM
W - TTD, RBLX, CGC, DRI, WEN, CPRI, RIVN, APPS, BROS, WYNN, U, BYND, CELH, COUP
T - NIO, YETI, AZN, RL, ACB
F - AQN, ORLA
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Econ-data:
M - Consumer credit (3pm)
T - **US Midterm Elections**
W - Wholesale inventories, EIA Pet' report
T - CPI, Weekly jobs, US T-budget
F - Consumer sent'.
*US clocks roll back one hour, 2am Sunday, Nov'6th
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| Post storm... in the twilight zone |
Final note
November, a clock change, dark/grey skies, and to me, its already to be seen as the start of winter 2022/23. Life will be ever more difficult, not least in the failed political union of Europe. After years of pushing a truly stupid energy policy, and picking a proxy war with Russia, the European populace are set to reap their rewards... cold, dark, and hunger.
For those on the western side of the Atlantic, consider yourselves in a somewhat better situation. Yet inflation remains sustainably high, and there is little reason to expect it to significantly cool for a very long time to come.
The question 'Where is your fed pivot now?' comes to mind. Do you instead expect it to occur at the Dec'13-14th meeting? A few within the mainstream are expecting rates to have to climb to at least the core level of inflation (6.6%), or even above the headline rate of 8.2%. Its arguable the rate hikes will continue until 'something breaks'.
Ohh, and regardless of Tuesday's vote, we should some expect some very dynamic equity/capital markets this coming week, but hey... you love the drama too, right?
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Have a good weekend
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*the next post on this page will likely appear 5pm EST on Monday.
