North American News
US stocks close higher on the day. Close out a stellar week for the major indices
- Gains led by the Nasdaq index
The major US stock indices are ending the day with gains that capped off a strong week.
The final numbers are showing:
- Dow industrial average rose 33.07 points or 0.10% at 33748.64
- S&P index rose 36.61 points or 0.93% at 3992.94
- NASDAQ index rose 209.19 points or 1.88% at 11323.34
- Russell 2000 rose 14.81 points or 0.79% at 1882.73
for the trading week:
- Dow industrial average rose 4.15%
- S&P index rose 5.9%
- NASDAQ index rose 8.10%
- Russell 2000 rose 4.60%
- Ark Innovation fund increased by14.62%
Univ. of Michigan preliminary sentiment index for November 54.7 vs 59.5 last
- Preliminary estimate from the University of Michigan consumer sentiment for November 2022
- Consumer sentiment 54.7 vs. 59.5
- Current conditions 57.8 vs. 64.0 estimate
- expectations 52.7 vs. 56.0 estimate
- inflation expectations 1 year 5.1% vs 5.0% last month
- inflation expectations 5 year 3.0% vs 2.9% last month
From the Univ of Michigan:
“Consumer sentiment fell about 9% below October, erasing about half of the gains that had been recorded since the historic low in June. All components of the index declined from last month, but buying conditions for durables, which had markedly improved last month, decreased most sharply in November, falling back 21% on the basis of high interest rates as well as continued high prices. Overall, declines in sentiment were observed across the distribution of age, education, income, geography, and political affiliation, showing that the recent improvements in sentiment were tentative. Instability in sentiment is likely to continue, a reflection of uncertainty over both global factors and the eventual outcomes of the election.
Commodities
Gold could face resistance at $1,780 before targeting $1,800
Gold has reached its highest level since August above $1,760. Next resistance is seen at $1,780, then the $1,800 figure
$1,720 aligns as significant support
“$1,760 aligns as interim resistance and in case this level is confirmed as support, XAUUSD could target $1,780 (Fibonacci 38.2% retracement) and $1,800 (200-day SMA, psychological level).”
“On the downside, $1,720 (100-day SMA, Fibonacci 23.6% retracement) aligns as significant support. Only a daily close below that level could be seen as a significant bearish development and open the door for further losses toward $1,700 (psychological level) and $1,675 (50-day SMA).”
Crude oil settles the week at $88.96
- Up $2.49 or 2.88%
The price of WTI crude oil settles at $88.96. That was up $2.49 or 2.88% on the day.
For the trading week, the price a week closed on Friday at $92.44. The price is down -3.75% on the week and was the first decline after two weeks of gains of 3.7% and 4.71% over those weeks.
In other news today, the Baker Hughes
- rig count rose by 9 to a total of 779.
- The oil rigs increased by 9 to 622.
- Natural gas was unchanged at 155
Fundamentally, the price of oil was supported by hopes of further easing of Covid restrictions in China.
EU News
Major European indices end the day with mixed results
- German DAX closes at the highest level since June 8
The major stock indices are closing with mixed results:
- German DAX, +0.63%
- France’s CAC, +0.64%
- UK’s FTSE 100, -0.67%
- Spain’s Ibex -0.35%
- Italy’s FTSE MIB +0.40%
For the trading week, the German Dax had a stellar week with a gain of 5.76%.
- German DAX, +5.76%
- France’s CAC, +2.84%
- UK’s FTSE 100, -0.12%
- Spain’s Ibex, +2.04%
- Italy’s FTSE MIB +5.19%
Other News
G20 leaders to say: Russia’s war in Ukraine has adversely impacted the global economy
- Early communiqué from the G20 leaders. Putin will not attend the meeting as he manages the war
The early communiqué from the G20 leaders meeting next week:
- Russia’s war in Ukraine has adversely impacted the global economy
- Many G 20 members have called on Russia to immediately end the war in Ukraine
- Many members strongly condemned Russia’s illegal, unjustifiable, and unprovoked war on of aggression against Ukraine
- The use or threat of the use of nuclear weapons is inadmissible
- Peace and stability can only be safeguarded by respecting the sovereignty and territorial integrity
- Protection of civilians and civilian infrastructure in armed conflicts is a critical
- Today’s era must not be of the war, all efforts conducive to a just peace shall be supported
Cryptocurrency News
Binance Chao: Full impact of meltdown at FTX had yet to be felt
- Binance chief Chao
Binance chief Chao is in an interview with the FT:
- full impact of meltdown at rival crypto exchange FTX had yet to be felt
- warns of cascading crypto crisis
FTX commences voluntary Chapter 11 proceedings in US
- FTX files for bankruptcy protection
- FTX commences voluntary Chapter 11 proceedings in the United States
- Sam Bankman-Fried has resigned his role as a CEO and remain to assist in orderly transition
- subsidiaries not included in Chapter 11 proceedings:Ledgerx.LLC, FTX Digital Markets, LTD, FTX Australia, and FTX Express Pay
The company says:
- The Chapter 11 filing is a necessary step to develop plans to move forward
Coinbase will write off investment its venture arm made in FTX
- Nothing left
Coinbase global says it will write off investment its ventures arm made in FTX.
- Coinbase will participate in FTX bankruptcy proceedings to seek a claim of $15 million in deposits at the exchange
- Exposure to FTX is not material to its balance sheet
Coinbase is also saying that FTX has ceased processing withdrawals around midday Friday.
Join Our Whats App Group for all the latest stock market news
https://chat.whatsapp.com/KuCI3obDFfz7J6QI8tK1fX
