November 4, 2022
United States:
Gold Extends Gains After US Jobs Data Gives Mixed Signals
Gold rose the most in a month after a US jobs report painted a mixed picture of the labor market, further clouding the outlook for the Federal Reserve’s rate hikes.
Nonfarm payrolls increased 261,000 last month, far above the median economist estimate. Meanwhile the unemployment rate rose more than expected, based on a separate survey. The dollar fell the most since August following the print, boosting gold which is priced in the currency.
Europe:
BOE Chief Economist Says Rates Will Have To Go Higher Than 3%
Bank of England Chief Economist Huw Pill said UK interest rates are likely to rise further in the months ahead, but not as sharply as financial markets have anticipated.
Asia:
China Stock Frenzy Enters Overdrive on Hopes That Worst Is Over
After nearly two years of disappointment and $6 trillion of losses, Chinese stocks soared at the fastest pace worldwide this week on frenzied speculation that a bottom has finally arrived.
A flurry of market-friendly headlines — along with unverified talk that China is poised to exit its strict Covid Zero policy — drove the Hang Seng China Enterprises Index to its best weekly gain since 2015. Led by tech names, the gauge soared as much as 8.8% on Friday, as Bloomberg News reported progress in efforts to prevent the delisting of hundreds of Chinese stocks from US bourses.
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