- Odds that Democrats hold onto the Senate surge as the votes trickle in
- US election - Republican have gained 4 seats in the House but 242 (of 435) seats undecided
- More on Tesla CEO Elon Musk selling additional shares of Tesla (TSLA), around US$3.95bn
- PBOC-backed media says there are many signs that property developer financing is improving
- Speaking of bellwethers - on Wednesday warnings from FedEx wobbled risk
- China's October data - wholesale inflation fell for the first time since December 2020
- Predictit Senate odds improve for Democrats
- China has further expanded its support for ailing property developers
- China October CPI 2.1% y/y (expected 2.4%) & PPI -1.3% y/y (expected -1.5%)
- PBOC sets USD/ CNY mid-point today at 7.2189 (vs. estimate at 7.2015)
- One bellwether district in Virginia bodes well for Republicans
- A major Chinese developer sold off landmark US property at "a steep loss"
- PBOC is expected to set the USD/CNY reference rate at 7.2015 – Reuters estimate
- Deutsche Bank on the 'inevitable' UK recession
- China coronavirus update - Guangzhou locks down a second district
- Australian PM Albanese says a meeting with Chinese President Xi would be a positive
- BoA say the Reserve Bank of Australia (& BoC) may have slowed pace of rate hikes too early
- Reuters Tankan (Nov.) - Manufacturing sentiment index +2 (prior +5)
- UK PM Sunak flags raising the top rate of income tax
- Oil - pushed & pulled on China demand concern (COVID outbreaks rising) but supply shortage
- Goldman Sachs on the 'bleak picture' for Europe & more on why they cut EUR/USD forecast
- New Zealand – Card Spending for October +1.0% m/m (expected 0.2%)
- Oil - private survey of inventory shows headline build, larger than expected
- If Predictit is any indication, then tonight will be a Republican landslide
- Major US indices close higher for the 3rd consecutive day
- Forexlive Americas FX news wrap: FTX unloads company to Binance in a fire sale
- Trade ideas thread - Wednesday, 9 November 2022
We have had dribbles of results come in from the US mid-term elections but nothing conclusive as yet. It appears that majority control in the House is on track to switch to the Republican Party but the Senate is less clear. Indeed, prediction markets are currently in favour of the Democrats holding control of the Senate.
Major FX rates are little changed against the US dollar for the session after some minor swings.
The other item of interest in the time zone here today was the data from China for inflation in October. Consumer prices rose, but not as much as expected, while ‘wholesale’ inflation (PPI) fell, again not as much as expected. While on China, the People’s Bank of China set the onshore yuan at a weaker level than was estimated. There was also news of enhanced support for the troubled property sector. This gave stock markets a lift, property-related stocks outperforming.
USD/CNH is little changed after all the China news and data:
