- Shares of AMD rise 32% at the open after deal with OpenAI
- ECBs Lagarde:Disinflation process is over; inflation expected to remain around 2%.
- Trump announces 25% tariffs on all medium and heavy-duty trucks
- White House: Trade will be a topic of talks with Carney
- Canada aims to ease US steel tariffs in trade talks on Tuesday
- Critical Metals Corp sinks after White House official says US not weighing stake
- ECB's Escriva: Current level of rates is adequate
Markets:
- Gold up $77 to $3693
- WTI crude oil up 82-cents to $61.70
- S&P 500 up 0.4%
- US 10-year yields up 4.7 bps to 4.17%
- AUD leads, JPY lags
Today was all about astonishing market moves, starting with a fresh record high in gold that started in Asia and continued right through North America trade and ultimately a high of $3969 and the opportunity for Asia to break the big figure. It's been an astonishing six-week run from $3350 but it now faces an obvious technical test at a time it's extremely overbought.
Elsewhere, the yen fell heavily after the LDP chose Sanae Takaichi as its new Prime Minister, leading to a dovish repricing at the BOJ but also fresh fears about reckless spending. USD/JPY touched the highest since late-July in a move that stretched to 300 pips at one point while EUR/JPY broke the 2024 high and touched the highest since 1992 (via the synthetic euro) or highest ever in proper EUR terms.
The yen move is certainly one worth keeping an eye on as we potentially enter a new era (or at least a new leg) of yen weakness.
In equity markets, AMD shares surged as much as 35% before closing 23% higher on a deal with OpenAI to build data centers. Ultimately, the later company could end up owning 10% of the chipmaker if it meets targets. Another big equity mover was TSLA, which rebounded 5.5% after announcing a November 7 event that looks to be the launch of a new vehicle model. Telcos and Starbucks lagged.
In the North American day ahead, there will be some focus on a Trump-Carney meeting as Canada hopes to loosen tariffs. That sounds like a tall order after Trump announced fresh ones on medium-and-heavy duty trucks today.
