09 November 2023
Dear clients,
There was an uneasy calm in Asian trading as investors digested a flurry of comments from central bankers looking for signs that global interest rates have peaked and Fed Chairman Jerome Powell is set to take center stage once again.
Powell did not comment on monetary policy in his opening remarks at the U.S. central bank's statistical conference on Wednesday, but he is scheduled to speak at another conference on Thursday and traders are ready to pay close attention to every word.
At a separate event Wednesday, European Central Bank chief economist Philip Lane said his bank wants to see further progress in containing inflationary pressures, and companies and governments need to take action to prevent further policy tightening.
Futures are hinting at a moderately low opening for European stock markets.
Investors will also keep an eye on shares of Europe's most valuable company Novo Nordisk after U.S. and British regulators gave Eli Lilly's weight-loss drug Zepbound a favorable review on Wednesday.
In Asia, Chinese real estate-related stocks were again in focus. They rose on Wednesday following a report that China's State Council had ordered local authorities in Guangdong province to help organize a bailout of Country Garden by insurance group Ping An.
Meanwhile, data released Thursday showed China's consumer prices fell in October and factory deflation persisted, signaling increased pressure on demand as the world's second-largest economy struggles to emerge from a post-pandemic slump.
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