U.S. indices closed slightly higher on Thursday helped by shares in the Energy (+1.58%), Semiconductors & Semiconductor Equipment (+0.9%) and Banks (+0.79%) sectors. The 10-year Treasury yield had its biggest gain since the day after President Donald Trump was elected on renewed trade optimism. The S&P 500 (3,085.18) stays above its 20d moving average (3,024.42 – positive slope) and 50d moving average (2,987.25 – positive slope).
On the economic data front, Initial Jobless Claims reported 211K, lower than the 215K consensus for the week ending November 2nd, down 8K from a revised 219K the prior week. Continuing Claims came in at 1689K, above the 1682K estimate for the week ending October 26th, down 3K from a revised 1692K last week. On Friday, economists expect Wholesale Inventories month over month change for the September final reading to be in-line with the preliminary reading at -0.3%. Also on Friday, the University of Michigan Consumer Sentiment Index is expected at 95.5 for the November preliminary reading, in-line with the prior reading.
European markets are expected to start on a flat note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was bullish against most of its major pairs on Thursday, with the exception of the AUD. On the economic data front, Initial Jobless Claims released at 211K, lower than the 215K consensus for the week ending November 2nd, down 8K from a revised 219K the prior week. Continuing Claims came in at 1689K, above the 1682K estimate for the week ending October 26th, down 3K from a revised 1692K last week. On Friday, economists expect Wholesale Inventories month over month change for the September final reading to be in-line with the preliminary reading at -0.3%. Also on Friday, the University of Michigan Consumer Sentiment Index is expected at 95.5 for the November preliminary reading, in-line with the prior reading.
The Euro was bearish against most of its major pairs with the exception of the CHF, GBP and JPY. In Europe, Germany Industrial Production for September declined by 0.5% month over month (-0.4% expected), but was revised slightly higher for August at +0.4% from +0.3%. The Bank of England kept its main rate unchanged at 0.75% as expected but the 7-2 (7 for even and 2 to cut rate) vote was a surprise, as it’s the first time this year a policy maker voted for a cut.
The Australian dollar was bullish against all of its major pairs.<\/p>\n\n\n\n