I Read The News So You Don’t Have To – Market News (Nov. 07, 2018)

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by ogordained

UNITED STATES

  • Job openings missed expectations but remain near record highs (Actual 7,009 | Expected 7,085)
    • High demand for health care workers is a big cause for this
  • Inventory of unsold homes is at its highest rate since 2011
  •  Democrats took control of the House while Republicans gained a few seats in the Senate to keep their majority
  • Futures point to a triple-digit gain for the DOW
    • historically stocks have performed well during periods of political gridlock
  • The Fed starts a two-day meeting with a decision on interest rates due by Thursday
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OTHER

  • German investigators raided the Munich office of BlackRock. Authorities are believed to be looking into a tax-avoidance scheme known as cum-ex
  • German manufacturing orders are down but not as much as expected (Actual -2.2% | Expected -2.8%)
  • Rising oil prices helped two controversial state-run oil giants.
    • Russia’s Rosneft nearly tripled their profits while Brazil’s Petrobras saw a 25-fold rise in net profits
      • However, crude oil and gasoline have been down sharply as of late
  • The Russian stock market is recovering after a sharp sell off
  • Unmployment rates in New Zealand were a nice surprise (Actual 3.9% | Expected 4.4%)
    • Wage growth was also better than expected (Actual 1.4% | Expected 0.8%)
  • Australian construction activity has seen a steep slowdown
  • Global business activity PMI points to a global slowdown in GDP growth 
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CHINA

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