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On November 20th, Sam Stovall, Chief Investment Strategist at CFRA Research, stated, "Nvidia just hit a home run. This will give investors a sigh of relief, as current and anticipated continued growth suggests that its valuation may not be as inflated as previously feared." David Trainer, CEO of investment research firm New Constructs, added, "This is exactly the kind of boost the market needs. However, I would like to remind everyone that all the positive news is already fully priced into the current share price."Note: Nvidias (NVDA.O) earnings call has ended.1. The three major U.S. stock indexes closed slightly higher. At the close, the Dow Jones Industrial Average rose 0.1% to 46,138.77 points, the S&P 500 rose 0.38% to 6,642.16 points, and the Nasdaq Composite rose 0.59% to 22,564.23 points. Nvidia rose nearly 3%, and Sherwin-Williams rose nearly 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.87%, Google rose 3%, and Tesla rose 0.68%. Most Chinese concept stocks fell, with Chifu Technology falling more than 14% and Tiger Brokers falling more than 10%. 2. The three major European stock indexes closed mixed. The German DAX rose 0.1% to 23,204.14 points, the French CAC40 fell 0.18% to 7,953.77 points, and the UK FTSE 100 fell 0.47% to 9,507.41 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 2.95 basis points to 3.591%, the 3-year Treasury yield rose 2.23 basis points to 3.586%, the 5-year Treasury yield rose 2.62 basis points to 3.708%, the 10-year Treasury yield rose 2.52 basis points to 4.137%, and the 30-year Treasury yield rose 2.39 basis points to 4.756%. 4. International precious metals futures generally closed higher. COMEX gold futures rose 0.29% to $4078.30 per ounce, and COMEX silver futures rose 1.08% to $51.07 per ounce. 5. Increased US refined product inventories and easing geopolitical risks pushed oil prices down. The WTI crude oil futures contract closed at $59.41 per barrel; the Brent crude oil futures contract fell 1.88% to $63.67 per barrel. 6. Most London base metals rose, with LME aluminum up 1.37% to $2,818.00/ton, LME copper up 0.75% to $10,800.00/ton, LME nickel up 0.15% to $14,660.00/ton, LME zinc up 0.12% to $2,992.50/ton, LME tin up 0.02% to $36,880.00/ton, and LME lead down 0.40% to $2,015.50/ton.The Australian Prudential Regulation Authority (APRA) focuses on assessing the potential risks arising from the interconnections between regulated industries and their relationships with non-bank lenders, private credit firms, and others.The Australian Prudential Regulation Authority (APRA) says housing lending standards remain robust, but there are signs of an increase in high-risk lending and intensifying competition for new loans.

Copper Declines on COVID Fears in China; Gold to Decline Weekly

Haiden Holmes

Nov 04, 2022 14:36

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China, the largest copper importer in the world, denied speculations that it might loosen COVID requirements, leaving copper prices constant on Friday.


As the dollar rises due to the Federal Reserve's hawkish moves, metal markets are likely to conclude the week in the red.


Thursday, China's Ministry of Health reaffirmed its commitment to the zero-COVID policy, dispelling recent speculations that the country may quit the program by March 2023. The statements also coincide with an increase in contagious diseases across the nation, which has led to new traffic restrictions in a number of major cities.


Copper futures were flat at $3.4220 per pound at 20:17 ET (00:17 GMT), following a fall of 1.4% in the prior session. They were also expected to lose 0.3% this week.


Due to anticipation that a downturn in China's economic activity may limit the country's metal demand, prices for the red metal dropped this year. Fears of a global recession weighed on the metal, which is typically supported by an improving economy.


In the following months, however, a decline in available supply may cause the price of the red metal to rise. Significant Peruvian copper mine Las Bambas suspended operations this week as a result of frequent blockades by locals.


This, together with a strike at the world's largest copper mine and sanctions on Russian manufacturers, is expected to reduce copper supplies in the coming months.


Rising interest rates and the strength of the U.S. dollar are expected to moderate metal prices in the coming months. After the Federal Reserve boosted interest rates and foreshadowed additional monetary tightening, gold, which is more sensitive to interest rates than other commodities, was anticipated to decline by over 1 percent this week.


Gold spot prices rose 0.1% to $1,631.88 per ounce on Friday, while gold futures rose 0.2% to $1,633.75 per ounce. Following this week's Fed move, both instruments were recovering marginally from a string of sharp falls.


The Fed's interest rate hikes resulted in huge losses for gold this year, as the opportunity cost of holding the yellow metal soared.


The focus now switches to the U.S. nonfarm payrolls report expected later in the day, which is expected to reflect resilience in the labor market. This will certainly provide the Fed with enough economic wriggle room to continue rising interest rates, as foreshadowed by the central bank this week.

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