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German government bonds continued to fall, with the two-year yield rising 5 basis points to 3%.Copper prices surged to a record high on the London Metal Exchange on September 7, boosted by weeks of gains fueled by market expectations that President Trump would extend US tariffs to refined metal imports. LME benchmark three-month copper futures rose as much as 0.8% to $14,533 per tonne, a new record set in January. Copper prices have risen 17% over the past year, supported by a long-standing supply-demand mismatch – a backdrop against which aging large mines worldwide are struggling to keep up with demand from data centers, renewable energy, and the power grid, a backdrop that has bullish investors for years. However, short-term factors are in focus, particularly the hundreds of thousands of tons of copper shipped to the US this year by traders seeking to profit from higher prices. About two months after the US Commerce Department submitted its recommendations to the White House, the market is still pricing in the possibility of tariffs.1. Shipping authorities and commodity traders said on Monday that the Rhine River in Germany has seen its water level drop again due to the ongoing drought, forcing cargo ships to reduce their loads once more. However, the current level remains well above the record low reached in August. The Rhine is a vital transport route for grains, minerals, coal, and refined petroleum products. 2. Consulting firm AgRural reported that with the end of the soybean planting ban and favorable rainfall, some areas in Paraná state, Brazil, have begun planting, marking the official start of the 2026/27 soybean planting season. As of last Thursday, the planted soybean area in Brazil accounted for 0.05% of the estimated total area, compared to 0.02% at the same time last year. In Brazils south-central region, the first quarterly corn planting area for the 2026/27 season reached 17% of the estimated total area, up from 11% the previous week and 12% at the same time last year. 3. Thailands sugar production for the 2026/27 season is expected to decline significantly due to drought. Executives at Thai sugar mills stated that sugar production in Thailand may fall below 10 million tons in the 2026/27 crushing season, which begins in October, a decrease of at least 17% compared to the approximately 12 million tons produced in the previous season. The El Niño phenomenon continues to intensify, and Thailand is facing insufficient rainfall in some major producing areas. The northeastern region, which accounts for about 45% of the countrys total sugar production, has received significantly less rainfall this year than other producing areas. 4. According to Mysteels survey of 15 sample projects in Indonesia, Indonesias nickel matte production in August 2026 was 28,600 tons, a decrease of 8.62% month-on-month and 2.31% year-on-year; of which 23,300 tons were high-grade nickel matte and 5,300 tons were low-grade nickel matte (excluding those that have already increased in quality). 5. Ukraine stated that it launched overnight attacks on oil processing facilities in Russias Perm region and Tatarstan, resuming attacks after a US special envoy visited Moscow last weekend. Ukrainian President Zelensky stated that long-range forces were used to strike refineries in the Perm region and Tatarstan, but did not provide further details. 6. The Baltic Dry Index (BDI) fell, ending a three-day winning streak, due to weaker freight rates for Capesize and Panamax vessels. The BDI dropped 53 points, or 1.4%, to 3575 points.According to Iranian media Fars News, Iran has warned that ships near Hassab, Oman, face the risk of attack.Turkish President: The bill for Israels wars in the region is not only paid by Iran and the Gulf states, but shared by everyone.

S&P 500 Gains 4.5% As Traders Bet The Fed Will Raise Rates By 50 Bps In December

Skylar Shaw

Nov 11, 2022 16:51



As the inflation rate drops to 7.7%, tech stocks rise.


As a result of traders' reactions to the U.S. inflation reports, which showed that the inflation rate decreased from 8.2% in September to 7.7% in October, the S&P 500 is up 4.5%. The heavily tech-focused NASDAQ Composite is up 6%.


Data on inflation gave today's international markets a lot of assistance. Additionally, Fed officials gave stock market-friendly hints that the Fed would scale down rate increases.


The rise is being driven by tech stocks. Amazon and NVIDIA are up 12%. Tesla, Apple, and Microsoft are all up 6%.


As a less aggressive Fed policy would help the entire market, it is not surprising that the rally is widespread and that all market categories are increasing. As traders concentrate on riskier bets, consumer defensive stocks underperform the market.


The Michigan Consumer Sentiment report, which will be the focus of traders tomorrow, is anticipated to reveal a decline in consumer sentiment from 59.9 in October to 59.5 in December. Since today's surge has been so robust, traders will probably need a solid report to keep the recovery going. If Consumer Sentiment falls short of forecasts, traders may seek to lock in some profits before the weekend.


S&P 500 is currently probing the resistance at 3920 after managing to stabilize above the 3900 mark. RSI is still in the moderate range despite the strong rally, so there is still plenty of room for further upward momentum to develop should the proper catalysts materialize.


The S&P 500 will move toward the next resistance level at 3960 if it settles above the 3920 mark. A rise above this point will allow for the testing of the 4000 level resistance. The next resistance level at 4015 will be reached by the S&P 500 if it rises above 4000.


The S&P 500's closest support level is found at 3885 on the support side. The S&P 500 will move toward the next support at 3835 if it drops below this level. The S&P 500 may receive significant support in the 3815–3835 range because the 50 EMA is situated at 3815.

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