🤖 AI rout, partial rebound
Thursday’s AI selloff, triggered by fears that the Democratic midterm win could slow data-centre buildout, sent the Nasdaq down 5.5% and the S&P 500 down 4.4%. Friday brought only a partial bounce: S&P 500 +0.3% (7,376.86), Nasdaq +1.1% (24,579), Dow down 0.5% (51,286). Europe closed lower, with the DAX down 1.9% and the FTSE 100 down 1.0%. The VIX is still elevated at 25.6. 😬
🌏 Asia: Japan and Taiwan lead, Korea slips
Nikkei +2.5% (58,874), Taiex +5.0%, ASX 200 +0.1%, Kospi down 0.8%. Shanghai +0.4% (3,665), Hang Seng +0.1% (24,515). 🇨🇳 China’s October PPI accelerated to 5.7% y/y (est. 5.3%), while CPI cooled to 0.7% (est. 0.8%).
🏦 Fed hike bets stay alive
October payrolls came in at +165K against roughly 60K expected, and unemployment fell to 4.1%. Markets price around a 78% chance of a December hike. Fed speakers Bowman, Goolsbee and Barkin are on today, and US CPI follows on Tuesday. 🇺🇸
🛢 Oil and gold
Brent is near $97 (down 1.5%) after falling over 13% last week on US–Iran diplomacy hopes. WTI is near $90, and Hormuz shipping attacks remain the upside risk. 🥇 Gold is up 1.1% at about $4,114, with silver at $52.6.
💱 FX and crypto
EUR/USD 1.1164, USD/JPY 158.24, GBP/USD 1.3386. ₿ Bitcoin is down 1.9% at about $74,400, and Ethereum is down 5% at about $2,120. 📉
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