Ferrari beats🏎️ Stocks fall 📉 Treasury yields jump 👀 GBP x BoE rate decision 💷 Earnings: Starbucks, PayPal, Expedia ✈️

FlowBank's hand-curated fresh financial news [View in browser](113/cXx8Z04/MVrkQ_5FW9HW5WPypr8MRq15VrHz2f4RX9V5N5QLhSc4Zjb_V3Zsc37CgJcVW8SQs4v5wL5PsW5FrrxW3s_pnLW8YlVHZ9kjZDVW4FKjzC8jKcmDN7Xk-2V-j35JW8zZNLt94Ptk8W1kT1-62wYDHnW1zfLTS302cKJW4W1TF85pkg6GW8Lb1N24Dq9SGW67sZDy8vxFLrW3jBXY-8HMLqjW19X0pN7TBJg0W8v9DP_8v79lCVzTx6T8-_Q-1W19KmyB1l_w1lW6w6s-G55fBxTW4_WhNS7jXrCBN7yZc_DY7xrWW28fdWy2NLmN7W2KblPS4RmJnJV4NMNf1p3XPfW1CMXNW6kFvVnW1MbymH4tyhk9W9dklwP7TcK_FW2Mrf3K39rl4PW90nYKz7JrSntW4ZvVpN24WY6TW55nHC01mlt3sV89VLM1zBQwlW8HFvtS7zBLW2W8f7TNb8_yVjpW5YxTNK2TTrnKVZ1-jt7kPXsn3dZ41) [header_noDither] 3.11.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [Ferrari main] Luxury sports car maker Ferrari reported stronger-than-expected third quarter earnings and raised its full-year forecasts. The Italian car maker is supported by double-digit growth in the number of shipments. It however raises eyebrows on slightly higher industrial and R&D costs and shipment of a less profitable mix of vehicles versus last year. [Start Trading](113/cXx8Z04/MVrkQ_5FW9HW5WPypr8MRq15VrHz2f4RX9V5N5QLhSw2-MK5V1-WJV7CgDxxV5fPhh12nSy1N2Vmj-G1ny6BW4fK8Hb2962RGVDhkXG7hpmwyW7LqhMq5d7G7ZW60xVK76yv67RW1cHMtT7kgsZqW147hRS8-NrSqW7zLTJB4q73cVW1DZRnL67y2-hW6TLXtw1vrQ8QW5WSYDS8sYCsGN2VQ9RDqLZTtW7XTXTL3P_NpHN4M9bnQDyP_nW2yqh5c6HtrnmW8-PNCv18YzvkW5MjhSs11DM6JW2lk7ch7mtvY3VGhH6z5KWkBg39j81) Trader's Corner In focus • Traders will be closely monitoring further moves in US Treasury yields, after their sharp increase during Fed Chair Powell's press conference caused stocks to fall more than 2%. • The pound sterling could see additional volatility around the Bank of England interest rate decision and speech by Governor Bailey. The central bank is expected to hike rates by 75bps to 3%. • Lastly, earnings from Starbucks, PayPal, and Expedia could offer investors some colors on the state of consumer spending. Stronger-than-expected earnings could boost investor sentiment. Economic data • US jobless claims, ISM non-manufacturing, unit labour cost, Services PMI, Factory Orders • Switzerland CPI • BoE interest rate decision, UK PMIs Earnings • Amgen, Starbucks, PayPal, Moderna, Warner Discovery • BMW, Block, Illumina, Microchip, • DuPont, Kellogg, Barrick Gold • Expedia, Coinbase, Bill.Com, Twillio, Lenovo, Dropbox, WWE Crypto • Ethereum fell 4% to around USD1'510, near its one-week low, in light of Powell's comments that triggered a selloff in risk assets. It needs to hold its support around USD1'500 or risk revisiting the around USD1'250 area. • Microsoft has backed Wemade, a popular video game developer that has made aggressive bets on blockchain in recent years, the latest sign of tech giants’ showing growing interest in web3. [Screenshot 2022-11-03 at 07.11.23] [Start Trading](113/cXx8Z04/MVrkQ_5FW9HW5WPypr8MRq15VrHz2f4RX9V5N5QLhSw2-MK5V1-WJV7CgSCtW3X3Z2d2DlX4pW2WSLVQ78nS5KW6GNGyb2vcKnMW8f_mlf72wzKVW3hs_rJ6ys1QdW2FZHcv8xr5HrN3PxHbjR2hDMW6jsmDQ45R_FcN1RTqVRKHHD_W5hYGkk6gy6XWVZrZMC6FRYKnW6q4bPw9dns1wVGdf-h7LVBhpW62qjsy8pHgwfN8NcYKNcv8K9W2sP8y059_KfNW2sfj2L6bMvnJW1pRzYq5pqwsZW2nLxSZ3nPN7CN2rjc8dWFfhT36yW1) Market Recap Stocks fell across the board following Fed Chair Powell's press conference in which he communicated the Fed may slow down the pace of rate hikes, but likely go higher. He pointed at the 'too hot' jobs market. The USD gained 75bps versus GBP and 50 bps against the EUR, in light of rising Fed tightening forecasts. WTI climbed 1% to USD89.3pb, a 3-week high. US natural gas also rose (+8%), while gold fell 0.7%. This morning, European stocks are set to open lower. S&P500 futures are paring overnight gains following a spike in the 2-year yields (4.9%). And the pound sterling is little changed ahead of the BoE interest rate decision. Chart Of The Day Bitcoin is forming a descending triangular pattern with prices nearing the top of the descending pattern. A move above USD20'600, or beyond recent highs would be encouraging for more upside. [BTC 0211](113/cXx8Z04/MVrkQ_5FW9HW5WPypr8MRq15VrHz2f4RX9V5N5QLhSc2-MJQV1-WJV7CgT6yW6gwv_t1DCrnkW6PqPv72LTl3XW7x7L793XJg80W7WGqRy3VPMfxW2sXGMY3XW_87W5MGwNQ4MHwmMW2jCHl_2PZMt2W7yxvR13NGdFJW6z_R5Z5x3bL7W4TJrVC5S8WTDW35s_Gd4clDP0W88tkrH66BrgnW1-DPd58-twfQN2WVytv6vk2PW2pBBX54NQG0hVRM1pL2DyBYXW7k_1bd49P6D7W4xFyX98RtDVc3h7W1) FlowBank Blog Big Tech: What do Q3 earnings reveal? [Big tech-1](113/cXx8Z04/MVrkQ_5FW9HW5WPypr8MRq15VrHz2f4RX9V5N5QLhSc2-MJQV1-WJV7CgXV9W1j44G14yCQ9CW7GyZ7B4gC6nvW4sQT4D3ZcJpKW3Xp1dZ80KdSVW1HKrLv5J6sKQN2Zsxfl9nPG0W3Tp8mF6C5nvvF8Qj7Mv4nn8W5P4R7q8s-v8RW4ftpzj4FR2GqW4PH_qX2Rz14dV6Z-d71RlzMDW2kCttj5sHgWRVkFmNs56w0lLW40JQsS4xcnbFW33-QvD3XRcxyW8xBDL832nWvWN5J-93q_6brt2_c1) US earnings have overall been strong and resilient so far. But the same cannot be said about Big Tech. And, a lot of attention should be given to Apple, Microsoft, Amazon, and Alphabet, given their combined weight of almost 20% in the S&P 500. 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