Freeport McMoran jumps ☕Stocks 📉 US CPI🚦US Midterm Elections 👀 EURUSD & GBPUSD 💷

FlowBank's hand-curated fresh financial news [View in browser](113/cXx8Z04/VX93FW10frN9W398Cjy721CpgV1-ywc4S3MRsN5d8yPy4ZjchV3Zsc37CgH5FW5yyVJC3_856QW7WS7xm1SH2zWW2MgZxr6mp7xqW1lbrgP3xMBtcW6C-jQ-24Cg7bW5XZ5Sb95rbW1W6ch8ZX1Fw525VTQQjX2TZH_MW8cXbwN7WMd8WVpnt2N3Nznh4W4z52h_5qNhHPW7-dY1l1wTVQMW4dFLC01RLVRyW2BqkXL78Hj90W7FBKJz4JTHkjW3QJJ3h7TpGx1Vv7G2k6Vby9nW3MCHhn5Qkn9WW1xQVDt2Vf9h4W8c505X3ZrZpkVYR50w2PvW-9W8KLn2747G31YW2pvLWx1S7KnxW6sSkKB7zHd4NW2QPlxk3VhDptN6ljc0sVcg5yW8WVScC1rvlR9W7qz7QQ1yMSlHVwlmhw8Z4FdzW2wzHr02cqSv-W4G3dYV1-mNc-W5f7zCn1RB7KRW5L-TGR5gGdtvN8JCZgdfb4l_W8ZwQHy2lkjlYW5Cd9yS2Rfr1j3mlZ1) [header_noDither] 7.11.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [Biz06-fcx-012517-shutter] The copper miner Freeport-McMoRan (FCX) rallied 10% on speculation that China may ease Covid restrictions. Copper prices too jumped to a 1 month high, on their best day since 2009, on the rumour as China is responsible for 54% of global copper demand. [Start Trading](113/cXx8Z04/VX93FW10frN9W398Cjy721CpgV1-ywc4S3MRsN5d8yPy2-MK5V1-WJV7CgNYsW9bdW_-40-xKjW3Zgvy78nBDhxN7Hr09q-r6dKW3ZsM8v6XhlcRW2W9LlN283p25W8jwgk75vqfMRVtXdl92HKDzsW26P8wv1TsfZXW1jK_jm2XvdBMVQfhs44ls9mNW4jQx3p3-nt-8W436pfV8mN0F_Vj2P_b4vBzF3W1m0s2Z68Zz6dN2wg18dRSmfPW3g85tr4lLns8VkwB_P6ZHT53W9b9gd95MVZDLW1byq5h6TSzTnW6_rSnv5t_bsJ39Cz1) Trader's Corner In focus this week • The CPI report will be released Thursday, with market watchers on the lookout for indications that price pressures are cooling. A softer print is likely necessary for stocks to gain positive momentum. • With Tuesday's US Midterm election results, risk appetite could improve. Republicans have been leading in polls and many analysts believe the likely result will be a split government. • Lastly, given that several central bankers, including those from the ECB, BoE, and Fed, are scheduled to speak at various events this week, the currency markets are expected to remain volatile. The dollar will be key. Economic data this week • US CPI, Small business optimism, crude oil inventories, Michigan 5-year inflation expectations • ECB Economic Bulletin, retail sales • UK GDP & German CPI • China CPI, trade balance Earnings this week • Walt Disney, Activision Blizzard, Diamondback Energy, Emerson • Occidental, Associated British foods, AstraZeneca, Take Two • Ralph Lauren, Flutter Entertainment, Wynn Resorts, Nissan, Sapporo Holdings Crypto • Bitcoin rose slightly over the weekend to above USD21k at one point, on recovering sentiment in crypto. Bitcoin has largely escaped from the recent bloodbath in emerging tech and mega-cap tech stocks, a positive. • Binance CEO Changpeng Zhao said on Sunday that his crypto exchange is liquidating its holdings of FTT, the native token of rival FTX, which its founder had recently written a post arguing for restricting DeFi. [Screenshot 2022-11-06 at 18.42.02] [Start Trading](113/cXx8Z04/VX93FW10frN9W398Cjy721CpgV1-ywc4S3MRsN5d8yPy2-MK5V1-WJV7CgzNfN5j4p0HQmsjMW1p5M-G81sRcPW2sfhPb55qQXDN8RRlxgX9DMvW1xmRnS6wRGBLV5B2LB5QBCrgW1Gy1XX74C7DsW4vRh065-gbmkW4MsKtF73vt04W7P3Htn6y2RVwW2Zs9pd25d37MVLdM8w1Lx4gtW770SdP5B51HCW1JFdzs29VQWBW2pN44d2dv7sNW14YdmR8gCNgjW78JnsJ64DXNsW5MGxHv59R88BN7Wq610-7hhrN7GlC6lg3x-j358c1) Market Recap Stocks closed the week lower after the Fed raised rates by 75bps. Nonetheless, Friday saw a modest recovery on speculation China is poised to exit its strict Covid Zero policy. Oil prices rose by 4%. Material and energy stocks outperformed the broader market, while tech lagged. The dollar index fell sharply on Friday, closing the week little changed after some Fed officials suggested moving rates more slowly to balance risks. The euro jumped 2.1%, supported by hawkish ECB comments that pushed the 10-year German bund yield higher. This morning, S&P500 future contracts are pointing slightly lower as sentiment on the state of the global economy continues to deteriorate. And, Apple is rumored to trim new iPhone output as demand cools. Chart Of The Day Oil rose this week as the US sells its last batch of emergency reserves and supply risks persist. [Screenshot 2022-11-06 at 18.46.23](113/cXx8Z04/VX93FW10frN9W398Cjy721CpgV1-ywc4S3MRsN5d8yPf2-MJQV1-WJV7CgFd4N8D_KBnDm_CgW1yw67h1W3NhYW2wHdhG4R0Rl8VKpYq19dS0GYW1KRlhn1YjMbLW6bDPlw3B8vzCW8LL3P376rhJ5N1KRXfDVjSQgW4StQm07psZnwW5BkCHN6Q77RvW1Ml3kJ67vYv6W3pqY-d6Vc4KkW3NYStx10xpp8W8h0Xf04dBwMQW8c8CMy7BTWsZW6CRK2F5lWh-9VFyPJF6QnyGlW7F9kw33lN_vQ3c4N1) FlowBank Blog The Nat Gas Sell Off Looks Overdone [Nat gas](113/cXx8Z04/VX93FW10frN9W398Cjy721CpgV1-ywc4S3MRsN5d8yPf2-MJQV1-WJV7CgR7BN2qvk1MxVjDKW7tKvqk2Nm0rvN44pW-hmlk1qW8HNY8y1cP7dhW2ybXYD8kJqNcW2019P25pWzJpW9fgC9r4kSWDTW4gRyYz2k_pRRW7MFs5M41wYm6W5QbmG27YZcgwW8Gm4WD5Pgpb7W9m2g9M8xCRNdW639DGq90_bq9V1KX262flV4dW6M9WTF5bTvx7W8LHtR83zf0F0W5yhnCs12HzlVW99Wh772Cxj3P33hh1) Dominating trader chat In the commodities space, heading into the year's final months is the reversal in the price of Natural Gas. Traders are now questioning whether the correction is likely to deepen further. 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