Dollar General☕ Stocks plateau📈 US jobs👀 Oil rallies🛢️ Gold gains🔍

FlowBank's hand-curated fresh financial news [header_noDither] 02.12.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [Dollar General] Third-quarter earnings have been mixed for retailers so far. And Dollar General saw its stock plunge 8% after releasing its quarterly earnings. The company is revising its annual profit forecasts lower as costs surged. [Start Trading](113/cXx8Z04/VWlvqz3DJdlzW4ZNbJG7pczn2W6klx534T3k-9N22w0_r2-MK5V1-WJV7CgDMjW42Dk1m1_1119W51GbDq3Z8HVqVd9bJD5WMP2sW3sMVjY7PDR00W8r_90F2xKwHpW5cy4J51sTLGWW8JxPLJ8j2klhW41NVxg6kx_9kW1sCzf-75SMdyVbZqWc3_xdwCW1QQ3ZW4vqq1kVMSjrw4_PCGNN5mtPJJTDwDwW1vxv-W8ySK5tW3WNxns4qNr2LW4SRs456W3l2SW3737WC8q8BKpW2MyD_08WKJBKW16jSPs2snH6yN8tLNMrdR6nj3dTf1) Trader's Corner In focus • The closely watched monthly report on the US job market will be released on Friday. A stronger number than expected could add pressure on stocks as investors assess the likelihood of a Fed 'pivot'. • Oil prices extended gains, with WTI rising more than 3%, as the discussion on the Russian crude price cap and potential OPEC+ output prompted worries on the supply side. Sentiment could take it to $90pb. • Lastly, precious metals prices are sharply higher, with gold jumping to a 3-month high. The outlook for the Fed to slow its pace of interest rate hikes is bullish for metals, supported by a lower US dollar. Economic data • US Nonfarm Payrolls, unemployment rate, hourly earnings • EU PPI • German current account Earnings • DocuSign Crypto • Bitcoin and Ethereum fell slightly as traders took profits, digesting crypto's largest one-day advance in two weeks. • BlackRock CEO Larry Fink said that "the next generation for markets, and securities, will be tokenization of securities." BlackRock joins a growing number of firms backing the tokenization of securities. [Table 021222] [Start Trading](113/cXx8Z04/VWlvqz3DJdlzW4ZNbJG7pczn2W6klx534T3k-9N22w0_r2-MK5V1-WJV7CgQFFW4d_r_c22zpc4W6tt7Jz6lrbYwN17LM12lLXWmW2yQf99962tS5W3x60sN94dQpHW2G83-J1s4hp3W3pyXpl1-btX8W62vGzC6rMVk_W5vJN-B31G67lV7KP7h3VDcn8W8Jc8w27WxQXCW2KQDRM4tz18rVc6fzM8LWK0XW1r9GZB1WfRPvW12-Pg34Qf23WW7q6681934GCjW9kvP_v6LZJjbVpj9-K1sqFFKW562fwH3_nXC2W1SLwkd35XwSh3ms31) Market Recap Stocks gave up an early advance and moved moderately lower. Concern that Fed tightening will push the US economy into recession pressured stocks after economic data showed the November ISM manufacturing index contracted at its steepest pace in 2.5 years. US 10-year yields fell below 3.6% for the first time in 2 months, helping risk assets absorb more bad news of a slowing economy. The EURUSD surged 1% to 1.05, for the first time since July, led by a weaker dollar. This morning, S&P500 futures contracts are slightly lower, ahead of a key US jobs report. There are only 20 trading days left until year-end and market sentiment has rapidly turned positive since Powell's speech. Chart Of the Day The US PCE, the Fed's favorite gauge of inflation came softer than expected, increasing the likelihood that the Fed will 'pivot', given the recent data that points towards a decelerating pace of inflation. [PCE mom 0112022](113/cXx8Z04/VWlvqz3DJdlzW4ZNbJG7pczn2W6klx534T3k-9N22w0_72-MJQV1-WJV7CgNFHW1XzWR61QdvjgW82qyXC19r8bvW4d81md7nN6ftW3fGpyZ4_qGGbVgHGvK2nRdv4W6syrZV5hj74pW8C9msj2-LfKbW5RFYys9ckgM-W48wN126MbGcpW4DTcyy6n2-g7W755RWg58WTcCW49H9xl1-GS8NN2f4jQ5d-rCnW5p-bbm7PfyZTW6MKk1336pXyyW7rp5lv66h1CvW6rDqDL4S13pXW24xlHb1q_S_03m5w1) FlowBank Blog A Rising Chance the USD Correction Becomes a Reversal [dollars](113/cXx8Z04/VWlvqz3DJdlzW4ZNbJG7pczn2W6klx534T3k-9N22w0_72-MJQV1-WJV7CgHYlW1l9rvv3hYwCVW7JJGhJ52-W4WVBSQWj6TG-ZsW7pqS3Y99HmDFW7JK16l7blkmYW4rc7gC8MCf5tW1M-5br3bSZzbW7kmg9y6dqWwxW4dKW7k4CmYT2W2CpD5T8qxm-WN6g3sw_3FCCqW7LPqcj4xcxYMW4tgRZN3MM7HTW4CNL0d1pz56CN4R6k0kGrH40W4XBfn41_h972W36hD8k5371cXVrpGBJ6dH_rm3n2y1) The Dollar Index has fallen over 8% from the multi-decade highs printed in September, moving from around $114 to $105. Traders are now questioning whether the downturn marks the start of a reversal lower, or if this is simply a correction within the longer-term bull trend. 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