Good morning. US stock futures moved higher in Monday morning trading as investors gear up for speeches from Jerome Powell in the week ahead.
🛢️ Saudis, Russians reaffirm oil output cuts
The announcement by the OPEC+ heavyweights comes after a retreat of oil prices following the initial surge that took place at the onset of the Hamas-Israel war.
Crude prices initially rose sharply after the outbreak of the Israeli-Palestinian conflict at the start of October.
Despite the surge, a slowdown in Chinese manufacturing has also raised questions about oil demand from the world’s largest importer and the resulting impact on prices.
💡 So what: Oil prices often respond to geopolitical conflicts with increased volatility and potential price spikes. The extent and duration of these effects depends on the specific nature of the geopolitical events and how they unfold. Because oil affects so many industries and products, sharp price fluctuations can have large trickle down effects for economies around the world.
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Monday - Federal Reserve Senior Loan Survey, Fed Governor Cook Speaks
Tuesday - Consumer Credit, US Trade Deficit, Fed Governor Waller Speaks
Wednesday - Fed Chair Powell Delivers Opening Remarks,
Thursday - Initial Jobless Claims (wk end Nov 3rd)
Friday - No Major Economic News
👔 China says it’s open for business
🤖 Musk launches AI chatbot
WHY: The prototype is in its early beta phase, only two months in training, and is available to a select number of users to test out before the company releases it more widely.
🪧 Striking actors receive “last offer” from studios
WHY: Members of SAG-AFTRA, which represents 160,000 actors and other media professionals have been on strike since July.
🐔 Jurassic nugget recall!
WHY: The company said the recall included Tyson-brand fully cooked “Fun Nuggets” sold to retailers in 29-ounce packages. No other Tyson brands were affected the company said.
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