Friday, November 29, 2024: Analysis of Key Events and Reports
On Friday, November 29, 2024, several significant economic events and reports are scheduled, which may influence investors and traders in Europe and the United States. Below is a detailed overview:
Key Economic Events:
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09:00 GMT: Switzerland – GDP for Q3 2024
Switzerland will release its Gross Domestic Product (GDP) data for the third quarter of 2024. This indicator reflects the overall economic performance of the country. A higher-than-expected GDP growth rate may strengthen the Swiss franc and positively impact European markets, while a lower rate could have the opposite effect.
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10:00 GMT: Eurozone – Preliminary Consumer Price Index (CPI) for November
The Eurozone's preliminary CPI measures the change in the price level of a basket of goods and services. It is a key indicator of inflation. Higher inflation readings may prompt the European Central Bank (ECB) to consider tightening monetary policy, affecting the euro and European bond markets.
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10:30 GMT: United Kingdom – Bank of England (BoE) Meeting Minutes
The BoE will release the minutes from its latest meeting, providing insights into the central bank's monetary policy stance. Investors will look for indications of future interest rate changes, which can influence the British pound and UK financial markets.
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13:30 GMT: Canada – GDP for Q3 2024
Canada will publish its GDP data for the third quarter. This report will provide insights into the country's economic health. Strong GDP growth may bolster the Canadian dollar and impact trade relations with the United States.
Central Bank Speeches:
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European Central Bank (ECB):
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Joachim Nagel: President of the Deutsche Bundesbank and ECB Governing Council member, is scheduled to speak. His remarks may provide insights into the ECB's views on inflation and economic growth.
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Luis de Guindos: ECB Vice-President, is also scheduled to speak. His comments could shed light on the ECB's future policy measures.
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Impact on U.S. and European Markets:
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Eurozone Inflation Data:
The preliminary CPI for November will be crucial for assessing the ECB's policy direction. Higher inflation may lead to expectations of monetary tightening, affecting the euro and European equities.
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UK BoE Meeting Minutes:
The minutes may provide insights into future monetary policy, influencing the British pound and European markets.
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Canadian GDP Data:
Strong GDP growth can influence the Canadian dollar and trade relations with the U.S., impacting North American markets.
Corporate Earnings Reports:
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Europe:
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Volkswagen AG (VOW): The automotive giant is expected to release its earnings report. Investors will look for insights into consumer demand and supply chain dynamics.
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Deutsche Bank AG (DBK): The financial institution's earnings will provide indications of the banking sector's health in Europe.
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United States:
- No major earnings reports are scheduled.
Implications for Investors:
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Economic Indicators:
Eurozone inflation and UK monetary policy insights will be closely watched for indications of economic health and potential shifts in central bank policies.
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Central Bank Communications:
Speeches from ECB officials may provide further clarity on the central bank's policy outlook, influencing market expectations.
Investors should monitor these events closely, as they have the potential to influence market dynamics and inform strategic investment decisions.
As of November 29, 2024, here is the latest financial market data:
Bitcoin (BTC)Bitcoin $96,193.00 +$660.00+0.69%Сегодня
US Dollar Index (DXY): 105.86, down 0.19 points (-0.18%).
Shanghai Composite Index: 3,348.20, up 52.50 points (+1.59%).
Hang Seng Futures: 19,688.5, up 235.0 points (+1.21%).
Nikkei 225 Futures: 38,172.5, down 127.5 points (-0.33%).
Euro Stoxx 50 Futures: 4,772, up 2 points (+0.04%).
S&P 500 Futures: 6,033.00, up 18.00 points (+0.30%).
Brent Oil: $72.86 per barrel, up $0.08 (+0.11%).
Natural Gas: $3.306 per MMBtu, up $0.011 (+0.33%).
US 10-Year Treasury Note Futures: 110.75, up 0.02 points (+0.01%).
Gold: $2,683.35 per ounce, up $21.85 (+0.82%).
Silver: $31.137 per ounce, up $0.452 (+1.47%).
Copper: $4.1638 per pound, up $0.0323 (+0.78%).
Iron Ore 62%: $102.17 per metric ton, up $0.11 (+0.11%).
Nickel: $1,361.2 per metric ton, unchanged.
Aluminium: $2,620.50 per metric ton, up $26.50 (+1.02%).
Please note that financial markets are subject to rapid changes. For the most current information, consult financial news sources or market data platforms.
According to the European Central Bank's (ECB) Consumer Expectations Survey, median inflation expectations for the next 12 months in the euro area decreased to 2.4% in September 2024, down from 2.7% in August. This marks the lowest level since September 2021.
In October 2024, the euro area's annual inflation rate increased to 2.0%, up from 1.7% in September. This rise was primarily driven by higher prices in services and food, alcohol, and tobacco.
These developments suggest that while short-term inflation expectations have moderated, actual inflation rates have experienced a slight uptick, indicating ongoing volatility in the euro area's inflation dynamics.
Recent Inflation Trends in the Euro AreaIn the third quarter of 2024, Canada's economy grew at an annualized rate of 1.0%, aligning with analysts' expectations. This growth was primarily driven by increased household and government spending, though it was moderated by slower accumulation of non-farm inventories.
On a quarterly basis, the Gross Domestic Product (GDP) rose by 0.3% compared to the previous quarter. In September, GDP increased by 0.1% from August, which was below the anticipated 0.3% growth. Preliminary estimates suggest a similar 0.1% GDP growth for October.
These figures indicate a deceleration in economic momentum, reflecting the impact of higher borrowing costs on business investments and consumer demand. The Bank of Canada had projected a 1.5% annualized growth for the third quarter, but the actual data fell short of this forecast.
The slowdown in growth may influence the Bank of Canada's future monetary policy decisions, as it continues to balance economic expansion with inflation control. Analysts will closely monitor upcoming economic indicators to assess the potential for adjustments in interest rates or other policy measures.