Open: New York Session | Forex, Metals, Oil, Agriculture November 11, 2022

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Agriculture

The Ivorian Coffee and Cocoa Council says that the premiums have failed to guarantee higher farm-gate prices.

Currencies

The euro zone faces a grim winter as a recession bites just as double-digit inflation grips the region and war rages nearby, according to the European Commission. The dollar weakened for another session, which also helped spur broad gains across assets.

Metals

Commodities from oil to iron ore and copper also surged on China s pullback from its Covid Zero policy. Gold rose, while Bitcoin fell slightly, consolidating above $17,000.

United States

But the optimism might be tempered as Fed Chair Jerome Powell s favorite benchmark for recession risks inverted for the first time since the pandemic hit. Stocks climb Markets were upbeat on Friday as Chinese authorities eased some Covid restrictions, adding to optimism about a potential slowing of Fed rate hikes. That brought enormous relief across assets, especially after Fed Bank of Philadelphia President Patrick Harker said he expects the pace of hikes to slow.
As Trump-endorsed candidates fared poorly nationwide, the strong showing of Ron DeSantis has many Republicans turning to the Florida governor as their best chance for retaking the White House. It s still perfectly possible that the Fed will once more hike by 75 basis points next month. It s just a completely different space.To put it differently, you can break the rules on Wall Street, but not in the cryptoverse because there are no rules. Trump lashed out at Rupert Murdoch s News Corp. and DeSantis, claiming that the media mogul s news outlets are all in for his chief Republican rival.
Joe Biden is celebrating, while Donald Trump is engaged in a war of words with Rupert Murdoch s News Corp., which for years boosted his brand. As for the stock market, the Nasdaq 100 gained 7.5% for the day. Just because the peak is in, the Fed cannot slouch about getting the inflation number down.

China

Daniel Ten Kate A public Covid-19 testing booth in Beijing on Wednesday.

Europe

Maduro roamed the UN climate summit in Egypt this week, shaking hands with US envoy John Kerry and exchanging pleasantries with France s Emmanuel Macron.

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