Open: New York Session | Forex, Metals, Oil, Agriculture October 31, 2022

A member of the National Guard plays a trumpet during a flag rai

Agriculture

Wheat futures surged after Russia quit the agreement seen as critical for easing tight world supplies and controlling global food costs. Wheat in Chicago jumped as much as 7.7% to $8.9325 a bushel at the open on Monday before paring gains to 5.9% by 10:06 a.m. in Singapore. Wheat in Chicago jumped as much as 7.7% at the open on Monday before paring gains in London.

Currencies

Germany, France and Italy reported record inflation readings last week, and figures due today are predicted to show an all-time inflation high of 10.3% for the entire euro zone. The Bloomberg Dollar Spot Index extended gains into a third session, weighing on almost all Group-of-10 currencies.

Metals

Oil and gold slid while Bitcoin was little changed.

Oil

Late Summer | European proposals to set limits on the price paid for natural gas are hypocritical, Qatar s energy minister Saad Al Kaabi told Bloomberg TV. Occidental Petroleum CEO Vicki Hollub wants to sell you net-zero oil. OPEC unveils its 2022 World Oil Outlook.

United States

Fed bets While investors have for months been eagerly awaiting a Federal Reserve policy pivot, signaling such a move as soon as this week would send investors scrambling. While investors have for months been eagerly awaiting a Fe View in browser Traders place Fed bets, an eventful November awaits and grain markets get jolted. Kerry also encouraged efforts on methane, with the US and EU recruiting more than 120 countries into a global pledge to pare emissions of the potent greenhouse gas.
The question is whether the Fed wants to allow such a narrative to bloom and the inevitable loosening in financial conditions it would bring. Coming up At 9:45 a.m., we ll get the October reading for the MNI Chicago Purchasing Managers Index, followed by Dallas Fed Manufacturing Activity data 45 minutes later. Jinshan Hong What we re reading More Americans are taking ketamine at home to treat depression without medical oversight, The Wall Street Journal says.
Coming Up European stocks are set to rise, in step with gains in Asia and the US amid optimism over company results. Nasdaq 100 futures fell 0.7%.

Europe

US Trade Representative Katherine Tai is in Prague, where EU trade ministers are holding an informal meeting. The bloc s key weapon may be the Digital Services Act, which became law this month and gives the EU unprecedented powers to police tech platforms. The subject came up as European Union and US officials negotiate the agenda for their next high-level trade forum in early December. Dark Days | Finland has become the most energy-intensive economy in the EU, but with winter approaching, it s bracing for rolling blackouts in response to Russian energy cuts.
Read more about how upcoming EU-US trade talks are shaping up.

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