10/31/2024
☀️ Morning, traders! Here’s what’s making waves in the financial markets today:
🥇Due to rising prices, global central banks reduced net gold purchases by 49% in Q3 2024. However, according to the World Gold Council, Poland and Hungary significantly increased their reserves, adding 42 and 16 tons, respectively.
🇺🇸The US economy grew at a 2.8% annualized rate in Q3, driven by robust consumer spending, although trade deficits and lower residential investment curbed growth.
📱 Q3 earnings beat expectations, with revenue rising to $40.6 billion (+18.9% YoY), profit at $15.7 billion (+35.4% YoY), and daily active users at 3.29 billion, while shares dipped by 3.1% amid investor concerns over escalating AI investments.
📱 shares fell 4% in extended trading after the company forecasted Azure cloud growth of 31%- 32% for Q2, down from 34% in Q1 due to data center capacity constraints. Quarterly revenue rose 16% to $65.6 billion, with profit at $3.30 per share, both beating estimates.
🇬🇧 After the UK budget, traders see a 48% chance of a December rate cut, down from 63%, with 10-year yields rising to 4.353% and 2-year yields to 4.322%.
📆 CALENDAR FOR TODAY - 2024.10.31
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Thursday:
🇨🇦 GDP m/m - 8:30 GMT-4
🇺🇸 Core PCE Price Index m/m - 8:30 GMT-4
🇺🇸 Employment Cost Index q/q - 8:30 GMT-4
🇺🇸 Unemployment Claims - 8:30 GMT-4
That’s it for today, guys! Click on 👍if you liked our review, and see you soon!
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