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Reading: Global stock rally pauses amid mixed corporate earnings & higher yields as euphoria about a potentially dovish rate outlook fades
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SmartTrader > Daily Markets Wrap > Global stock rally pauses amid mixed corporate earnings & higher yields as euphoria about a potentially dovish rate outlook fades
Daily Markets Wrap

Global stock rally pauses amid mixed corporate earnings & higher yields as euphoria about a potentially dovish rate outlook fades

SmartTrader Analyst Team
SmartTrader Analyst Team November 16, 2023 4 Min Read
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► In Europe, the Stoxx 600 Index stagnated (-0.25%) after three consecutive days of gains. Notable movements include Burberry Group 6.7% drop due to revenue target concerns. Siemens, however, climbed on the back of a strong quarterly report, reporting a 10% rise in revenue growth for its fiscal fourth quarter, with a revenue of €21.39B. The GBP fell sharply in the previous session and overnight following yesterday's cooler-than-expected UK inflation data.

► US markets are flat in US pre-market trading. We have seen increasing profit taking after a significant rally. Nasdaq (-0.1%) and S&P 500 futures (0.0%) are flat. Investors are now focusing on upcoming US initial jobless claims, industrial production figures, and a series of Fed speakers. Corporate earnings, particularly from Walmart, are also under scrutiny to gauge the economic outlook. Treasuries have seen a rise following a recent selloff, and the USD has experienced a slight pullback.

► Chinese shares in Hong Kong led the losses in Asia down 1.41%, influenced by the falling home prices and the lukewarm response to the Xi-Biden summit. Technology stocks in Hong Kong, notably Xiaomi and Tencent, faced a selloff after recent gains. Investors are also awaiting earnings reports from Alibaba and NetEase, following uplifting results from JD .com and Tencent Holdings yesterday. Japan’s trade deficit narrowed significantly, while its core machinery orders rose. In Australia, unemployment rates saw a slight increase to 3.7%, with consumer inflation expectations rising to 4.9%.

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SmartTrader Analyst Team November 16, 2023
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