📆 Friday, November 10
► European equity futures dropped, with the Euro Stoxx 600 trading sharply lower at -0.9% surprising investors that expected gains to extend until the end of the week. We see a global market pullback following Fed Chair Jerome Powell's remarks suggesting potential further interest rate hikes to combat inflation – Powell and the market acted exactly as predicted by our chief analyst Robert Lindner.
► The UK economy showed stagnation in Q3/2023 with a 0.6% year-over-year expansion, marginally exceeding expectations. However, the quarterly performance was the weakest in four quarters, despite outdoing predictions of a 0.1% contraction. Monthly GDP in September saw a slight increase to 0.2%. Markets await more comments from ECB President Christine Lagarde as she is set to engage in a discussion later today.
► Global financial provider, Allianz reported a Q3 operating profit of €3.5 billion, a 14.6% decrease from the previous year, with net income to shareholders at €2 billion. Despite the decline, the company saw an increase in core earnings per share to €16.62 and an annualized core return on equity of 15.8%.
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