Look ahead 21/11/23: RBA, Fed minutes; NVIDIA; Best Buy; HP
Ahead of the Fed minutes, Australia’s central bank's November policy meeting minutes on Tuesday will provide further clues on its policy stance.
On the earnings front, AO World, HP, and Best Buy report quarterly earnings. AI tech giant NVIDIA is expected to deliver another blockbuster revenue forecast.
(AI Video Summary)
Australian dollar climbs
In this video, Angeline Ong discusses what to expect in the trading market on Tuesday 21 November. She starts by talking about the Australian dollar, which recently reached a three-month high. This is because people believe that US interest rates are no longer going to increase. As a result, the New Zealand dollar has also seen an increase in value. Ong shares charts that show the gains made by the Australian dollar.
UK public sector net borrowing
Next, Ong mentions that the UK will release data about its public sector net borrowing. This report will be particularly interesting because of recent political events, like David Cameron's return to politics and Prime Minister Rishi Sunak's statement about cutting taxes. However, specific details about the tax cuts are still unknown.
Discussing various indices
Moving on, Ong mentions that Canada's Consumer Price Index for October is expected to be 3.2% higher compared to last year. She also highlights several data releases from the US, including the Chicago Fed National Activity Index, existing home sales data, and the API crude oil inventories. Ong presents a chart that shows a slight weakening trend in the dollar index, suggesting that investors believe US interest rates may have reached their peak and that the Federal Reserve might cut rates next year.
Company financial results
Ong then discusses the financial results of various companies. Some of the companies mentioned are AO World, Cranswick, Best Buy, and HP. However, the most anticipated report is from NVIDIA, a major player in the semiconductor industry. People will closely watch NVIDIA's revenue guidance for the upcoming quarters. Investors are also concerned about how US restrictions on high-end chip sales to China might affect the company.
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