Look ahead 2/11/23: UK rates; Shell, Apple earnings
There are some interesting swing points for traders to take advantage of on Thursday. Earnings from Shell, BT, Sainsbury and Apple, after the Wall Street close, provide a broad range of sectors to watch.
(Video Transcript Summary)
Australia trade data due
In this episode of Look Ahead, IG analyst Jeremy Naylor highlights important trading events happening on Thursday 2 November 2023. First up, Australia will release its trade numbers overnight. These numbers can give us insight into how well the Australian economy is doing.
If the trade surplus gets smaller, it might mean that the Australian economy is facing more challenges due to recent interest rate increases. If the Australian dollar falls below 63 cents, traders might expect it to drop even further to around 61.70 cents.
German stock market index, the DAX (which is a stock market index), is also facing some difficulties. If it breaks below the support level of 14,458, it could indicate a decline in prices towards a target level of 13,695.
Will BoE maintain rate status quo?
Now, in the UK, the Bank of England (BoE) will announce its interest-rate decision. While it's expected to stay the same, traders will be keen on listening to the commentary about the direction of future interest rates.
The value of the British pound, especially compared to the euro, is also something to keep an eye on as it's currently hovering around its 200-day moving average.
In the US, some important information will be released. Firstly, there will be jobless claims data, but this might not be as significant because later in the day, the Federal Reserve (Fed) will announce its interest-rate decision. This will definitely catch traders' attention.
Earnings to keep an eye on
Additionally, there are some important corporate earnings reports worth noting. Companies like BP, Shell, BT Group, Sainsbury, Deutsche Lufthansa and Apple will be sharing their latest financial results after the bell. It'll be interesting to see how their stock chart looks and if there's a pattern that predicts a downward trend.
Remember, to tune into Early Morning Call at 7.30am (London time) for more updates and analysis to help European traders make informed decisions.
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