Global Markets in Flux: Key Economic Data, Commodity Slides, and Mixed Earnings Shape the Week

The past week showcased key economic and financial developments, including notable data releases, shifts in commodities, and corporate earnings reports. Global markets reacted to economic indicators from the UK, US, and Australia, alongside updates from major companies like Vodafone, Cisco, Disney, and Alibaba. Highlights include fluctuations in employment and inflation data, declining commodity prices, and mixed stock market performance, reflecting ongoing economic challenges and investor sentiment shifts.

Tuesday, November 12
09:00 am – UK: Claimant Count Change (GBP)
There were 1.81 million claimants in October 2024, which was 26,700 more than the month before and 253,100 more than in October 2023.
The GBPUSD exchange decreased by 0.57% from the previous trading session.

15:30 – USA: CPI m/m (USA)
In October 2024, the US Consumer Price Index (CPI) rose by 0.2% for the fourth consecutive month, with an annual increase of 2.6%. Shelter contributed over half of the monthly rise, while food prices increased 0.2%, and energy prices remained unchanged. Core CPI (excluding food and energy) rose 0.3% for the month and 3.3% year-over-year. Input from new data sources enhanced medical care indices.
The EURUSD exchange decreased by 0.3% from the previous trading session.

02:30 am – Australia: Employment Change (AUD)
Australia’s unemployment rate stayed at 4.1% in October 2024, with employment rising to 14.54 million, increasing by nearly 16,000, and participation at 67.2%. Monthly hours worked increased to 1.97 billion.
The AUDUSD declined 0.5%.
15:30 – USA: PPI m/m (USD)
In October 2024, the Producer Price Index (PPI) rose 0.2%, driven by a 0.3% increase in services. Annually, prices grew by 2.4%. Goods rose 0.1%, while energy and food prices fell. Excluding food, energy, and trade, prices were up 0.3% monthly and 3.5% annually.
The EURUSD price declined by 0.39% compared to the previous day’s close.

09:00 am – UK: GDP m/m (GBP)
Gross Domestic Product (GDP) measures a country’s economic size and health over time, typically quarterly or annually. It can be calculated by totaling the value of goods and services produced, income earned, or spending. Household spending is the largest component, making up about two-thirds of GDP. Growth in GDP signals an expanding economy, but it doesn’t capture all aspects of economic well-being.
In August 2024, real GDP rose by 0.2%, rebounding from flat growth in July. Over the three months leading to August, GDP also saw a 0.2% gain compared to the prior three months. Services output contributed modestly, with a 0.1% rise, while construction output showed stronger growth at 1.0%. Production output, despite a 0.5% increase in August, remained flat over the quarter.
The GBPUSD was down 0.4% compared to the previous day’s close.
15:30 – USA: Retail Sales m/m (USA)
The Retail Sales m/m reflects the change in US retail sales from one month to the next. This indicator is used to assess inflation, and an increase in retail sales can positively influence the value of the US dollar.
In September 2024, US retail and food services sales rose 0.4% from the previous month and 1.7% year-over-year, reaching $714.4 billion.
The EURUSD ticked higher by 0.06%.

Crude Oil

• Crude oil prices decreased by 4.7% over the past week

Brent Oil

• Brent declined by 4.0% compared to the previous week

Gold

• The precious metal Gold (XAUUSD) concluded the week on Friday with a 4.5% weekly decrease

Silver

• XAGUSD decreased by 3.35% from the previous week

• S&P 500 decreased by 2.0%
• DJIA was down by 1.23%
• NASDAQ 100 dropped by 3.36%

• BTC Digital Ltd. (BTCT) 953.01%
• Pulmatrix, Inc. (PULM) 220.00%
• BTCS Inc. (BTCS) 208.51%

• TFF Pharmaceuticals, Inc. (TFFP) -76.64%
• NFT Limited (MI) -66.67%
• iPower Inc. (IPW) -40.00%

Tuesday, November 12: Vodafone Group Public Limited Company (VOD)
Wednesday, November 13: Cisco Systems, Inc. (CSCO)
Thursday, November 14: The Walt Disney Company (DIS)
Friday, November 15: Alibaba Group Holding Limited (BABA)

Vodafone’s (VOD) results met expectations, with 3.8% EBITDA growth supported by strong performance in key regions. Service revenue slowed in Germany, but investments now provide gigabit broadband to 75% of households. Key progress includes growth in digital services, business simplification efforts, and a significant stake sale in Vantage Towers. The company anticipates continued growth momentum ahead.

Vodafone’s share price declined by 5.8% from the previous week.

Cisco Systems (CSCO) reported quarterly earnings of $0.91 per share, surpassing estimates by 4.6%. The next earnings release is expected on February 12, with projected earnings of $0.87 per share, matching the prior year’s performance.
CSCO shares decreased by 1.1%.

Walt Disney (DIS) reported a 6% increase in Q4 revenue to $22.6 billion, driven by strong growth in streaming and stable performance in theme parks. Adjusted EPS rose 39% to $1.14, surpassing expectations. However, pre-tax income dropped 6% due to restructuring and impairment charges, tempering the overall results.
DIS shares rose 16% from the previous week.

Alibaba’s (BABA) net income surged 58% year-on-year to 43.9 billion yuan ($6.07 billion) in the September quarter, driven by equity investments. Revenue rose 5% to 236.5 billion yuan, slightly below forecasts, amid sluggish Chinese consumer spending. Key highlights included a 1% growth in Taobao and Tmall revenue, a 29% jump in international e-commerce sales, and a 7% growth in its Cloud business, with AI revenues soaring. The company remains aligned with China’s economic recovery and stimulus efforts.
BABA shares experienced a drop of 6.1% compared to the previous week.

The week’s events highlighted ongoing global economic challenges and mixed market responses. Key data releases reflected modest growth in employment and inflation, while commodity prices and major stock indices faced declines. Corporate earnings painted a varied picture, with companies like Disney and Cisco outperforming expectations while Alibaba and Vodafone faced market pressures. As global markets navigate uncertain economic conditions, investor sentiment remains cautious, with a focus on recovery signals and policy impacts.