Global Markets Week in Focus: Inflation, Mixed Corporate Earnings, and Commodity Gains Dominate Headlines

The week of November 18-22, 2024, featured significant economic data releases and corporate earnings that highlighted shifting market dynamics. Key economic indicators from the UK, US, and Europe reflected inflationary pressures, declining private sector activity in Europe, and robust growth in US services. Meanwhile, commodities such as crude oil and gold saw notable price increases, and corporate earnings from Walmart, Baidu, and NVIDIA revealed varied performance across sectors. Stock markets delivered mixed results, with gains in the S&P 500 and NASDAQ 100 but losses in some individual equities.

Wednesday, November 20
09:00 am – UK: CPI y/y (GBP)
UK inflation rose in October 2024, with CPIH up 3.2% and CPI up 2.3% year-on-year, driven by higher housing and energy costs. Core inflation also increased, with core CPIH at 4.1% and core CPI at 3.3%, as goods inflation improved and services inflation stayed high.
The GBPUSD exchange decreased by 0.25% from the previous trading session.

15:30 – USA: Unemployment Claims (USD)
In the week ending November 16, initial jobless claims fell by 6,000 to 213,000, with the 4-week average down to 217,750.
The EURUSD exchange decreased by 0.6% from the previous trading session.

09:00 am – UK: Retail Sales m/m (GBP)
UK retail sales volumes fell by 0.7% in October 2024 after a revised 0.1% rise in September, driven by declining non-food store sales, particularly in clothing, amid Budget uncertainty.
The GBPUSD declined 0.5%.
10:15 am – Europe: Flash France PMI (EUR)
France’s private sector activity contracted for the third consecutive month in November, with the HCOB Flash Composite PMI dropping to 44.8, its lowest since January. New orders shrank at the steepest pace in four years, driven by declining domestic and export demand, geopolitical uncertainty, and sector-specific struggles in automotive and construction. Businesses expressed pessimism about future activity levels for the first time since May 2020.
The EURUSD price declined by 0.6% compared to the previous day’s close.
10:30 am – Europe: Flash Germany PMI (EUR)
Germany’s economic downturn deepened in November, with the HCOB Flash Composite PMI falling to 47.3, its lowest since February, as both manufacturing and services activity declined. Manufacturing continued to suffer from weak demand, while services entered contraction for the first time in nine months.
The EURGBP was down 0.4% compared to the previous day’s close.
11:30 am – UK: Flash Manufacturing PMI (GBP)
UK private sector activity declined slightly in November, with the PMI Composite Output Index falling to 49.9, its lowest in 13 months, signaling the end of a year-long expansion. Weaker demand led to declines in both manufacturing output and services activity, with new orders growing at their slowest pace in a year.
The GBPJPY exchange rate ticked lower by 0.09% from the previous day.
16:45 – USA: Flash US PMI (USD)
US business activity surged in November, with the Flash Composite PMI reaching a 31-month high of 55.3, driven by robust service sector growth and improved business confidence. Service activity hit a 32-month high, while manufacturing output declined sharply, marking a widening gap between the two sectors.
The USDJPY price decreased 0.7% compared to the previous day’s close.

• Crude Oil
  Crude oil prices increased by 6.3% over the past week
  Brent Oil
• Brent increased by 5.7% compared to the previous week
  Gold
• The precious metal Gold (XAUUSD) concluded the week on Friday with a 5.97% weekly increase
  Silver
• XAGUSD increased by 3.6% from the previous week

• S&P 500 increased by 1.64%
• DJIA was up by 2.03%
• NASDAQ 100 increased by 1.92%

• Exicure, Inc. (XCUR) 533.79%
• Agrify Corporation (AGFY) 226.16%
• S&W Seed Company (SANW) 179.58%

• Galaxy Payroll Group Limited (GLXG) -71.51%
• SKK Holdings Limited (SKK) -71.18%
• Perspective Therapeutics, Inc. (CATX) -55.96%

Tuesday, November 19: Walmart Inc. (WMT)
Thursday, November 21: Baidu, Inc. (BIDU)
Thursday, November 21: NVIDIA Corporation (NVDA)

Walmart (WMT) reported Q3 2024 revenue of $169.59 billion, up 5.5% year-over-year, with earnings per share (EPS) rising to $0.58 from $0.51 in the same period last year.
Walmart’s share price increased by 7.2% from the previous week.

Baidu reported mixed Q3 2024 results, with a 3% year-over-year revenue decline to RMB 5.9 billion, driven by a 4% drop in online marketing revenue. However, AI Cloud revenue grew 12%, and Apollo Go autonomous rides rose 20%. Net income increased 14% to RMB 7.6 billion, supported by cost controls and stable margins.

BIDU shares decreased by 4.8%.

NVIDIA (NVDA) reported strong Q3 2024 results, with EPS of $0.81, beating estimates of $0.75, and revenue of $35.08 billion, surpassing expectations of $33.17 billion. Growth was driven by its Data Center segment despite supply constraints.
NVDA shares ticked slightly lower by 0.02% from the previous week.

In conclusion, the week of November 18-22, 2024, showcased a dynamic mix of economic trends and corporate developments. Inflationary pressures and slowing private sector activity weighed on markets in Europe and the UK, while the US demonstrated robust growth in services alongside cooling inflation. Commodities like crude oil and gold posted significant weekly gains, and corporate earnings highlighted varying performances, with Walmart excelling, NVIDIA beating expectations, and Baidu’s share facing challenges. Stock markets reflected mixed sentiments, with gains in major indices and notable movements among individual equities.