Weekly Market Recap: Key Economic Indicators and Market Movers Unveiled

This week’s review of major economic indicators and events highlights key data shaping the global economic landscape from the US, Australia, China, Japan, and Canada. The report covers rising US consumer confidence, steady job openings, modest CPI growth in Australia, and minimal changes in US nonfarm employment, which saw only a 12,000 job increase. Additionally, it delves into company earnings, showcasing performances from industry giants like Alphabet, Pfizer, and Amazon amid a dynamic market environment. These trends reveal insights into economic conditions and market movements impacting investors and economies worldwide.

Tuesday, October 29
16:00 – USA: CB Consumer Confidence (USD)
US consumer confidence rebounded in October, with the index climbing to 108.7 from 99.2 in September. Consumers reported improved views on current business and job conditions, were more optimistic about the economy, and had increased confidence in future stock performance, though inflation concerns persist.
The US Dollar Index ticked slightly lower by 0.02% from the previous daily session.

16:00 – USA: JOLTS Job Openings (USD)
The US Bureau of Labor Statistics reported that job openings remained steady at 7.4 million in September 2024, with minimal changes in hires (5.6 million) and total separations (5.2 million). The quits rate held at 1.9%, indicating stable worker mobility, while layoffs increased slightly over the year. The largest declines in job openings were in healthcare, social assistance, and government sectors, while finance saw an uptick.
The EURUSD edged higher by 0.05% compared to the previous close.
Wednesday, October 30
02:30 am – Australia: CPI q/q (AUD)
Australia’s Consumer Price Index (CPI) rose 0.2% in the September 2024 quarter, with a 2.8% increase over the past year. Significant quarterly price rises were seen in recreation, culture, and food, while new energy rebates helped reduce electricity costs.
The AUDUSD exchange rate increased by 0.16%.
14:15 – USA: ADP Nonfarm Employment Change (USD)
In October 2024, US private sector employment rose by 233,000 jobs, with annual pay up 4.6%. The strong job growth, despite recent hurricanes, reflects a resilient labor market, though manufacturing saw slight job losses.
The EURUSD price rose by 0.34% from the previous day’s close

03:30 am – China: Manufacturing PMI (CNY)
China’s manufacturing activity expanded in October for the first time in six months, as recent stimulus measures spurred modest growth. The PMI rose to 50.1, signaling slight expansion, while construction and services also improved. Economists see this as a positive start for Q4, with stronger domestic demand offsetting weaker exports.
The USDCNH edged lower by 0.05%
04:30 am (tent) – Japan: BOJ Policy Rate (JPY)
The Bank of Japan maintained its short-term interest rate at 0.25% in October, its highest since 2008, in line with expectations. Governor Ueda cited global economic uncertainties, while the bank reiterated its readiness for future rate hikes if data supports it.
The USDJPY ticked lower by 0.9% from the previous day.
14:30 – Canada: GDP m/m (CAD)
Canada’s GDP remained flat in August, following a slight 0.1% rise in July. Services grew by 0.1%, led by finance, insurance, and public administration, while goods-producing industries fell by 0.4%, marking the lowest level since December 2021, mainly due to declines in manufacturing and utilities. Overall, 12 of 20 sectors expanded in August.
The USDCAD exchange rate increased by 0.2%.
14:30 – USA: Core PCE Price Index m/m (USD)
In September, US personal income rose by 0.3% ($71.6 billion), while consumer spending increased by 0.5% ($105.8 billion). The personal saving rate stood at 4.6%, with total personal savings at $1.00 trillion.
The EURUSD saw a daily appreciation of 0.26%.
14:30 – USD: Unemployment Claims (USD)
For the week ending October 26, initial jobless claims fell by 12,000 to 216,000, while the 4-week moving average dropped to 236,500. The insured unemployment rate remained at 1.2% for the prior week, with 1.86 million insured unemployed, a slight decrease from the previous week.
The US Dollar Index decreased by 0.2% from the prior day.
Friday, November 1
14:30 – USA: Nonfarm Employment Change (USD)
In October 2024, US nonfarm payroll employment showed minimal change, with only a 12,000 job increase, keeping the unemployment rate steady at 4.1%. Health care and government sectors saw modest growth, while temporary help services and manufacturing, particularly in transportation equipment, saw declines due to strikes.
EURUSD decreased by 0.5% compared to the previous day’s close.
16:00 – USA: ISM Manufacturing PMI (USD)
In October 2024, US manufacturing activity continued to decline, with the Manufacturing PMI dropping to 46.5%, marking the seventh consecutive month of contraction.
The USDJPY rose by 0.6% from the prior session.

• Crude Oil

Crude oil prices experienced a 3.4% decline over the past week

• Brent Oil
  Brent declined by 3.7% compared to the previous week
• Gold

The precious metal Gold (XAUUSD) concluded the week on Friday with a 0.4% weekly decrease.

• Silver

XAGUSD decreased by 3.8% from the previous week.

• S&P 500 decreased by 1.3%
• DJIA was down by 0.08%
• NASDAQ 100 declined by 1.4%

• Vast Renewables Limited (VSTE) 433.33%
• Root, Inc. (ROOT) 87.81%
• Triller Group Inc. (ILLR) 86.09%

• ESSA Pharma Inc. (EPIX) -74.77%
• Graphjet Technology (GTI) -57.03%
• The Container Store Group, Inc (TCS) -52.98%

Ford Motor Company (F) reported Q3 earnings of $0.49 per share, matching estimates, with revenue of $43.07 billion, beating projections by 4.52%.
Ford Shares saw a weekly decline of 7.9%.

Alphabet (GOOGL) reported Q3 earnings of $2.12 per share, beating estimates, with a 15% revenue increase to $88.27 billion, driven by strong growth in its cloud division and YouTube ad sales. The company’s investment in AI contributed to performance across search, cloud, and YouTube, boosting investor confidence despite rising capital spending on AI projects.
Alphabet shares rose by 3.6% compared to the previous week.

BP reported a 30% drop in Q3 profit to $2.3 billion, its lowest in nearly four years, due to weaker refining margins and oil trading.

BP shares decreased by 7.3%.

Electronic Arts (EA) surpassed analyst expectations in fiscal Q2, with earnings of $2.15 per share and net bookings of $2.08 billion, driven by strong performances from its football and soccer games.

Electronic Arts (EA) shares rose by 4.2% over the past week.

McDonald’s (MCD) reported Q3 revenue of $6.87 billion, up 2.7% year-over-year, with an EPS of $3.23, slightly beating expectations.
MCD edged higher by 0.9% during the previous week.

Pfizer (PFE) reported Q3 2024 earnings of $1.06 per share, far exceeding estimates of 64 cents, with revenue rising 31% year-over-year to $17.7 billion, also beating expectations.

PFE shares recorded a decline of 1.4% over the prior week.

Snap exceeded Q3 expectations with a 15% revenue increase to $1.37 billion and reduced its net loss to $158 million. Daily active users rose 9% to 443 million, boosting engagement and ad revenue, which helped Snap shares climb in after-hours trading.
SNAP shares surged by 20.3% over the past week.

Visa (V) reported fiscal Q4 earnings of $2.71 per share, surpassing expectations of $2.58, with revenue reaching $9.62 billion, also beating forecasts. Net income was $5.32 billion for the quarter.
Visa shares increased by 3.2%.

Caterpillar (CAT) reported Q3 net income of $2.46 billion, or $5.17 per share adjusted, missing the forecasted $5.33 per share. Revenue reached $16.11 billion, also below expectations of $16.35 billion.
CAT shares declined by 1.7% this week, marking the third consecutive week of losses for the stock.

Meta’s third-quarter earnings surpassed expectations with $40.59 billion in revenue and $6.06 earnings per share. Meanwhile ad revenue rose 11%, user growth slightly missed forecasts, with daily users at 3.29 billion versus the expected 3.31 billion.
META declined by 1.17%.

Microsoft (MSFT) posted record earnings in the third quarter, with $3.30 EPS and $24.7 billion net income, surpassing forecasts.
Over the past week, Microsoft Corporation experienced a 4.2% decline in its share price.

PayPal’s (PYPL) Q3 earnings rose 22% to $1.20 per share, beating estimates, while revenue grew 6% to $7.8 billion, slightly below expectations.
PYPL declined by 5.53%.

Starbucks (SBUX) missed Q4 earnings and revenue expectations, reporting $0.80 EPS and $9.07 billion in revenue.
SBUX shares rose by 1.7% compared to the prior week.

Apple (AAPL) reported a record revenue of $94.9 billion for Q4 2024, a 6% increase year-over-year, driven by strong iPhone sales and all-time high services revenue. The company introduced new products, including the iPhone 16, Apple Watch Series 10, and Apple Intelligence features, and announced a cash dividend of $0.25 per share.
AAPL shares saw a weekly decline of 3.7%.

Amazon’s Q3 2024 results show an 11% increase in net sales to $158.9 billion and a record operating income of $17.4 billion. AWS grew 19%, while North American and international sales rose by 9% and 12%, respectively.
AMZN shares increased by 5.3%.

Intel’s Q3 earnings beat revenue expectations at $13.28 billion, though a loss per share and impairment charges affected earnings.
INTC shares edged higher by 2.0%

Merck beat Q3 estimates with $16.66 billion in revenue and adjusted earnings of $1.57, thanks to strong Keytruda and animal health sales.
MRK shares extended their decline by 2.0% over the past week.

This week’s economic indicators and earnings reports reveal a resilient yet cautious global market. Key shifts in consumer confidence, job data, and sector performance highlight steady but cautious growth across major economies, while mixed earnings from industry leaders reflect the challenges of navigating inflationary pressures and fluctuating demand. As markets absorb these developments, investors and policymakers alike remain attuned to the evolving economic landscape.