More revenue shaping news after Federal Reserve Meeting
Nvidia’s revenue spiked, S&P500 peaked, futures slipped. Crude stable pre-OPEC+. Australia faced inflation, Canada’s CPI rose on gas dip.
Tech Sector’s Momentum
Renewed enthusiasm in AI, driven by Microsoft’s intrigue and Nvidia’s impending earnings report amid soaring high-end chip demand, energized the week. Nvidia is expected to reveal a staggering 173% revenue increase for the third quarter and an estimated 195% surge for the current quarter, propelling its stock, up 240% this year, before Tuesday’s trading.
Market Dynamics
Despite the S&P500 hitting a four-month high with an 11% surge in less than a month, the futures market experienced a slight downturn. Optimism prevailed in the $16 billion auction of 20-year U.S. Treasury bonds, pushing long-term yields lower.
Commodity Revenue Insights
Crude oil prices stabilized, with focus on the upcoming OPEC+ meeting, while being down 19% year-on-year. Limited new data shifted attention to the Federal Reserve’s November meeting minutes for future insights. The dollar continued its decline, marking its lowest level since August across various currencies.
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Australian Economic Landscape
Despite a decline in year-ended inflation, strong underlying inflation persisted due to robust domestic demand and cost pressures. Consumption growth was tempered by inflation and high interest rates, while the return of international students and tourists boosted consumer-facing sectors.
Economic Revenue in Australia
Non-mining business investment and public demand supported economic resilience. The labor market stayed robust but showed slight easing, with moderated wage growth in select industries. Restrictive financial conditions reflected elevated inflation expectations.
Monetary Policy Decision
The decision to raise the cash rate by 25 basis points to 4.35% aimed to counter persistent inflation pressures, ensuring a timely return to the inflation target by end-2025. The Board prioritizes a data-driven approach, monitoring global economic trends, domestic demand, inflation, and labor market conditions.
Canadian CPI Revenue Report
In October, Canada’s Consumer Price Index (CPI) rose 3.1% year-over-year, primarily due to lower gasoline prices (-7.8%). Excluding gasoline, the CPI increased by 3.6%. Goods prices decelerated to 1.6%, while services surged by 4.6%, driven by higher travel tour and property charges. Services like rent and property taxes notably increased across most provinces.
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