01｜Reserve Bank of Australia raises rates to 4.85%
The Reserve Bank of Australia raised rates by another 25 basis points, bringing the policy rate to an 18-year high. The 6–3 vote and changes to the statement suggest the rate-hiking cycle may be nearing its end.
02｜Reserve Bank of Australia warns inflation remains high
Inflation may reach 4.5% in the fourth quarter. High prices and slowing employment coexist, leaving policymakers in a dilemma.
03｜China’s central bank adjusts the foreign exchange reserve requirement ratio
Effective November 15, the foreign exchange reserve requirement ratio will rise from 4% to 6%, interpreted by the market as a signal to curb the yuan’s rapid appreciation.
04｜Yuan weakens intraday
After the policy announcement, the dollar rose to 6.6765 yuan onshore. Markets will watch the daily midpoint and changes in corporate foreign exchange settlements.
05｜Swiss inflation rises to a nearly three-year high
Higher energy prices drove inflation up in October, while the Swiss franc briefly strengthened. Central banks worldwide still face the risk of energy-driven inflation.
06｜U.S. strikes Iran’s Qeshm Island
The U.S. confirmed strikes on targets near the Strait of Hormuz, saying they were intended to protect commercial shipping. Oil markets are pricing in geopolitical risks again.
07｜U.S.-Iran talks remain deadlocked
Iranian officials say an agreement with the United States remains a long way off. Qatar’s mediation continues, and markets should not equate negotiations with a ceasefire.
08｜Brent crude rebounds
At 18:43 Beijing time, Brent was up 1.3% at $106.13 per barrel, while WTI rose 1.5% to $97.91. Energy prices continue to be driven by geopolitical developments.
09｜Saudi Aramco’s profit surges
Third-quarter net profit reached $36.25 billion, up 34.5% year over year. High oil prices supported earnings, but the conflict affected actual output.
10｜U.S. refiners post strong profits
Marathon Petroleum’s quarterly earnings beat expectations, and it announced a deal to sell refining and related assets for about $4.2 billion.
11｜World Gold Council lowers demand forecast
Its forecast for growth in gold investment demand this year was cut from 400 tonnes to 200 tonnes, mainly due to slowing demand for gold bars and coins.
12｜Strong buying in gold ETFs and by central banks
Gold ETFs saw inflows of 211 tonnes in the third quarter, while central banks bought 321 tonnes. Institutional buying diverged from retail physical demand.
13｜Asian semiconductor stocks remain under pressure
South Korean and Taiwanese stock markets fell sharply as concerns over AI valuations and returns on capital spending spread across Asia’s chip supply chain.
14｜European technology stocks fall
The STOXX 600 fell 0.4% intraday, while the technology sector dropped 1.6%. The global AI trade remains in a valuation-reassessment phase.
15｜U.K. investment in AI data centers expands further
Drax announced plans to develop a large data center with partners, with potential investment exceeding £20 billion. AI demand is driving investment in power infrastructure.
【Market Overview】
Risk appetite in global markets is cautious. The Reserve Bank of Australia raised rates to 4.85%, while China increased its foreign exchange reserve requirement ratio. U.S.-Iran talks hit an impasse, and the U.S. struck Iran’s Qeshm Island; Brent crude rebounded after a sharp drop yesterday. Asian and European semiconductor stocks came under pressure. Gold ETFs and central banks saw strong buying, but physical investment demand slowed. The U.S. midterm election results are still pending, and regular trading in U.S. stocks is ongoing. Watch oil, semiconductors, gold, and exchange rates.