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70 pts lower; IT, Consumer Durable drag; PSU Bank shines.

Most markets ended in red on Thursday after Fed Chair Jerome Powell hinted the Fed would raise interest rates more in the future. Korea, Mainland China and Hong Kong closed lower today, while the European market also traded in red in the morning session. 

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13:40EURECB’s Panetta Speaks 15:02
1 minEURSpanish 10-Year Obligacion Auction3.225%
1 minEURItalian Monthly Unemployment Rate (Sep)7.8%7.8%
31 minGBPServices PMI (Oct)47.550.0
31 minGBPComposite PMI (Oct)47.249.1
8 minEURSpanish 5-Year Bonos Auction2.228%
18 minEURECB’s Elderson Speaks 
28 minEURGreek Unemployment Rate (Sep)12.2%
28 minEURUnemployment Rate (Sep)6.6%6.6%
16:30EURFrench 10-Year OAT Auction2.59%
16:30EURIrish Unemployment4.3K
17:00USDChallenger Job Cuts (YoY)67.6%
17:00USDChallenger Job Cuts29.989K
17:00USDChallenger Job Cuts (Oct)29.989K
17:30GBPBoE Interest Rate Decision (Nov)3.00%2.25%
17:30GBPBoE MPC vote unchanged (Nov)0
17:30GBPBoE MPC vote hike (Nov)99
17:30GBPBoE MPC vote cut (Nov)0
17:30EURECB McCaul Speaks 
18:00CADImports (Sep)63.86B
18:00GBPBoE Gov Bailey Speaks 
18:00USDJobless Claims 4-Week Avg.219.00K
18:00USDContinuing Jobless Claims1,450K1,438K
18:00USDInitial Jobless Claims220K217K
18:00USDImports326.30B
18:00USDExports258.90B
18:00INRM3 Money Supply9.1%
18:00USDTrade Balance (Sep)-72.20B-67.40B
18:00CADBuilding Permits (MoM) (Sep)-6.1%11.9%
18:00USDUnit Labor Costs (QoQ) (Q3)4.1%10.2%
18:00CADTrade Balance (Sep)1.34B1.52B
18:00CADExports (Sep)65.38B
18:00USDNonfarm Productivity (QoQ) (Q3)0.6%-4.1%
18:30RUBCentral Bank reserves (USD)541.0B
19:15USDServices PMI (Oct)46.649.3
19:15USDS&P Global Composite PMI (Oct)47.349.5
19:30USDFactory Orders (MoM) (Sep)0.3%0.0%
19:30USDISM Non-Manufacturing Prices (Oct)68.7
19:30USDISM Non-Manufacturing PMI (Oct)55.556.7
19:30USDISM Non-Manufacturing Employment (Oct)53.0
19:30USDISM Non-Manufacturing New Orders (Oct)60.6
19:30USDISM Non-Manufacturing Business Activity (Oct)59.1
19:30USDDurables Excluding Defense (MoM) (Sep)1.4%
19:30USDDurables Excluding Transport (MoM) (Sep)-0.5%
19:30USDFactory orders ex transportation (MoM) (Sep)0.2%
19:45GBPBoE Gov Bailey Speaks 
20:00INRExports (USD)35.45B
20:00INRImports (USD)61.16B
20:00INRTrade Balance-25.71B
20:00USDNatural Gas Storage97B52B
21:00USD4-Week Bill Auction3.600%
21:00USD8-Week Bill Auction3.820%
23:00CADBoC Deputy Governor Beaudry Speaks 
23:00BRLForeign Exchange Flows

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Analysis-Energy market turmoil shakes Europe’s green power plan

Europe’s plan to roughly double renewable power generation by the end of the decade to cut its emissions and reliance on imported Russian fuel is under threat from market turbulence that has shaken the economics of the shift to low carbon energy.

Russia’s war on Ukraine and the disruption of the gas supplies on which Europe had relied has injected urgency into the European Union’s move toward carbon-free energy.

It is negotiating a legally-binding target to generate 45% of energy from renewable sources by 2030, up from the existing target of 32% and renewable capacity of roughly 22% in 2021.

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Oil Falls on Weak Chinese Data, Hawkish Fed Also Weighs

Oil prices retreated from a three-week high on Thursday after weak economic data from China pointed to more trouble in the world’s largest crude importer, while the outlook for demand was also dimmed by the prospect of higher U.S. interest rates.

A private survey showed that China’s massive services sector shrank for a second straight month in October, heralding more economic weakness for the country as it struggles with containing new COVID outbreaks.

Speculation over a possible easing of COVID curbs had somewhat brightened sentiment towards China this week. But lack of official word on the matter swiftly reversed this.

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IMPORTANT DATA AND EVENTS OF THE DAY|CRUDE INVENTORY|MEETINGS|SPEECH|INVENTORY|UPDATE WITH MCXTRADEGURU|www.mcxtradeguru.com|6398369121|

IMPORTANT DATA AND EVENTS
Thursday, November 3, 2022
FOMC Press Conference(USD)
Interest Rate Decision(INR)
Initial Jobless Claims(USD)
ISM Non-Manufacturing PMI (Oct)(USD)

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Oil prices retreated from a three-week high on Thursday after weak economic data from China pointed to more trouble in the world’s largest crude importer, while the outlook for demand was also dimmed by the prospect of higher U.S. interest rates.

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Indices recover with Nifty above 18,000; all eyes on RBI policy outcome

We expect strong growth in advances and deposits, driven by the retail segment. Pick-up in economic activities, ongoing festive/ wedding season, improving asset quality, and strong collection efficiency auger well for the company’s performance in future.

Owing to recent corrections, the stock is now trading at attractive valuations, close to its 52-week low share price. Hence, we upgrade our rating on the stock to BUY with a revised target price of Rs 282 based on 1.8x FY24E BVPS.

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SENSEX FALLS OVER 200 POINTS, NIFTY NEARS 18,000; RELAXO DECLINES 5%, KARNATAKA BANK GAINS 2%

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