Market Update
US Markets fell for the first time in four sessions on Friday with the DOW down 0.43%, the S&P 500 down 0.63% and the NASDAQ down 1.04% despite positive October employment results (60,000 more than expected) and news of the strongest wage growth the US has seen in almost a decade; Hopes of a trade deal between the US and China helped Asian markets end the week on a strong note with HK sharply higher on Friday, Hang Seng +4.2% and China CSI +3.6%. LME metal prices were stronger, Nickel up 1% while Copper surged over 3%; China President Xi opens a trade expo in Shanghai, as Trump suggests a deal possible at G20 in Argentina on November 30th; Markets are set to face major economic news over the coming days with the US sanctions on Iran commencing in the next 24 hours, the RBA’s board meeting tomorrow and the US mid-term elections also being held on Tuesday. Most polls are suggesting a 7-point lead for the Democrats; The US has granted waivers to 8 nations for oil purchases from Iran as part of their sanctions. The Oil price fell again with WTI at $63.14, the lowest since April.
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