On November 11, Tesla CEO Elon Musk expressed support for former President Trump's intervention with the Federal Reserve, a move that might lead to new changes in monetary policy. Meanwhile, hopes for a ceasefire between Israel and Lebanon have been rekindled, alleviating market concerns about Middle Eastern tensions, causing varying levels of fluctuation in major global markets.
In the precious metals market, due to the strengthening of the dollar and a cooling of expectations for a Fed rate cut, spot gold fell 0.84% last Friday, closing at $2,683.77 per ounce, marking the largest weekly decline in five months. Spot silver fell 2.34%. Analysts at Commerzbank believe the gold price retreat is mainly influenced by the strengthening of the dollar and rising bond yields, though gold's allure as a hedge against inflation remains strong, and prices might rebound after short-term fluctuations.
In the oil market, international oil prices fell last Friday as the risk of supply disruptions from a hurricane in the Gulf of Mexico diminished, with WTI crude down 2.32% and Brent crude down 2.08%. Meanwhile, news of Trump's potential restriction on Iranian oil exports could provide potential support for future oil prices.
In the foreign exchange market, due to the continuation of "Trump trade" expectations, the dollar index reached a high of 105.21 last Friday, ending up 0.59%. Expectations of a rate cut by the European Central Bank pressured the euro, with the euro against the dollar falling 0.79% last Friday, and a slight fluctuation in the dollar against the yen due to political uncertainty in Japan.
In the commodity market, LME copper, aluminum, and zinc fell 2.54%, 2.87%, and 2.83% respectively last Friday, indicating market unease about economic prospects. In contrast, stock market performance was mixed, with U.S. indices rising slightly, while European and Chinese stock markets were under pressure.
In the bond market, the yield on the U.S. 10-year Treasury note fell 2.72 basis points to 4.2985% last Friday, while short-term two-year Treasury yields rose, reflecting a shift in market preference for bonds of different maturities. Due to the Veterans Day holiday, European and North American bond markets will be closed on Monday.
