Global markets were weighed down this week by the Democratic victory in the US midterm congressional elections, which raised expectations of stricter AI regulation. Global stock exchanges lost about $4 trillion in total market value on Thursday.
Oil and bonds retreat
Brent crude fell about 16 percent over the week to $97.8 a barrel. The US 10-year Treasury yield dropped 5 basis points to 4.84 percent, and our market data showed the yield at 4.84 percent at the 5 November close.
Gold rose 5 percent to $4,070 an ounce. Our own market data put gold at $4,070.93 an ounce as of 12:52 GMT on 7 November.
Fed officials lean toward tightening
Richmond Fed President Thomas Barkin said the Fed will need to raise interest rates further, but he is not yet sure of the size of the increase or the pace. Cleveland Fed President Beth Hammack said monetary policy will need a tight stance to bring inflation back to 2 percent in a timely manner.
San Francisco Fed President Mary Daly said rates will need to rise further, and it is too early to say by how much. St. Louis Fed President Alberto Musalem said bringing inflation down is the best thing for growth and employment.
Jobs data beats forecasts
US nonfarm payrolls rose 165,000 in October, beating expectations. Average hourly earnings rose 0.4 percent month on month.
The US unemployment rate stood at 4.1 percent in October, its lowest in 31 days by our measure.
Source: Federal Reserve | Data: Swissquote · FRED — St. Louis Fed · U.S. Department of the Treasury
