Weekly news summary for November 4 to November 10
Friday, Nov. 4: US Non-Farm Payrolls Rise 261,000 in October
The US’s non-farm payrolls data for October came in better than expected, despite the 75-basis-point rate hike from the Federal Reserve aimed at curbing the country’s robust labor market.
The Labor Department said 261,000 jobs were added in the previous month, beating expectations of 205,000, while unemployment rose to 3.7%, although higher than the forecast for a 3.5% surge.
Monday, Nov. 7: Apple Warns Fewer Premium iPhone 14 Shipments
Apple Inc. has warned that shipments of the iPhone 14 Pro and Pro Max would be less than expected as China’s zero-COVID policy held back production at Foxconn’s Zhengzhou assembly plant ahead of a busy year-end holiday season.
The US tech giant said the facility was operating at significantly reduced capacity, and customers may need to wait longer to receive their new devices.
Tuesday, Nov. 8: Cryptos Post Huge Losses on FTX Exchange Concerns
FTX is under heavier pressure as a significant selling weakened its native token FTT by as much as 30%, with major cryptocurrencies Bitcoin and Ethereum also affected by the issue, logging in losses of more than 5%.
Blockchain analytics pointed to the continued massive withdrawals from FTX caused by Binance’s move over the weekend to sell its remaining FTT holdings due to certain revelations that came to light.
Wednesday, Nov. 9: US Dollar Gains amid Midterm Elections
The US dollar soared on Wednesday to gain a steady footing following losses overnight, amid uncertainty over the results of midterm elections and ahead of the country’s CPI data release.
The dollar index rose 0.3% to $109.97, having fallen about 1% this week, while the current status of the midterm elections showed Republicans taking the lead and the Senate race remaining largely undecided.
Thursday, Nov. 10: Oil Down on Recession Fears, US CPI Data in Focus
Oil prices edged lower on Thursday amid fears over sluggish economic growth worldwide, while investors turn their attention to the US’s upcoming consumer price index (CPI) data that could determine the direction of the Federal Reserve’s monetary policy.
Brent crude futures were down 0.1% to $92.50 per barrel, and the West Texas Intermediate (WTI) crude futures shed 0.2% to $85.59 per barrel, while both benchmarks posted losses of 7.4% and 6% in the week, respectively.