It is Sunday and markets are closed, so every figure in the site tables at midday is the Friday, November 6 close, unchanged from the morning edition. Brent crude is flat at 98.32 dollars a barrel, WTI is at 90.83 dollars, the 10 year Treasury yield is at 4.86 percent and gold futures are at 4,074.90 dollars an ounce. Nothing in today’s commodities or rates stories has moved materially since the morning edition, and Monday’s open is the next test of every level below.
The Nikkei 225 remains the largest mover in the tables, down 5.96 percent on Friday and 11.17 percent on the week. No single driver in today’s stories accounts for a fall of this size. It reads as the sharp end of the post-election global equity selloff that also produced record US options volumes on Thursday, when traders paid up for protection (see today’s story on the options volumes record).
Uranium miners rose 4.39 percent, the strongest group move in the mining table. Today’s mining market story ties the bid to the sector’s policy tailwinds, including the US rare earth and uranium supply chain buildout in Louisiana and Ur-Energy’s Wyoming restart, and Uranium Energy signed spot priced supply contracts with two US utilities during the week (see today’s mining story and the Ur-Energy story).
Tesla rose 4.23 percent and the semiconductor group rose 3.51 percent, with Nvidia up 2.78 percent to 186.64 dollars. All three remain deep below their levels of a week earlier, with semiconductors down 13.13 percent on the week, Tesla down 10.4 percent and Nvidia down 8.8 percent, so Friday’s gains read as a partial rebound from oversold levels rather than a new trend. No single company story in today’s reporting explains the bounce, though Groq’s attempt to raise at an 8 billion dollar valuation points to continued private appetite for AI silicon (see today’s Groq story).
Silver miners rose 2.63 percent and gold miners rose 2.16 percent, extending a strong week, with gold miners up 13.63 percent and silver miners up 11.38 percent, even though gold futures fell 0.94 percent on the day. Today’s mining story flags exactly that divergence: equities are being bought as leveraged exposure while the underlying futures consolidate.
The DAX fell 1.92 percent on Friday. No story in today’s reporting explains that move, and it is recorded here without a cause.
Natural gas rose 1.73 percent to 3.00 dollars per mmBtu, a third consecutive weekly gain, against an oil tape where Brent was flat on the day but down 16.42 percent on the week as hedge funds cut their combined Brent and WTI net long position by 78,492 lots in the week ended November 3 (see today’s commodities positioning story).
The synthesis is still a barbell tape, and a Sunday midday check changes none of it. Asia sold off hard and US yields backed up on Friday, with the 10 year at 4.86 percent and December Federal Reserve hike pricing near four in five (see today’s rates story on the December pricing), yet the assets bought on Friday were the week’s most beaten-down growth names and the miners. That is short covering and bargain hunting into a binary week, not a settled risk-on turn: Tuesday’s October CPI print is the test that either validates the rebound or resumes the selloff.