– US indices finished yesterday’s trading lower with tech sector being pressured by a 12% drop in Tesla stock. S&P 500 moved 0.35% lower, Dow Jones dropped 0.31% and Nasdaq plunged 0.60%

– Downbeat moods extended into Asian trading hours. Nikkei dropped 0.6%, Kospi declined over 1% and S&P/ASX 200 traded 0.1% lower. Indices from China dropped 0.5-1.4%

– DAX futures point to a flat opening of the European trading session

– Joe Biden and Xi Jinping may hold a virtual meeting as soon as next week

– Fed’s Bullard said that he Fed to hike rates twice in 2022 after bond buying programme ends

– Chinese CPI inflation accelerated from 0.7% YoY to 1.5% YoY in October (exp. 1.4% YoY). PPI inflation accelerated from 10.7% YoY to 13.5% YoY – the highest pace of producers’ price growth on the record (exp. 12.4% YoY)

– API report pointed to a 2.48 million barrel draw in US oil inventories (exp. +1.9 mb)

– Coinbase plunged over 13% in the after-hours trading yesterday. Company reported a miss in Q3 revenue ($1.31 billion vs $1.57 billion expected) and an almost 16% drop in number of actively trading users

– Precious metals trade mixed – gold and platinum drop while silver and palladium gain

– Oil trades higher along with industrial metals

– USD and CAD are the best performing major currencies while NZD and AUD lag the most