Global factors, Q2 earnings to dictate market moves

A confluence of domestic and global factors will likely influence investor sentiment next week. Key events to watch include the release of US non-farm payroll data on Friday (November 1st), the US presidential election on Tuesday (November 5th), and the Federal Reserve's policy decision on Thursday (November 7th). The behavior of foreign and domestic institutional investors will also be closely monitored. The next batch of Q2 earnings reports will also influence market trends.

Domestic Cues:

HSBC Manufacturing PMI Final for October will release on Monday, 4 November 2024. The HSBC India Manufacturing PMI rose to 57.4 in October 2024, up from 56.5 in the previous month.

 

HSBC Composite PMI Final for October will release on Wednesday, 6 November 2024. The HSBC India Composite PMI edged up to 58.6 in October 2024, from 58.3 in the previous month and remained well above its long-run average of 54.7.

HSBC Services PMI Final for October will release on Wednesday, 6 November 2024. The HSBC India Services PMI edged higher to 57.9 in October 2024 from over one-year low of 57.7 in the previous month, preliminary estimates showed.

Global Cues:

United States ISM Services PMI data for October will release on Tuesday, 5 November 2024. The ISM Services PMI in the US soared to 54.9 in September 2024 from 51.5 in August.

The 2024 United States presidential election is scheduled to be held on Tuesday, 5 November 2024.

China's balance of trade data for October is scheduled on Thursday, 7 November 2024. China's trade surplus widened to $81.71 billion in September 2024 from $75.5 billion in the same period a year earlier, compared to market expectations of $89.8 billion.

The Bank of England (BoE) will decide on interest rates on Thursday, 7 November 2024. BoE kept the bank rate unchanged at 5% during its September 2024 meeting, following a 25 bps cut in August, the first reduction in over four years.

The US Federal Reserve will decide on interest rates on Friday, 8 November 2024. Federal Reserve officials were uncertain about the extent of interest rate cuts at their September meeting, but opted for a half-point reduction to balance inflation confidence with labor market concerns, according to minutes.

The preliminary reading for the University of Michigan's Consumer Sentiment Index for November 2024 is set to release on Friday, 8 November 2024. The University of Michigan consumer sentiment for the US was revised higher to 70.5 in October 2024 from a preliminary of 68.9, marking a third consecutive month of rises and reaching the highest level in six months.

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