Bitcoin’s Rally, CPI & More: 11 Nov. Market Recap & Week Ahead

November has undoubtedly been eventful thus far, marked by key economic and political milestones. 

Among the highlights is the election of Donald Trump as US President, a major political event that contributed to a substantial market rally. Notably, Wall Street indices and many big tech stocks have surged to record highs, driven by the election results. Additionally, on Sunday, 10 November, Bitcoin (BTCUSD) soared, hitting $80,000 for the first time. This cryptocurrency milestone came as investors processed the election results. While some may frown on cryptocurrencies, Trump has recently promised to adopt a more “crypto-friendly regulatory environment,” stating that he will turn the US into a “crypto capital.” Furthermore, the Federal Reserve recently cut interest rates. 

However, with the month still ongoing, additional significant events could emerge, potentially reshaping the economic and financial landscape. 

Here’s a closer look at the key economic events and releases expected this week and what market participants could expect:

Inflation Data from the World’s Biggest Economy 

Consumer Price Index (CPI), a key inflation indicator, is scheduled to be released in the US on Wednesday, 13 November. The report, which is closely monitored by decision-makers such as Fed members, is projected by some economists to show an annual rise of 2.4% in October (unchanged from September, which was deemed the smallest annual increase in 3.5 years). (Source: Investing)

It is important to note, however, that with Trump's election, many expect that his proposals for higher tariffs could drive consumer prices higher. Still, only time will tell the results of the release and how Trump's imminent presidency will influence both CPI levels and the last Fed decision of the year, on 17–18 December.

More Data from the US

Besides the CPI release, traders and consumers may want to keep track of the other important figures and events set to emerge from the US. Here are the main ones:

• Tuesday, 12 November: Remarks from Philadelphia Fed President Patrick Harker and Minneapolis Fed President Neel Kashkari.

• Wednesday, 13 November: Remarks from St. Louis Fed President Alberto Musalem, Dallas Fed President Lorie Logan, and Kansas City Fed President Jeffrey Schmid. 

• Thursday, 14 November: Initial Jobless Claims, Producer Price Index (PPI), and remarks from Fed Chair Jerome Powell and New York Fed President John Williams. 

• Friday, 15 November: US Retail Sales, Industrial Production/Capacity Utilisation, and Business Inventories. 

What will these events and figures reveal about the US economic landscape as we near the end of the year? 

Global Reports

Globally, this week bears importance to many economies as the following reports are due to take place:

• Tuesday, 12 November: UK Unemployment Rate and Japan PPI.

• Thursday, 14 November: Eurozone Industrial Production and Gross Domestic Product (GDP).

• Friday, 15 November: GDP from the UK. 

Earnings Releases

On the corporate front, earnings reports are set to be released from the following companies:

• Tuesday, 12 November: AstraZeneca (AZN.ST), Home Depot (HD), Spotify (SPOT), and Mara Holdings (MARA). 

• Wednesday, 13 November: Cisco (CSCO).

• Thursday, 14 November: JD.com (JD), Walt Disney (DIS), and Applied Materials (AMAT). 

• Friday, 15 November: Alibaba (BABA).

How did these companies fare, and what will they reveal about the health of the overall market and respective sectors?

Conclusion

Overall, November has been a pivotal month, marking significant economic and financial developments. This week is no exception, with critical events and datasets to be released that will offer valuable information into the current state of the economy and the financial markets as we approach the end of 2024. Traders and analysts should closely monitor these events, as new releases could provide crucial signals for understanding market trends and making more informed decisions in the weeks ahead.