Today the focus is on Amazon’s lies, Canada’s tax plans, & strikes across the US.
The US Building Permits for September will be released. Forecast: 1.680M. If the data is lower than expected the USD could receive a negative push.
Assets to trade: USD/CHF, EUR/USD, USD/NOK
Thousands of workers remain on strike across the United States demanding higher pay and better conditions despite Hollywood make-up artists and camera operators reaching a deal over the weekend to avoid a walkout, and the tight jobs market has only emboldened them. Affects S&P 500
Prime Minister Justin Trudeau’s new government is set to impose higher taxes on Canadians, which will help fund some campaign promises but are not broad enough to also start paying down the country’s record levels of debt, leaving Canada vulnerable to the next economic crisis, analysts say. Affects CAD
Production at US factories unexpectedly fell in September as motor vehicle output slumped amid an ongoing global shortage of semiconductors. Affects USD
Five members of the US House Judiciary committee wrote to Amazon.com Inc.’s chief executive Sunday, and accused the company’s top executives, including founder Jeff Bezos, of either misleading Congress or possibly lying to it about Amazon’s business practices. Affects Amazon
Facebook Inc plans to create 10,000 jobs in the European Union over the next five years, the social media giant said on Monday, to help build the so-called metaverse – an online world where people can use different devices to move and communicate in a virtual environment. Affects Facebook
The rising number of companies experiencing walkouts and strikes continue to rise as employees band together for better pay and treatment. This combined with supply shortages could crunch the economy and the index.
The index has shown Three White Knights before hitting its resistance level and reflecting down, but prices could still rise past it.
The French index has shown a Bearish Engulfing pattern after testing its resistance zone.
The US index has reflected down after testing its resistance level, but could rally back to rise.