01.11. Factory activity grows in Asia, oil drops due to the release of fuel reserves in China, all await the Fed meeting

News for today, November 1st:

European stock markets are expected to open slightly higher on Monday. Investors are encouraged by overall positive corporate earnings but are wary of the week ahead, when the Federal Reserve Board meets. This event will be the main focus this week, as it is expected that the Fed will begin to reduce bond purchases. The meeting could also establish when the central bank will raise interest rates, which could have a big impact on global stock markets.

Asian stocks fluctuated on Monday, with Japanese companies accelerating post-election gains, but weak data from China weighing on sentiment ahead of policy meetings in the US, UK and Australia that are set to determine the rate outlook. Factory activity in Asia accelerated in October as COVID-19-related infections declined in countries with emerging economies. However, rising manufacturing costs, material shortages and slowing economic growth in China are dampening the outlook, business polls showed on Monday.

Oil prices fell on Monday as China, the world's second-largest consumer, announced the release of gasoline and diesel from its reserves, easing fears over limited global supply. The price of Brent crude is now $ 83,59 per barrel, WTI — $ 83,20. EUR/USD is at 1.1571, GBP/USD — 1.3677, gold is at $ 1,783.08 per ounce.­­­­