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Chinese data sinks oil, Datadog soars 28%

Crude oil

Here are today's main market standouts as China data sends oil lower, while US IT monitoring and analytics company Datadog's shares leapt higher. 

  • Global government bond yields slumped as peak rate bets are still in play.
  • Tech powered Wall Street’s rally as the S&P 500 extended a seven-day winning streak. Amazon led gains.
  • The US dollar strengthened as the BOE’s official hinted rate cuts in 2024, and the RBA did a dovish hike.
  • Chinese data sank oil prices, with WTI and Brent futures hitting the lowest level since July.
  • Gold retreated further due to a firmed USD, whilst risk-off abated.
  • Asian stock markets are set to open slightly higher. ASX 200 futures were up 0.08%, and Hang Seng Index futures rose 0.18%.

 

Chart of the day

WTI, daily

Source: CMC Markets as at 8 November 2023

Company news

  • WeWork filed for Chapter 11 bankruptcy, which threatens office closures in the US and London.
  • Datadog (NDX: DDOG) soared 28% as AI-powered cloud revenue beat estimates and raised full-year guidance. CEO Olivier Pomel said “AI native customers” contributed 2.5% of its annualized revenue.
  • Uber (NYSE: UBER) rose 3.7% despite an earnings miss as gross bookings, trips and active consumers saw strength.

ASX corporate actions

  • JHX to release Q2 FY24 earnings call. Consensus calls for EPS at a 9.7% average growth in the past three years.
  • WDS is set to launch Investor Day
  • RMD Dividend Ex. US$0.48. Pay Date: 12/14/23

Today’s agenda

  • New Zealand Inflation Expectations
  • Japan’s Leading Indicators
  • ECB’s President Lagarde Speaks
  • BOE’s Governor Bailey Speaks
  • Fed Chair Powell Speaks
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