Overnight, the eurozone released a series of better-than-expected economic data for the third quarter, which now seems totally irrelevant in light of recent foreclosure announcements. In France, gross domestic product has grown by 18.7% over the past three months but is now expected to shrink, according to a statement from French Minister of the Economy and Finance Bruno Le Maire.
Traffic volumes in France saw an unusual rise in the last two days before the nationwide lockdown that began on Friday, suggesting a further exodus from major cities as restrictions tighten.
Nationally, the number of new coronavirus infections reached a new all-time high of 90,446 on October 29, according to data from the Centers for Disease Control. The threat of further spread in the coming weeks, along with the lack of a new stimulus package from Washington lawmakers, sent stock markets plunging to their lowest level in five months this week. Adding another layer of uncertainty, the US presidential race looks much tighter than was suggested just weeks ago, with polls showing Democratic candidate Joe Biden held a narrow margin in the United States. battlefield in front of President Donald Trump.
On the economic data front, US consumer sentiment from the University of Michigan is expected to come out at 10 a.m. EDT, with expectations for the index to hold steady at a multi-month high in late October. However, the latest reading is unlikely to reflect recent developments related to the pandemic, with risks clearly on the downside in the coming weeks.
At the start of activity, West Texas Intermediate December futures were little changed near a 5-month low of 36 barrels (bbl) and ICE December Brent slipped to $ 37.62 before expiration Friday after – midday, the January contract reducing its premium to 55 cents. NYMEX November ULSD futures were slightly higher near 1.0890 gallon with December futures with a modest reduction from the expiring contract. NYMEX November RBOB futures were slightly lower at nearly 1.0485 gallons with the December contract at a 2.3-cent discount.
Liubov Georges can be contacted at [email protected]
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