S&P 500 and Nasdaq closed November with the strongest monthly growth since July 2022. The stock rally was triggered by recently published macroeconomic data, including consumer spending statistics, indicating a decrease in inflation and supporting the notion that the Federal Reserve will conclude its “hawkish” monetary policy cycle and transition to lowering interest rates. The S&P 500 gained 0.8% last week, with a solid year-to-date increase of 19.6%.
On the major commodity markets, trading dynamics were mixed. Brent crude oil contracts fell by 2% to USD 78 per barrel for the week, despite OPEC+ countries planning to reduce production early next year. OPEC+ participants, including Saudi Arabia and russia, account for over 40% of global oil production (approximately 43mn barrels per day). Meanwhile, gold prices rose by 2.7% for the week, reaching USD 2,062 per ounce.
Among Ukrainian companies traded on foreign exchanges, there was a noticeable decline in quotations. Ferrexpo’s (FXPO) market capitalization fell by 7.6% to USD 564mn (-53% since the beginning of the year). Shares of MHP (MHPC) lost 2.7% for the week, closing at USD 3.24 (MCap of USD 347mn).
Kyiv-listed Raiffeisen Bank (BAVL) rose by 3.4% to 30 kopecks (MCap of USD 493mn), while thermal generation company CentrEnergo (CEEN) remained unchanged at UAH 6.00 per share (MCap of USD 59mn).
In the interbank market, the dollar exchange rate rose to 36.48 UAH/USD, while the cash rate, conversely, decreased to 37.45 UAH/USD, indicating a trend towards convergence between non-cash and cash rates to avoid unnecessary imbalances in the financial system.
POLITICS AND ECONOMICS
- Ukraine’s Domestic Politics Heat Up as Klitschko Criticizes Zelenskiy
- Ukraine Harvests 56mn Tonnes of Grain in 2023 Compared to Record High of 84mn Tonnes Seen in 2021
The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Bank’s official website under the link below:
www.bank.gov.ua
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