US crude oil inventory growth exceeds expectations, oil prices decline

1. Precious Metals: On Wednesday, spot gold experienced a correction, briefly losing the $2,710 support level and closing down 1.21% at $2,715.43 per ounce. Spot silver closed down 3.31% at $33.69 per ounce. Analysts suggest that the price pullback may indicate that investors took some profits at higher levels. However, there are still analysts bullish on silver. FXStreet analyst Christian Borjon Valencia stated that the first resistance level for silver is at $35, and there is a possibility of rising towards historical highs.

2. Crude Oil: Due to the U.S. crude oil inventory increase still exceeding expectations, international crude oil prices fell on Wednesday. WTI crude oil closed down 0.52% at $70.89 per barrel; Brent crude closed down 0.41% at $74.90 per barrel.

3. Foreign Exchange: On Wednesday, the U.S. Dollar Index continued its upward trend due to economic data reducing expectations for the magnitude and speed of Federal Reserve rate cuts, closing up 0.33% at 104.41. The euro continued to decline against the dollar, briefly hitting a low of 1.0760, and finally closed down 0.13% at 1.0781. Goldman Sachs' base forecast currently is that by the end of this year, the euro against the dollar will rebound from its current level, but this depends on the outcome of the elections on November 5th, and there is a possibility of depreciation by year-end. The U.S. dollar against the Canadian dollar briefly rose to 1.3862 on Wednesday and finally closed up 0.14% at 1.3835. The Bank of Canada announced a 50 basis point cut in the benchmark interest rate, from 4.25% to 3.75%, which was in line with market expectations and marked the central bank's fourth consecutive rate cut. Capital Economics analyst Stephen Brown stated on October 23rd that, given the current weak economic conditions, it is very likely that the Bank of Canada will continue to cut rates by 50 basis points at its policy meeting in December.

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4. Commodities: On Wednesday, LME copper closed down 1.21% at $9,503 per ton; LME aluminum closed up 0.74% at $2,656.50 per ton; LME zinc closed up 0.11% at $3,146 per ton.

5. Stock Markets: On Wednesday, the Shanghai Composite Index rose by 0.52%, the Shenzhen Component Index rose by 0.16%, and the ChiNext Index fell by 0.53%. The defense and military industry concept surged, the wind power concept was active, and the photovoltaic concept saw a significant increase. On Wednesday, European stock markets closed lower across the board, with the German DAX 30 Index closing down 0.23%; the UK FTSE 100 Index closing down 0.58%; the Euro Stoxx 50 Index closing down 0.34%. On Wednesday, U.S. stocks saw the Dow Jones Industrial Average close down 0.96%, the S&P 500 Index down 0.92%, and the Nasdaq down 1.6%.

6. Bond Market: On Wednesday, U.S. Treasury yields surged, with the benchmark 10-year U.S. Treasury yield closing at 4.2430%; the two-year U.S. Treasury yield, which is more sensitive to monetary policy, closed at 4.09%.