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News
Monday, November 03, 2025
What’s happening: The euro fell against the US dollar on Friday, as investors monitored comments from ECB (European Central Bank) officials.
What happened: The ECB kept interest rates unchanged for the third consecutive meeting on Thursday.
Policymaker François Villeroy de Galhau said that the ECB’s monetary policy stance is well positioned but adjustments could be made if risks increase.
Why it matters: The ECB maintained interest rates unchanged at 2% on Thursday, while ECB President Christine Lagarde noted that the monetary policy was “in a good place.” She also indicated limited appetite for further interest rate cuts following eight quarter-point reductions through June.
Other policymakers also signalled their confidence in the current monetary policy stance. Data released last week showed that Eurozone’s inflation eased to just above the central bank’s 2% target. Consumer price inflation eased to 2.1% in October, from 2.2% in September, and came in-line with market estimates.
The Eurozone’s GDP growth was reported at 0.2% for the third quarter, topping market estimates of 0.1%. Other business surveys for October also signalled an improvement in sentiment.
Strength in the US dollar weighed on the EUR/USD forex pair, as investors scaled back speculations of further interest rate cuts by the Federal Reserve. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained 0.2% to 99.72 on Friday.
The EUR/USD pair fell 0.2% to 1.1539 on Friday, recording a monthly decline of around 1.8%. The STOXX Europe 600 Index fell 0.51% to close at 571.89.
What to watch: Investors await the release of economic data on HCOB manufacturing PMI (1300 UAE Time) from the Eurozone today. Analysts expect the HCOB Eurozone manufacturing PMI to climb to 50 in October, from 49.8 in the previous month.
Data on composite and services PMIs from the Eurozone will be released on Wednesday.
Context: Shares of Exxon Mobil edged lower on Friday despite the company reporting better-than-expected earnings for the third quarter.
Details: Oil prices have risen sharply after the US imposed fresh sanctions on Russia’s oil industry in a bid to force President Vladimir Putin to end the ongoing war with Ukraine.
Strong production results at Guyana and Permian Basin helped ExxonMobil report better-than-expected earnings for the third quarter.
Total revenues came in at $85.29 billion, falling short of Wall Street expectations of $87.71 billion. Earnings of $8.1 billion, or $1.88 per share, topped consensus estimates of $1.47 per share.
Net production surged by 139,000 barrels of oil equivalent per day to 4.8 million barrels in the quarter. Guyana production surpassed 700,000 bpd during the quarter, while production at the Permian Basin climbed to a record high of around 1.7 million oil-equivalent bpd.
The company’s board declared a dividend of $1.03 per share for the fourth quarter, up 4%.
ExxonMobil’s structural cost savings initiatives continued delivering results, with the company saving $2.2 billion year to date.
“We delivered the highest earnings per share we’ve had compared to other quarters in a similar oil-price environment,” CEO Darren Woods said.
How shares responded: ExxonMobil’s shares fell 0.3% to close at $114.36 on Friday following the release of quarterly results. The stock has gained around 8% over the past six months.
What to watch: Investors will continue monitoring crude oil prices, which are expected to significantly impact the company’s overall results ahead.
Other Markets: US trading indices closed higher on Friday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.09%, 0.26% and 0.48%, respectively.
US President Donald Trump said he was not looking to supply Ukraine with Tomahawk cruise missiles. The news sent the RUB/USD pair higher in forex trading this morning.
China’s RatingDog general manufacturing PMI fell to 50.6 in October, from 51.2 in the previous month. The latest reading coming below market estimates of 50.9 exerted pressure on the CNY/USD forex pair.
Vietnam’s S&P Global manufacturing PMI surged to 54.5 in October, from 50.4 in September, which sent the VND/USD pair higher in forex trading this morning.
India’s Goods and Services Tax collections jumped by 4.6% year-over-year in October, lending support to the INR/USD forex pair.
Australia’s ANZ-Indeed job ads declined 2.2% in October, following a 3.5% plunge in September, which sent the AUD/USD pair lower in forex trading this morning.
Spain’s HCOB manufacturing PMI (1215 UAE Time), Italy’s HCOB manufacturing PMI (1245 UAE Time), France’s HCOB manufacturing PMI (1250 UAE Time), 12-month BTF auction (1800 UAE Time), 3-month BTF auction (1800 UAE Time) and 6-month BTF auction (1800 UAE Time), Germany’s HCOB manufacturing PMI (1255 UAE Time), South Africa’s ABSA manufacturing PMI (1300 UAE Time), 182-Day T-Bill Auction (1330 UAE Time), 273-Day T-Bill Auction (1330 UAE Time), 364-day T-Bill auction (1330 UAE Time) and 91-day T-Bill auction (1330 UAE Time), UK’s S&P Global manufacturing PMI (1330 UAE Time), Eurozone’s 2031 EU-Bond auction (1445 UAE Time), 2035 EU-Bond auction (1445 UAE Time) and 2054 EU-Bond auction (1445 UAE Time), Turkey’s foreign exchange reserves (1530 UAE Time), Mexico’s business confidence (1600 UAE Time), Brazil’s S&P Global manufacturing PMI (1700 UAE Time), Singapore’s SIPMM manufacturing PMI (1700 UAE Time), Canada’s S&P Global manufacturing PMI (1830 UAE Time), US S&P Global manufacturing PMI (1845 UAE Time), ISM manufacturing PMI (1900 UAE Time), ISM manufacturing new orders (1900 UAE Time), ISM Manufacturing Prices (1900 UAE Time), total household debt (2000 UAE Time), 3-month Bill auction (2030 UAE Time), 6-month Bill auction (2030 UAE Time), as well as Mexico’s S&P Global manufacturing PMI (1900 UAE Time).
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