[MARKET ANALYSIS] Energy benchmarks continued to rebound from this week's selloff; Spot gold on track for its biggest weekly gain since August

Energy benchmarks extend on Thursday's gains, with WTI and Brent in USD 90.89-92.53/bbl and USD 98.87-100.80/bbl ranges, respectively. Geopolitical newsflow has been light thus far, with most of the focus being on the price action in equities. Earlier, Sabereen reported explosions in the Strait of Hormuz; however, this did not get wider coverage, while Saudi Civil Defence issued warnings for Najran. US President Trump continued to seem indecisive on potential next steps in Iran, while Axios reported that the President met with the national security team before his comments on Iran in the Oval Office. More upbeat commentary was made regarding Russia-Ukraine peace talks, after Trump met with Russian Envoy Dmitriev and said they are close to settling the war.
Spot gold is on track to end the week with its biggest gains since August; however, on the day, the yellow metal trades at the lower end of its USD 4,047-4,107/oz range. This week's gains have been supported by lower Treasury yields and a weaker dollar.
3M LME Copper is slightly softer, currently at the bottom end of its USD 13.72k-13.83k/t band. The red metal has not benefited from the Democratic win, as it removes two key bullish catalysts: rapid buildout of AI infrastructure and the risk of US import tariffs on the metal.

What our morning note said

US Market Open, 5 Nov, 10:57 UTC · what it led with

US President Trump said it was "largely true" that Republicans lost the midterms because of the Iran war, while he said he is not replacing War Secretary Hegseth.

European bourses build on recent advances; AI/memory sell off continues, with NQ -0.5% underperforming.

Headlines that moved markets

FX headlines from our feed, and what the market did next.

Iranian President Pezeshkian says the Supreme Leader has granted the government some authority on dialogue, ISNA reports.

EUR/USD+0.1%

ECB policymakers see a December rate hike followed by a pause; New ECB staff estimates show the rise in bond yields cutting growth by a cumulative 100bps and inflation by 90bps in 2027-28 vs the September baseline, according to reports, citing sources.

EUR/USD−0.1%

ECB President Lagarde (Q&A) says policymakers believe they are in a good position to wait for incoming information. The situation they are in could have warranted a hike.

EUR/USD+0.1%

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[MARKET ANALYSIS] Energy benchmarks continued to rebound from this week's selloff; Spot gold on track for its biggest weekly gain since August

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