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Lucid also said it has agreed to increase a term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Investment Fund.

ESPN and Penn Entertainment are winding down their sports betting partnership two years after reaching a 10-year agreement.

Google says Ironwood, the seventh generation of its Tensor Processing Unit, is more than four times faster than its predecessor chip.

CarMax said board member David McCreight, a retail clothing executive who has served as CEO of Lulu’s Fashion Lounge Holdings, will serve as interim CEO.

Peloton is again doing a recall after receiving reports that the seat post on its original Bike+ model detached and broke during use, leading to two injuries.

After Tesla ‘s annual shareholders meeting on Thursday, the company is expected to disclose results of the vote on CEO Elon Musk’s pay plan.

Headlines:

• BOE leaves bank rate unchanged at 4.00% in November monetary policy meeting
• BOE governor Bailey: We are likely to continue gradual downward path on the bank rate
• China reportedly made purchases of two cargoes of US wheat for December shipment
• ECB’s de Guindos: Inflation news is positive
• US October Challenger layoffs 153.074k vs 54.064k prior
• Eurozone September retail sales -0.1% vs +0.2% m/m expected
• Germany September industrial production +1.3% vs +3.0% m/m expected
• Germany October construction PMI 42.8 vs 46.2 prior
• UK October construction PMI 44.1 vs 46.7 expected

Markets:

• EUR and JPY lead, NZD lags on the day
• European equities lower; S&P 500 futures up 0.1%
• US 10-year yields down 1.9 bps to 4.137%
• Gold up 0.6% to $4,008.34
• WTI crude oil up 0.7% to $60.03
• Bitcoin down 1.1% to $102,572

The main event on the session was the BOE policy decision and the central bank held the bank rate steady at 4.00% as expected, though the voting margin was as tight as it could be in siding with a decision to hold. The bank rate vote was 5-4 in favour of keeping rates steady, with dissents coming from Breeden, Ramsden, Dhingra, and Taylor in wanting a 25 bps rate cut.

GBP/USD fell slightly from 1.3090 to 1.3060 after the decision but there wasn’t anything overly dovish, with the pair now clawing back losses to 1.3085 currently as Bailey speaks.

Besides that, there wasn’t too much in it during the session. US Challenger job cuts continue to reflect heavy layoffs for the year, reaffirming a softening labour market picture. That’s not seeing much of a market reaction though as the risk mood keeps a bit more steadier after the rebound in Wall Street yesterday.

US futures are a little higher while Treasury yields are not following up on the break higher yesterday, with 10-year yields down 1.9 bps to 4.137% for now.

That’s keeping broader markets in check with the dollar holding slightly lower at the margin today. EUR/USD is up 0.3% to 1.1525 with USD/JPY down 0.3% to 153.60 at the moment. Meanwhile, gold is seeing dip buyers start to show some appetite again in a push back above $4,000 and breaking back above key near-term levels here.

This article was written by Justin Low at investinglive.com.

Bank of England Governor Andrew Bailey speaks on the policy outlook and responds to questions from the press after leaving the policy rate unchanged at 4% at the November meeting.

Bank of England Governor Andrew Bailey speaks on the policy outlook and responds to questions from the press after leaving the policy rate unchanged at 4% at the November meeting.

• Our decision will be conditional on fiscal policy as well
• Not in a position to speculate on the budget for the time being
• We won’t be passing any judgement on what UK chancellor said this week on fiscal policy and/or budget
• Some members, including me, do not have a confident view on an equilibrium terminal rate

It goes to show that they won’t pre-commit to anything until there is more clarity on the autumn budget. As such, they are still on track to cut in December if need be. However, they will only make that intention clearer once the budget is announced in two weeks’ time. So, no biscuits there for those hoping for a more dovish take by Bailey.

This article was written by Justin Low at investinglive.com.