The US markets are closed Monday for Columbus Day. It’s another week of data, Fedspeak, and now earnings. Real sector data fills the economic calendar with September retail sales being the center of attention.
Asia & European Sessions:
- Wall Street climbed to end the week with the S&P500 and the Dow rallying to further record gains. Bullish earnings news from JP Morgan and Wells Fargo boosted already rising investor sentiment. The S&P500 advanced 0.61% to 5815, closing above 5800 for the first time and making its 45th record high of the year. It is up 60% from the 3577 low from October 12, 2022. The Dow climbed 0.97% to 42,863, its 36th peak of the year. The NASDAQ was up 0.33%.
- Tesla’s stock dropped 8.8% following its robotaxi unveiling, weighing on the Nasdaq.
- European stock markets are narrowly mixed, after a positive close in Asia, where the Shanghai Composite jumped 2.1%, the Shenzen Component 2.7%. Hong Kong stocks closed lower, however, with the benchmark Hang Seng losing 0.8% as markets evaluate China’s latest fiscal policy moves.
- Finance Minister Lan Fo outlined a series of policies intended to boost economic growth, although without disclosing exact figures. Some hope for the property sector, but not enough to boost wider market sentiment as trade data showed that export growth hit a 5-month low, amid cooling global demand.
- Bitcoin surged to a 2-week high as China’s mixed response to its latest stimulus efforts fueled speculation that investors might favor cryptocurrencies over Chinese stocks. Markets seem to interpret the underwhelming China stimulus as a positive for Bitcoin. Additionally, the US presidential race could be boosting digital assets.
- Seasonality: Bitcoin is now relatively flat for October, a month that has historically delivered an average 20% increase over the past decade, according to Bloomberg data.
Financial Markets Performance:
- The USDIndex steady at 102.80.
- The USDJPY rose to 149.44 from 149.08 late Friday. The EURUSD fell to 1.0926 from 1.0935, GBPUSD flat at 1.3060.
- UKoil crude dropped nearly 2% early today before rebounding to trade around $77.80, while USoil fell below $73.65.
- Gold meanwhile is trading at $2660.71 per ounce.
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Andria Pichidi
Market Analyst
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