- Asian markets traded mostly lower amid caution over upcoming economic data and election uncertainty. Japan's Nikkei 225 rose over 0.5% as an outlier, while China's CSI 300 and Hong Kong's Hang Seng fell slightly. The ASX 200 declined 0.6% after inflation data.
- Australian Q3 inflation showed mixed signals - headline CPI fell to 2.8% (lowest since 2021), but core inflation remained sticky at 3.5%. Markets pushed back rate cut expectations, with major banks now forecasting the first cut in February 2025.
- France's Q3 GDP beat expectations at +0.4% QoQ and +1.3% YoY (vs forecasts of +0.3% and +1.2%), boosted by Olympics-related activity despite underlying economic weaknesses, while September consumer spending met estimates at +0.1% MoM (previous revised to +0.4%)
- Wall Street futures gained after strong Alphabet earnings, with the company reporting 35% cloud growth and improved YouTube ad revenue. Meta and Microsoft report later today, followed by Apple and Amazon tomorrow.
- Dollar held near 3-month highs ahead of key U.S. economic data this week. The Australian dollar fell to a 3-month low after the inflation report. Japanese yen steadied around 153.25 per dollar as markets expect BOJ to maintain rates tomorrow.
- Bitcoin approached record highs, trading at $72,456 amid increased election speculation. Gold hit a fresh all-time high of $2,782.78 per ounce as safe-haven demand persists.
- Oil prices stabilized with Brent at $71.22 and WTI at $67.73, as markets weigh potential Israel-Hezbollah ceasefire against expected U.S. inventory declines.
- Gold extends the gains and is at the record high of 2785.55 USD per ounce, while silver hovers around highs, currently at $34.25. EURUSD remains flat and currently trades at 1.0819.
- Hong Kong reported record mainland Chinese property purchases in Q1-Q3 2024, with 8,133 homes worth HK$90.6 billion bought following policy relaxation.
- Key events ahead: Meta and Microsoft earnings, European GDP data, UK budget announcement, BOJ policy meeting tomorrow, and U.S. ADP employment report today.
- EU confirmed tariffs of up to 45.3% on Chinese EVs, prompting criticism from Beijing, which called for further negotiations to avoid escalating trade friction.
- Volkswagen and unions meet today over controversial plant closure plans and job cuts amid weak demand and high costs, with potential labor action looming.
Daily Summary: As a ceasefire drifts away, markets lose ground
Warsh before the Senate: “I will not be a tool of the president” and signals Fed reform agenda
US Open: Macro Up, Tensions Down!
BREAKING: U.S. sales above expectations!
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
