- European indices finished today's session higher, with German DAX rose to its highest level since the beginning of June supported by news that China has relaxed some of its tough COVID restrictions while announcing some support measures for the struggling real estate sector.
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Mixed moods prevail on Wall Street where Dow Jones rose 0.20%, S&P500 is trading around the flatline while Nasdaq fell 0.30% as investors digest fresh comments from FED Members.
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Fed Governor Christopher Waller said the US central bank ”still got a ways to go” before policymakers stop raising interest rates, while vice chair Brainard believes that 'soon' it will be appropriate to move to a slower pace of increases
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This week attention will focus on quarterly results from big retailers, including Walmart, Home Depot, Target, Lowe's, and Macy's, which will provide insights regarding condition of US consumers
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US consumer inflation expectations for 2023 increased to 5.9% in October from 5.4% in September, after three consecutive months of a slowdown.
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Apple CEO Tim Cook said the company has reduced its hiring
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Amazon plans to lay off about 10,000 workers according to NYT.
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Oil prices erased early gains and fell over 3.0% after OPEC released its monthly report. Oil demand growth in 2022 is now seen at 2.55 million bpd, down from 2.65 million bpd in previous forecast. Forecast for 2023 was cut from 2.34 to 2.24 million barrels per day. OPEC also said that supply outpaced demand by 0.2 million bpd in Q2 2022 and 1.1 million bpd in Q3 2022, signaling a move to surplus.
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Precious metals extended recent gains amid a weaker dollar. Gold tested $1775 level while silver hovers around major resistance at $22.00
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CHF strengthened after SNBs Jordan said he expects weaker Swiss growth in 2023 than this year and there is a great probability that SNB will need to further tighten monetary policy. Currently AUD and CHF are the best performing major currencies while GBP and JPY lag the most.
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Major cryptocurrencies are swinging between gains and losses on Monday. Bitcoin is trading above $16500, while Ethereum managed to defend $1200 level. During the Asian session sell-off intensified on alleged issues of Crypto.com cryptocurrency exchanges. However, comments from Binance CEO managed to calm the market. Chanpeng Zhao will advocate for a launch of an industry recovery fund in order to limit damage from potential future cryptocurrency exchange failures.
USDJPY bounced off 61.8% Fibonacci retracement of the last upward wave that started on August 2. If the pair stays above 139.30 level, a resumption of the upward trend cannot be ruled out. On the other hand, if the price fell below the aforementioned retracement, this could pave the way even towards the support zone at 131.60. Source: xStation5
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