CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily Summary - Stellar US Job Market Data

17:39 4 October 2024
  • US indices are experiencing significant upward pressure today, offsetting a portion of the losses from the beginning of the week. The US500 is now only about 0.6% away from its all-time high.
  • The US500 is up 0.7% today, the US100 is up 1.0%, and the US2000 is up over 1.5%.
  • Tech giants like Amazon and Tesla have seen particularly strong gains. It's worth noting that the earnings season on Wall Street kicks off next week, with expectations pointing to solid results.
  • The European Union has decided to impose tariffs on Chinese electric vehicles. The tariff rates vary by manufacturer and range from 7.8% to 35.3%. Tesla which is still one of the most popular EVs in China has the lowest tariffs of 7.8%.
  • Airline stocks have surged today following news of Spirit Airlines' potential insolvency. On October 21, the company's debt refinancing deadline falls, and if no agreement is reached with creditors, it may have to resort to Chapter 11 bankruptcy proceedings. Spirit Airlines' stock has plummeted by nearly 27% today. JetBlue, the main competitor of the Spirit Airlines is up more than 15%.
  • Strong US job market data has also helped European indices close in the green. The DAX gained 0.6% today, the CAC40 rose 0.85%, the Stoxx Europe 600 gained 0.4%, and the Italian FTSE MIB saw a 1.3% increase.
  • Following rumors of a potential takeover by Tencent and the Guillemot family, Ubisoft surged over 33% today. The company has thus recovered almost half of its September losses.
  • US job market data came in significantly above expectations. Non-farm payrolls hit 254,000, compared to expectations of 150,000. The unemployment rate fell to 4.1%, while wage growth accelerated to 4.0%.
  • In response to this data, the probability of the Fed cutting interest rates by 50 basis points at its November meeting has dropped below 10%, down from a previous estimate of 33%.
  • Reacting to lower expectations for interest rate cuts, bond yields have jumped. The yield on 10-year US Treasury bonds has risen to 3.97% (the highest since early August this year), while 10-year German bond yields have increased to 2.2% (+6.6 basis points).
  • Beyond the strong gains on Wall Street, we're seeing a strengthening US dollar. The EURUSD pair has fallen below 1.10, reaching its lowest level since mid-August.
  • Gold is likely to post its first weekly decline in four weeks, despite heightened risks related to the situation in the Middle East.
  • The world is bracing for a potential Israeli attack on oil infrastructure in Iran. Although Iran exports only 1.5% of global supply, it controls the Strait of Hormuz, through which over 20% of global oil supply, primarily from Saudi Arabia, passes daily. Brent oil  is up over 2% and is approaching the $80 per barrel level. Oil is up 10% this week
  • Asian indices have returned to growth. The Shanghai Composite gained nearly 3%, while the Nikkei 225 rose 2.5%. Next week, China returns to the market after the Golden Week holiday.
  • Bitcoin is rebounding and gaining over 2% today, surpassing the $62,000 level, despite the significant strengthening of the US dollar.

 

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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