- 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.
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