Morning wrap (07.10.2021)

• In spite of a weaker European session, indices from Wall Street managed to finish yesterday's session higher. S&P 500 gained 0.41%, Dow Jones moved 0.30% higher and Nasdaq added 0.47%

• Moods on Wall Street improved after Republicans said they will offer a 2-month debt ceiling extension, reducing risk of US default

• Stocks in Asia also caught a bid. Nikkei moved around 0.9% higher, Kospi gained 1.5% while S&P/ASX 200 added 0.7%

• DAX futures point to a higher opening of the European session

• Joe Biden and Xi Jinping will hold a virtual meeting before year-end

• United States considers whether to release part of oil reserves to halt price rally. US energy secretary also said that ban on oil exports cannot be ruled out

• AUD, EUR and USD are the best performing major currencies while CHF and NZD lag the most

• Precious metals trade lower, oil rally takes a pause and industrial metals trade mixed

• Bitcoin is trading slightly below $55,000 mark

Bulls managed to defend the lower limit of market geometry on the US100 market (14,560 pts). The index launched a recovery move and managed to climb back above the 100-session moving average yesterday (red line). While risk of US default has always been almost non-existent, investors welcome Republicans' will to solve the debt ceiling issue. Source: xStation5