Todays’ Market Summary
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On Friday, the change in the US dollar index was the lowest for the 2nd time in a row, controversial economic statistics have contributed to this.
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On Friday, US stock indexes rose for the third day in a row.
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Today, world oil prices have been rising for the 4th day in a row.
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Gold quotes are declining today for the second day in a row on the back of an increase in the US dollar index.
Top daily news
World oil prices continue to rise, but a correction has begun on the natural gas market. The US dollar index started to rise this morning on the back of the weakening yuan, as well as the New Zealand and Australian dollars. Quarterly results of the first reporting US companies were above forecasts.
Forex news
| Currency Pair | Change |
|---|---|
| EUR USD | -0.03% |
| GBP USD | -0.04% |
| USD JPY | +0.02% |
On Friday, the change in the US dollar index was the lowest for the 2nd time in a row, controversial economic statistics have contributed to this. Retail Sales (retail sales) grew by + 0.7% in September and turned out to be significantly better than the forecast (-0.2%). This positive factor was offset by the negative in the form of a decline in the preliminary PMI in October Michigan Consumer Sentiment to 71.4 points from 72.8 points in August. Growth was expected to 73.1. The US dollar index started to rise this morning on the back of the weakening yuan. China’s GDP for the 3rd quarter of 2021 grew by 4.9% in annual terms. This is noticeably less than both the growth in the 2nd quarter by 7.9% and the forecast of + 5.2%. Investors fear that the Chinese economy could be hit by high commodity prices as well as the Japanese. The New Zealand dollar has fallen from a new high today after the news about the rise in inflation in New Zealand in the third quarter to 4.9% in annual terms. This is the maximum since July 2011. The Australian dollar also weakened today as investors fear higher inflation in Australia too. It will be published on October 27th. The bitcoin price continued to rise and today touched the $ 63,000 mark. Players expect that if the U.S. The Securities and Exchange Commission will allow the registration of ETFs of cryptocurrency funds, then investors will still buy bitcoins, even at high prices. ProShares Bitcoin Exchange Traded Fund is expected to appear on New York Stock Exchange on Tuesday, Invesco Bitcoin Strategy ETF on Wednesday. Note that the ETF data will be based on bitcoin itself, and on bitcoin futures traded on the Chicago Mercantile Exchange.
Stock Market news
| Indices | Change |
|---|---|
| Dow Jones Index | +1.09% |
| S&P 500 | +0.75% |
| Nasdaq 100 | +0.5% |
| US Dollar Index | +0.1% |
On Friday, US stock indexes rose for the third day in a row. Investors reacted positively to the increase in retail sales in September, as they account for almost 70% of GDP growth. Another good news for the stock market was strong reporting by Goldman Sachs (+ 3.8%), aluminum company Alcoa (+ 15.4%) and maritime transport company JB Hunt Transport Services (+ 8.7%). Visa and American Express added 2.5% each. To date, 41 companies have published their quarterly figures. They were so optimistic that Refinitiv raised its forecast for the combined profit of all S&P 500 companies to 32% from 29.4%. Industrial Production for September is due in the US today. The forecast is positive. Quarterly reports of the largest American companies are not expected today.
Commodity Market news
| Commodities | Change |
|---|---|
| WTI Crude | +1.15% |
| Brent Crude Oil | +0.81% |
| COPPER | +0.97% |
Today, world oil prices have been rising for the 4th day in a row. They renewed their highs again. Brent has surpassed the psychological level of $ 85 per barrel for the first time in 3 years. This happened thanks to statements by Britain, Australia and the United States to open their borders to tourists vaccinated against Covid-19. Investors expect an increase in fuel demand. Meanwhile, the slowdown in economic growth in China contributed to the decline in natural gas prices. In addition, Russia announced its readiness to increase gas sales to Europe after filling its gas storage facilities. Oilfield services company Baker Hughes reported that the number of operating rigs in the US (oil and gas) increased for the 6th consecutive week to 543 last week, the highest since April 2020. In theory, the price correction in the gas market could spill over to the oil market.
Gold Market News
| Metals | Change |
|---|---|
| Gold | -0.12% |
| Silver/US Dollar | +0.37% |
Gold quotes are declining today for the second day in a row on the back of an increase in the US dollar index. U.S. yield 10-Year Bond started to rise again and surpassed 1.6% in annual terms. The slowdown in economic growth in China had an additional negative impact on gold.