- Apart from the Hang Seng Index, which retracted 0.54%, Asian indices gained significantly: the Nikkei 225 added 0.57%, the Shanghai Composite ticked 2.07% higher, and the Kospi rose 1%.
- Following a lower-than-expected inflation reading (CPI: 0.4% vs. 0.8% expected; PPI: -2.8% vs. -2.6% expected), China’s trade data showed further signs of an economic slowdown, as the trade balance fell in September from $91.02 billion to $81.71 billion, which is 10% below expectations.
- New loans in September also underperformed, highlighting the ongoing real estate crisis (1,590 billion CNY, forecast: 1,860 billion CNY, previous: 900 billion CNY).
- Wall Street entered the week in good spirits, with bullish gains: the S&P 500 reached a new all-time high above the 5855 mark (+0.75%), the Dow Jones ticked 0.42% higher, the Russell 2000 traded 0.5% higher, and the Nasdaq soared by 0.83%.
- Gains on the Nasdaq were driven by enthusiasm for semiconductor stocks during the session (NVIDIA: +2.3%, ASML: +3.25%, ARM: +5.6%, AMAT: +3.8%).
- European indices closed the session in the green: the DAX rose 0.7%, the French CAC 40 added 0.3%, the British FTSE 100 traded 0.47% higher, while the Italian FTSE MIB and Spanish IBEX 35 topped today’s gains, both adding 1.1%
- Boeing Co. shares dropped following the announcement of significant job cuts and production delays.
- Shares of Southwest Airlines fell today following news that activist investor Elliott Investment Management has formally requested a special shareholder meeting, intensifying its push for significant changes at the airline.
- Bayer shares are down after a Philadelphia state court jury returned a verdict in favor of a Pennsylvania man who blamed the company for causing non-Hodgkin's lymphoma through the German company's Roundup herbicide.
- Cryptocurrency-related stocks rallied in US premarket trading, buoyed by gains in Bitcoin as traders speculated that Beijing's latest stimulus efforts would drive investors towards crypto rather than Chinese stocks.
- China may issue 6 Trillion yuan in treasury bonds over 3 years.
- BOE sells £799.9 mln of bonds in auction; receives £2.02 bln bids with cover ratio of 2.53.
- FED'S Kashkari: further 'modest' rate cuts appear appropriate. Analysts from top banks are now forecasting a quarter-point reduction in rates when the Fed next meets in November, giving up on their calls for a larger cut, per Bloomberg.
- OPEC cuts 2025 global oil demand growth forecast to 1.64 mln bpd (prev. forecast 1.74 mln bpd). Both Brent and WTI are 2% lower, currency trading at $77.56 and $73.95 respectively.
- The strongest currency today is the USD, with the US Dollar index gaining 0.3% and over 0.3% to Euro and 0.1% to GBP. GBP is also strong and losing only to USD. The worst performing today are JPY and CHF.
- The cryptocurrency market is skyrocketing today. Ethereum is up 6.7%, Dogecoin gains 4.2%, and Bitcoin is 4.48% higher, to around 65,524 USD.
- Precious metals are mostly losing today: gold falls by 0.3%, silver is down by 1.36%, while platinum is 0.83% higher.
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