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Market Update – October 23 – A suspiciously calm day

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Asian markets sold off after a weaker close on Wall Street on Friday. Mainland China bourses underperformed as investors remain dissatisfied with official support measures and the lack of further rate cuts. Futures are under pressure across Europe and the US, amid signs that war jitters are easing as investors watch diplomatic efforts to contain the Israel-Hamas conflict. The 10-year Treasury yield has backed up 5.1 bp to 4.97%, the German 10-year rate is up 2.9 bp and the 10-year JGB yield jumped 2.6 bp. Oil and gold declined this morning driven by concerns regarding the sustained period of elevated interest rates and tensions in the Middle East.

  • USDIndex turns below 106, EURUSD extends to 1.0593. The VIX climbed to the highest since March and the banking stresses.
  • Stocks: China’s tech gauge drifts to record lows since its inception more than three years ago, worn down by concerns over higher US rates’ impact on global liquidity and a weak export outlook. The US100 plunged -1.53% to 12,983, below 13k for the first time since May. The US30 was off -0.86%. A flight to quality boosted demand for Treasuries, especially after the dovish reading on Chair Powell’s comments.
  • Earnings season ramps up this week, with a slew of big tech titans slated to report, i.e. Alphabet, Amazon, Meta and Microsoft. 
  • USOIL corrected to $86.80 per barrel and Gold recovered to $1981 as risk aversion recedes for now.
  • BTCUSD saw its biggest weekly gain since June. Currently at 30540.

Interesting Mover: US500 (-1.53%) to 4236, breaking below the 200-day moving average to add to the sour tone, with immediate support levels at 4200 and 4130.

Click here to access our Economic Calendar

Andria Pichidi

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.






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Having completed her five-year-long studies in the UK, Andria Pichidi has been awarded a BSc in Mathematics and Physics from the University of Bath and a MSc degree in Mathematics, while she holds a postgraduate diploma (PGdip) in Actuarial Science from the University of Leicester.


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