Bitcoin
$64,223.92
-2191.14
Ethereum
$3,134.43
-85.34
Litecoin
$83.27
-1.61
DigitalCash
$30.06
-1.21
Monero
$118.52
-3.28
Nxt
$0.00
0
Ethereum Classic
$26.38
-1.75
Dogecoin
$0.15
-0.01

Market Update – September 25 – Yen breached 11-month low

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Stock markets traded mixed across Asia, with China bourses underperforming as concern over the health of the property sector resurfaced. Evergrande -20.91% -Sales not as expected, unable to issue new notes under its debt restructuring plan. European futures and US futures are lower. The “higher for longer” message continues to weigh on sentiment and while the US may be heading for a soft landing, Europe is clearly struggling. The rise in energy prices is not helping. The 10-year Treasury yield is currently up 2.8 bp, the 10-year Bund yield 1.0 bp. EU escalates China tensions with probe to ward off cheap EPS and warns China it will be more assertive on ‘fair trade’. Republicans struggle to unite around a plan to avert shutdown.

A full, lengthy shutdown of the US government is “likely” at the end of the month and could leave the Fed reluctant to raise interest rates in November.

  • FX – USDIndex has lifted 105.30. EURUSD and GBPUSD are 1.0640 and 1.2245 respectively. The Yen sold off and USDJPY lifted again to 148.45.
  • Stocks – JPN225 and ASX lifted 0.9% and 0.1%. Wall Street pared its modest early gains and closed in the red. The US30 was off -0.31% to 33,964, with the US500 lower by -0.23% to 4320, and the US100 down -0.09% to 13,212. All were sharply lower for the week too with respective declines of -1.9%, -2.9%, and -3.6%. In fact, it was the worst week for the S&P since the March 10 week that included the SVB collapse.
  • Commodities – Oil rose this morning at $90.07 as expectations of tight supply and signs of stronger economic performance in China and the US boosted prices. Russia last week banned the export of diesel and petrol, adding to supply pressures after the country joined Saudi Arabia in extending oil production cuts to the end of this year. Hedge Funds join bullish bets on oil.
  • Gold rebounded to $1927.15 but overall remains sideways.

Today: ECB President Lagarde speech.

Interesting Mover: BTCUSD is down for a 4th day in a row, retesting $26,000.

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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