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.