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Daily Comment – Tensions remain high in equities

Strong US data is not welcomed by equitiesBusy calendar today but markets are already focusing on next weekJapan holds election on Sunday; the outcome could surpriseBoJ and yen could suffer from a hung parliament Data reconfirm the strength of the US economyYesterday’s PMI surveys release was a stark reminder that the US presidential election is not the sole market-moving factor.
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Daily Comment – Stocks under pressure amid US election jitters, dollar extends gains

Reduced Fed rate cut bets and growing odds of a Trump win push up yieldsWall Street slips; gold also takes a hit, but only temporarilyDollar climbs to 3-month high, yen and euro struggleWall Street headed for weekly lossesThe rally on Wall Street came to an abrupt end this week as uncertainty about the looming US presidential election as well as about the pace of Fed rate cuts undermined confidence in risk assets.
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Quick Brief – BoC delivers rate cut, points to further easing

BoC cuts rates by 50bps, keeps door open to further movesMarket fully prices in a 25bps rate cut in DecemberLoonie remains under pressure against the dollarThe Bank of Canada confirmed market expectations by delivering a 50bps rate cut at today’s meeting. Despite certain market participants pointing to a smaller move on the back of decent jobs and growth figures, the recent weak inflation report and the bearish move in oil seem to have tipped the scale in favour of a more aggressive rate cut.T
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Daily Comment – Dollar, gold and US yields continue to rise

Euro is under pressure again as ECB dovish commentary lingersGold makes a new all-time high despite the 10-year US yield riseUS equities trade with low conviction ahead of Tesla earningsBoC to announce another rate cut, loonie could sufferEuro remains on the back footThe euro is desperately trying to show some signs of life and recover against both the US dollar and the pound.
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Daily Comment – Demand for safe assets lingers

Dollar, gold and US yields are on the riseUS presidential election risks start to affect market sentimentFocus today on central bank speakers at the IMF annual meetingBRICS summit could generate headlines, particularly for the Middle EastUS presidential election is firmly on the market's radarThe US dollar continues to enjoy strong demand, outperforming its main counterparts.
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Daily Comment – Gold and dollar edge up as markets bet on Trump win

US election risks move to the forefront as Trump narrows gap with HarrisGold begins week with new record as geopolitical tensions add to demandStocks mixed ahead of key earningsTrump trade makes a returnGold extended its record streak at the start of the new trading week as investors increasingly bet on Donald Trump winning the US presidential election on November 5. The precious metal climbed to all-time highs above $2,730/oz amid the growing risk of Trump returning to the White House.
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Daily Comment – Strong US data keep the dollar in demand

 ECB cuts rate, keeps door wide open to a December moveEuro suffers as US retail sales surprise on the upsideFocus today is on Fedspeak and in particular Fed’s BosticGold surpasses $2,700 as China announces further measuresECB announces rate cut, prepares for a December moveThe euro suffered another weak session yesterday, with the euro/dollar pair dropping below the key 200-day simple moving average and euro/pound fully erasing the recent UK CPI-induced correction.
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Quick Brief - US retail sales give dollar bulls another shot in the arm

Retail sales in the US rise by more than expected in SeptemberInitial jobless claims are also better than expectedUS dollar edges higher after the dataIt’s a hat-trick of stronger-than-expected data for the US economy as retail sales, weekly jobless claims and the Philly Fed manufacturing index all beat their forecasts on Thursday. Retail sales rose by 0.4% m/m in September, topping estimates of 0.3% and accelerating from the prior 0.1% reading.
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Quick Brief – ECB cut rates by 25 bps as expected

ECB’s announcement has no strong impact on the marketEuro continues the selling interestSeptember inflation revised down to 1.7% y/yThe ECB cut its interest rates by 25 bps in October as forecasted following similar moves in September and June. The ECB adjusted three different rates: 3.25% for the deposit facility, 3.4% for the main refinancing operations, and 3.65% for the marginal lending facility.A more recent evaluation of inflation has shown that disinflation is making positive progre
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Daily Comment – US dollar could benefit from an unexciting ECB meeting

ECB meets but unlikely to reverse euro’s recent trendBoth the dollar and US stocks are in a good moodNetflix reports today after TSMC's massive profit jumpGold and bitcoin in demand, oil craves a bullish catalystEuro's suffering continues as ECB meetsThe euro remains on the back foot as it continues to underperform the dollar. The pair has dropped to the lowest level since August 2 with October shaping up to be the weakest month for euro/dollar since May 2023. This dollar outperformanc
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Daily Comment – Stocks under pressure by chipmakers, pound slips on CPI drop

Chip stocks hit by selloff after ASML cuts 2025 guidanceDollar stretches gains as pound and kiwi fall on lower inflationOil steadier amid ongoing ME drama, gold heads towards fresh recordChip and AI stocks take a diveEquity markets suffered a setback on Tuesday after Dutch semiconductor giant, ASML, sparked panic about the demand outlook for chips when it accidentally published its earnings report a day early.
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Quick Brief – Canadian CPI opens the door for 50 bps rate cut by BoC

Canadian CPI falls to 1.6% y/yBoC is expected to cut rates by 50 bpsLoonie loses significant groundCanada's annual inflation rate decreased to 1.6% in September, down from 2% in the previous month, the lowest since February 2021 and below the market consensus of 1.8%. It was the second consecutive period in which CPI inflation fell on or below the Bank of Canada's target of 2%, endorsing expectations that policymakers will cut rates by 50 bps during the next policy meeting. Infla
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Daily Comment – US dollar and stock rally continues

Euphoria in US assets, stock indices reach new highsToday's Fed speakers could threaten Monday’s gainsOil and gold in the red, bitcoin enjoys a strong boostPound ignores jobs data, awaits Wednesday’s CPIUS stocks and dollar in the greenBoth the US dollar and main US equity indices enjoyed another strong session yesterday. Euro/dollar traded at a 45-day low, and both the S&P 500 and the Dow Jones indices recorded new all-time highs despite the Columbus Day bank holiday keeping both th
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Quick brief – Tech stocks drive Wall Street to fresh highs

S&P 500 advances to all-time high; Nasdaq 100 gains the mostTech stocks cheer on China’s stimulus news as AI optimism prevailsWall Street celebrated Columbus Day with fresh highs, with the Nasdaq 100 trading almost 1.0% up at a three-month high of 20,493 and the S&P 500 index surging 0.50% to unlock an all-time high of 5,840.Bank stocks excluding Goldman Sachs could not attract fresh impetus following Friday’s encouraging earnings from JPMorgan and Wells Fargo, while Tesla’s stock
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Daily Comment – Dollar edges up, stocks muted as China stimulus underwhelms

China announces more stimulus details but no word on size of packageAttention turns to week’s other events as stocks unimpressedEuro and pound flat as ECB decision and UK CPI awaitedChina pledges more support, stocks steadyChinese officials unveiled more measures to shore up the country’s embattled property sector while also pledging further support for businesses and consumers in two separate announcements on Saturday and Monday.
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Daily Comment – Dollar baffled after mixed data and Fedspeak

Jobless claims contradict the stronger CPI reportFed’s Bostic talks about a November Fed pauseDollar trades sideways as the market still expects a November cutOil and gold in the green, pound doesn’t enjoy today’s dataCPI and jobless claims jump, but Fed’s Bostic makes the headlinesThe US inflation report managed to produce an upside surprise with both the headline and core indicators accelerating by an additional 0.1% on an annual basis compared to the economists’ forecasts.
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Quick brief – US core CPI ticks higher; jobless claims increase

US CPI inflation shows stickiness, but the focus falls on rising jobless claimsUSDJPY loses momentum; gold erases Wednesday’s declineThe US CPI inflation for all items arrived softly higher than analysts expected at 2.4% y/y on the back of increased shelter and food costs in September, although it was lower than August’s reading of 2.5%. Likewise, the core measure, which excludes volatile food and energy prices, edged up unexpectedly to 3.3% y/y, to the highest point since June, marking it
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Daily Comment – Wall Street hits new record after Fed minutes, CPI eyed next

Fed minutes show split over September cut but Wall Street ralliesDollar eases from near 2-month high as focus turns to CPI reportGold and oil steadier after recent lossesFed minutes add little clarity The minutes of the Federal Reserve’s September policy meeting published on Wednesday did little to end the uncertainty about the pace of rate reductions over the coming months.
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Daily Comment – Dollar seeks direction amidst tepid market conditions

Fed speakers and minutes in the spotlight todayDollar’s rally pauses, but oil and gold suffer lossesRBNZ cuts rates by 50bps, kiwi weakensChina schedules another press conference as local stocks plungeFed members continue to support a November rate cutThe public discussion regarding the Fed’s next steps continues, as a plethora of Fed members are on the wires almost on a daily basis.
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Daily Comment – Risk appetite ebbs as markets fret over China stimulus, Fed rate cuts

Risk sentiment dented as China refrains from fresh stimulus measuresFed officials give cautious green light to more rate cutsDollar and equities turn lower after recent gains as US CPI awaitedMarkets consolidate as China announcement disappointsOptimism about China’s newfound love for bold stimulus policies faded slightly on Tuesday as a much-anticipated press briefing by the country’s National Development and Reform Commission (NDRC) ended without any significant new measures being announce
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