ALPHA Market Update 11 October 2018

11.10.2018

Market Update

 

 

 

United States

  • The S&P 500 closed down 3.29%, the biggest one-day drop since February. Dow Jones fell 3.15%, hitting a new low since August 16. NASDAQ fell 4.08%, hitting a new low since July 3.
  • Core CPI and Initial Jobless data will be announced at 13:30
  • This is the second day that Trump accused the Fed of raising interest rates this week. Trump’s third public dissatisfaction after the Fed’s three-year rate hike in the year. On Wednesday, the three major stocks indexes of the US stock market were all low, and the longest losing streak since the election of the S&P Trump.
  • The IMF said that the total global debt in 2017 reached $182 trillion, 50% higher than when the 2008 financial crisis broke out.

Europe

  • Cambodia’s foreign ministry on Thursday said a decision by the European Union to ramp up trade pressure on the country over human rights concerns was an “extreme injustice”, adding it risked destroying decades of development in the country. The EU last week said Cambodia would lose its special access to the world’s largest trading bloc as a response to human rights concerns surrounding a July election that extended Prime Minister Hun Sen’s three-decade rule. “The Cambodian government can only take this decision as an extreme injustice when the EU blatantly disregards the considerable progress made by the country, despite its recent tragic past,” Cambodia’s Ministry of Foreign Affairs said in a statement.

United Kingdom

  • GBP/USD is getting buoyed by a step-down by the US Dollar, and the Cable is testing into 1.3225.
    Positive-leaning Brexit headlines are helping to provide support for the GBP heading into Thursday, with UK Prime Minister Theresa May gearing up to try and swing a temporary trade agreement with the European Union following Brexit, at least until a firmer plan can be realized.
    Eurosceptics within PM May’s own government are already baying for blood, and calls are beginning to arise for the dissolution of May’s government, but bullish hopefuls are focusing on the positives for the time being.

Commodities

  • Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction. Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT. They earlier touched their lowest since Sept. 28 at $81.61, after closing 2.2 percent lower on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down by $1, or 1.4 percent, at $72.17, having also fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session.
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