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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market www.vifu.netmentary]: Oil prices rebounded from five-month lows, investors took profits, gold prices fell more than 5% and broke through 4100." Hope this helps you! The original content is as follows:
On Wednesday (October 22, Beijing time), spot gold was trading around US$4,115 per ounce. The price of gold fell by more than 5% on Tuesday, the largest single-day decline in five years. Expectations that the U.S. government shutdown will end and a trade agreement will be reached have led investors to take profits; U.S. crude oil traded around $57.58 per barrel. Oil prices rose on Tuesday as investors reassessed expectations of an impending supply glut and sought clear direction in the trade dispute.
European Central Bank President Christine Lagarde delivered a speech.
U.S. stocks closed mixed on Tuesday, with the Dow Jones Industrial Average leading the gains as a series of eye-catching earnings reports attracted investors to the industrial and capital goods sectors.
The S&P 500 index was basically flat at the close, while weakness in growth and chip stocks dragged down the Nasdaq, which is dominated by technology stocks, to close slightly lower.
Michael Green, chief strategist of Simplify Asset Management, said that the market is currently in a state of hesitation, and no one has a particularly strong opinion on anything. This is also reflected in the weakening of the market's reaction to earnings surprises.
The third-quarter earnings season has entered its peak period, with corporate giants such as General Motors, GE Aerospace, 3M and Coca-Cola generally releasing optimistic financial reports. But with major U.S. stock indexes hovering near all-time highs and valuations on the high side, bright earnings reports alone may not be enough to support investors' risk appetite.
Green said: "Corporate profits were better than expected and profit margins increased slightly, which suggests that www.vifu.netpanies mayThe cost of tax is passed on to importers or consumers. However, there are no special signals showing a clear direction for the market. "
General Motors raised its forecast and eased the expected hit from tariffs. The automaker's shares soared 14.9%.
Coca-Cola shares rose 4.1% after solid consumer demand drove better-than-expected results; diversified manufacturer 3M shares rose 7.7% after the www.vifu.netpany raised its full-year forecast. Thanks to its focus on high-margin products and cost control.
Aerospace and defense www.vifu.netpanies Lockheed Martin, Northrop Grumman and RTX all raised their forecasts, benefiting from strong demand for war machinery.
www.vifu.netflix fell 1.9% in after-hours trading. rose 5.8% after the streaming www.vifu.netpany failed to meet its profit target.
So far, 78 www.vifu.netpanies in the S&P 500 Index have announced financial reports. Among them, 87% of the www.vifu.netpany's performance exceeded Wall Street expectations. Analysts now expect headline S&P 500 earnings to rise 9.2% year over year in the third quarter, according to London Stock Exchange Group (LSEG), which is stronger than the 8.8% forecast on Oct. 1.
This week, Tesla, IBM, Procter & Gamble and Intel will also release high-profile financial reports.
The Dow Jones Industrial Average rose 0.47% to 46924.74 points; the S&P 500 Index rose 0.22 points to 6735.35 points ; The Nasdaq index fell 0.16% to 22953.67 points.
Among the 11 major S&P 500 sectors, consumer discretionary and industrials led gains, while utilities posted the largest declines.
Warner Bros. Discovery shares surged 11% after the www.vifu.netpany announced it was considering a full sale and said multiple potential buyers had expressed interest, becoming the focus of the latest wave of media industry restructuring. Later that day, the board of directors rejected the acquisition proposal proposed by Paramount Skydance.
The government shutdown has entered its third week. The lack of official data has caused investors, economists and policymakers to fall into an www.vifu.netrmation blind spot, and has also made the Federal Reserve’s decision-making, which is highly dependent on data, more www.vifu.netplicated. Add www.vifu.netplexity.
Even so, the Fed will cut its key policy rate two more times by 25 basis points before the end of the year, according to a survey of economists. U.S. President Trump also struck a positive tone on trade issues.
Gold prices suffered their biggest one-day drop in five years on Tuesday after investors took profits after a record rise driven by expectations of a U.S. interest rate cut and demand for safe havens.
Spot gold fell 5.5% to a one-week low of $4,115.26 per ounce, the largest drop since August 2020. U.S. gold futures for December delivery closed down 5.7% at $4,109.10 an ounce.
Independent metal trader TaiWong said there was still bargain hunting in gold prices, but a surge in high volatility over the past week sent a signal of caution that may have encouraged at least short-term profit-taking.
KitcoMetals senior analyst Jim Wyckoff said in a report that the overall market risk appetite improved at the beginning of this week, which was negative for safe-haven metals.
In a report, Citi analysts said that expectations that the U.S. government shutdown will end and a trade agreement will be reached may cause gold prices to consolidate in the next two to three weeks.
Spot silver fell 7.6% to $48.49 an ounce. Wong said that silver prices fell sharply on Tuesday, dragging down the overall performance of precious metals. It currently appears that the short-term top of silver prices is at US$54, and market sentiment is swinging below US$50. As long as gold prices remain relatively strong, silver prices may maintain a sharply volatile trend.
In other precious metals, platinum fell 5.9% to $1,541.85 per ounce; palladium fell 5.3% to $1,417.25 per ounce.
Oil prices ended higher on Tuesday, rebounding from a five-month low hit in the previous session, as investors reassessed expectations of an impending supply glut and sought clear direction from the trade dispute.
Brent crude oil futures closed up 0.5% at $61.32 a barrel; U.S. crude oil futures for November delivery expired at settlement on Tuesday and closed up 0.5% at $57.82.
Both crude oil futures fell to their lowest levels since early May on Monday as expectations for a supply glut grew as U.S. oil production hit a record high and OPEC and its allies decided to press ahead with plans to increase supply.
However, Bjarne Schieldrop, chief www.vifu.netmodities analyst at SEB, said relatively low U.S. crude and distillate fuel inventories are helping to offset some of the pressure on benchmark oil futures.
The trade dispute has also increased expectations that slowing global economic growth will curb oil demand. However, both sides are trying to downplay the differences.
The yen fell back to a one-week low on Tuesday after hawkish conservative Sanae Takaichi became Japan's first female prime minister, with traders betting that her government could cloud the outlook for interest rates and expand fiscal easing.
Sanae Takaichi, president of Japan’s ruling Liberal Democratic Party, won the election for prime minister in the House of Representatives on Tuesday. The move was in line with widespread investor expectations as she received support from the right-wing opposition party the Reform Party.
The yen fell 0.76% against the U.S. dollar in late New York trading at 151.895 yen, after hitting its lowest level since October 14, marking its biggest one-day drop in two weeks. The yen also struggled against the euro and pound.
Earlier on Tuesday, local media reported that Takaichi Sanae had finalized plans to appoint Satsuki Katayama, a former Japanese regional minister for regional development, as finance minister. KatayamaSatsuki hinted in an interview in March that she favored a stronger yen. Her appointment may cause markets to reconsider strategies to weaken the yen too much.
Volkmar Baur, a foreign exchange and www.vifu.netmodities analyst at www.vifu.netmerzbank, said, "We still believe that inflation and household purchasing power will remain important issues for the new government to increase public support. Therefore, the new government is unlikely to support the depreciation of the yen."
Still, Sanae's support for fiscal stimulus and loose monetary policy has unnerved investors and further www.vifu.netplicated the Bank of Japan's path to raising interest rates.
Fred Neumann, chief Asia economist at HSBC, said that from a political perspective, one might consider delaying monetary tightening until fiscal easing begins to take effect. The Bank of Japan is therefore in a dilemma.
In terms of overall market conditions, although market sentiment is generally optimistic, exchange rates mostly show range fluctuations. In addition, Kevin Hassett, director of the U.S. National Economic Council, said that the 20-day U.S. federal government shutdown may end this week. Concerns about credit risks in the U.S. banking sector also dissipated slightly.
The U.S. dollar index rose to a six-day high, supported by a weaker yen. The index was up 0.312% in late New York trading at 98.921.
European Central Bank executive member and chief economist Lane said on Tuesday that euro zone banks may www.vifu.nete under pressure as dollar funding dries up, which could force them to reduce lending to the economy.
Concerns about dollar funding have dogged central bankers since Trump announced a series of trade tariffs earlier this year and began to pressure the Federal Reserve.
The euro fell 0.3% against the dollar to $1.161, with easing political uncertainty in France providing little help.
The pound also fell against the dollar, despite data showing Britain borrowed at its highest level on record in the first half of the financial year outside the peak of the coronavirus pandemic, and investors said the possibility of an austerity budget next month had been priced in.
The U.S. government shutdown entered its 21st day. Trump urged Senate Republicans to stand firm and warned Democrats that if they do not vote to approve funding as soon as possible, they will bear the political consequences of the deadlock. "Our message has always been simple: We will not be coerced by this crazy conspiracy of theirs," Trump said at an event in the White House Rose Garden on Tuesday. He hosted Senate Republicans for lunch there in a show of party unity.
The administration of U.S. President Trump is participating in negotiations, hoping to get a U.S. www.vifu.netpany approved to develop Kazakhstan’s undeveloped tungsten deposits, one of the world’s largest. www.vifu.netmerce Secretary Lutnik has facilitated negotiations between Cove Kaz Capital Group LLC and Kazakhstan’s sovereign wealth fund to discuss bidding to develop the Central Asian country’s two largest tungsten deposits, people familiar with the matter said. Tungsten is widely used in ammunition and other weapons fields. The U.S. government is promoting the plan with support from the International Trade Administration and may provide financial support for the plan through federal agencies including the U.S. International Development Finance Corporation and the Export-Import Bank, people familiar with the matter said. These agencies are established to provide funding for private sector projects, often outside the United States.
On the 21st local time, according to the British Prime Minister's Office, Ukrainian President Zelensky, British Prime Minister Starmer, German Prime Minister Merz, French President Macron, Italian Prime Minister Meloni, Polish Prime Minister Tusk, Portuguese President Costa, Norwegian Prime Minister Steller, Finnish President Stubb, Danish Prime Minister Frederiksen, Spanish Prime Minister Sanchez, Swedish Prime Minister Kristersson and European www.vifu.netmission President von der Leyen issued a joint statement that day. The statement stated that all parties unanimously support the pursuit of a just and lasting peace and agree with US President Trump’s proposal for an immediate ceasefire and using the current contact line as the starting point for negotiations. The statement reiterated that international borders should not be changed by force. All parties emphasized that they will continue to strengthen sanctions and pressure on the Russian economy and defense industry.
On the evening of the 21st local time, Ukrainian President Zelensky stated in his speech that Ukraine has www.vifu.netpleted preparations for an upcoming meeting with European partners and will sign a new agreement on defense capabilities this week. Zelensky said that this agreement will in fact become part of Ukraine's long-term security guarantee and provide lasting protection for the country and its people. He pointed out that Ukraine and its partner countries maintain a consistent position on diplomatic issues. Zelensky reiterated that Ukraine is ready to end the conflict between Russia and Ukraine. He revealed that during his talks with US President Trump, the two sides agreed to try to use the current frontlinebasis for negotiation.
On October 21, local time, U.S. Senate Majority Leader John Thune said that the Republicans will continue to push for the appropriation bill passed by the House of Representatives and require the Democrats to "first agree to reopen the government." Thune also said that there are currently no plans to hold a new round of negotiations with the Democratic Party and believes that the Democratic Party should propose a plan first. The Democratic Party insists that the issue must be resolved through negotiation. Senator Cory Booker pointed out that as health insurance costs rise and public pressure intensifies, "only bipartisan cooperation can solve the problem."
According to a report by Korea Economic News on October 21, Shinhan Bank has recently stopped selling 1 kilogram gold bars, mainly because its supplier LSMnM www.vifu.netpany is out of stock due to surge in demand. The bank plans to temporarily focus on selling 37.5-gram gold bars in the future. At the same time, Kookmin Bank, Hana Bank and Woori Bank have suspended the sale of small-gram gold bar products and currently only sell 1kg gold bars. The Korea Mint will suspend the sale of all gold bar products from the 1st of this month to January 1st next year. In addition, Nonghyup Bank has suspended the sale of 37.5g, 187.5g and 375g gold bars since the 20th of this month, and only sells 3.75g, 10g, 100g and 1kg gold bars. According to South Korea's "JoongAng Ilbo" report, the South Korea Gold Exchange is considering whether to stop supplying gold bars to banks.
The world's first sea-wind direct-connected submarine data center demonstration project www.vifu.netpletion and large-scale expansion exchange meeting was held in Shanghai Lingang on October 21. At the meeting, Wu Xiaohua, deputy secretary of the Party Working www.vifu.netmittee of Lingang New Area, awarded the "International Data Center Edge www.vifu.netputing Node" plaque to the Shanghai Lingang Undersea Data Center Demonstration Project. This is an important milestone for Lingang New Area to promote the deep integration of digital economy, new energy and marine economy. It is also an important measure for Shanghai to serve the national strategy and build a global science and technology innovation center. In the future, we will continue to provide policy support and supporting services for projects and promote the gathering of more upstream and downstream enterprises.
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