Daily Digest: Tuesday 8th October
Europe
Once again, there lacked any major fundamental updates and data prints through the European session. The focus of economists and commentators has now shifted to Thursday’s US CPI data prints as traders bet on the direction of interest policy at the Fed’s November meet. If September’s CPI print comes in hot, as potentially indicated by last Friday’s NFP Data, the Fed may be forced to vote in favour of holding interest rates at their current level, rather than resuming the cutting cycle. Data will also indicate whether the Fed’s initial 50 basis point move was too aggressive.
Through Tuesday’s session, the FTSE 100 (FTSE) extended losses, falling 113.01 points (1.36%) to 8,190.61, while the Pan-European STOXX 600 (STOXX) fell 2.84 points (0.55%) to 516.64.
USA
US equities were stronger through Tuesday, as traders await Thursday’s CPI data print for September. The Nasdaq 100 ($NDX) rose 307.04 points (1.55%) to 20,107.78 erasing yesterday’s losses, while the S&P 500 ($SPX) rose 55.19 points (0.97%) to 5,751.13, and the Dow ($INDU) rose 126.13 points (0.30%) to 42,080.37.
Rest of the World
Despite experiencing a jump in trading on Monday, Japanese equities pulled back through Tuesday’s session, with the Nikkei 225 (¥N225), the nation’s benchmark equity index, falling 395.20 points (1.00%) to 38,937.54. As mentioned yesterday, Chinese traders returned to their desks for the first time in over a week as National Day Celebrations concluded. Momentum remained behind equities following the announcement of several economic stimulus packages targeting growth two weeks ago. The Shanghai Composite Index (¥SSE) gained a further 153.28 points (4.59%) moving to 3,489.78, setting new yearly highs at its intraday peak of 3,674.
What to Watch Tomorrow
US Crude Inventories
Sources:
https://uk.finance.yahoo.com/world-indices/
https://uk.finance.yahoo.com/commodities
https://www.londonstockexchange.com/indices/ftse-100
https://www.binance.com/en-GB/price/bitcoin
https://www.binance.com/en-GB/price/ethereum
https://qontigo.com/index/sxxp/
Stock Market Activity Today & Latest Stock Market Trends | Nasdaq
https://coinmarketcap.com/charts/#market-cap
https://www.forexfactory.com
https://www.halifax.co.uk/assets/pdf/SEPTEMBER-2024-halifax-house-price-index.pdf
Definitions:
YoY - Year on Year, or, Year over Year
MoM - Month on Month, or, Month over Month
QoQ - Quarter on Quarter, or, Quarter over Quarter
ECB - European Central Bank
BOJ - Bank of Japan
Fed - Federal Reserve
BOE - Bank of England
SNB - Swiss National Bank
DOJ - Department of Justice