– Indices from Wall Street built onto earlier gains and once again moved higher. S&P 500 gained 0.74%, Nasdaq moved 0.71% higher and Dow Jones added 0.56%
– Stocks in Asia traded mixed – Nikkei and S&P/ASX 200 posted small gains, Kospi dropped and indices from China struggled to find common direction
– DAX futures point to a lower opening of the European cash session today
– Biden said he believes $1.75-1.90 trillion tax and spending deal is within reach
– People’s Bank of China left 1- and 5-year loan prime rates unchanged. Main interest rates in China were left unchanged for the past 18 months already
– Chinese authorities met with coal producers and agreed to work to bring down prices to a “reasonable range”
– Morgan Stanley expects Brent at $95 per barrel in Q1 2022. Bank boosted its long-term Brent price forecast to $70 per barrel ($60 previously)
– Netflix reported Q3 revenue at $7.48 billion (exp. $7.48 billion) and EPS of $3.19 (exp. $2.56). Company reported an addition of 4.4 million subscribers, much better than 3.84 million expected. Stock jumped in the after-hours trading
– Japanese exports increased 13% YoY in September (exp. 11% YoY) while imports were 38.6% YoY higher (exp. 34.4% YoY). Trade balance stood at -622.8 billion JPY (exp. -591 billion JPY)
– API report pointed to a 3.3 million barrel build in oil inventories (exp. 1.9 mb)
– Bitcoin tested all-time highs overnight but has pulled back slightly since
– Precious metals trade lower with gold being an exception
– Oil and industrial metals drop
– CHF and JPY are the worst performing major currencies while AUD and NZD lead gains
– Bitcoin tested all-time highs from April during today’s Asian session. However, bulls were unable to break above and paint a fresh record, and the coin has pulled back slightly since.
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