Analyst
European shares fell for a third straight day due to fears of more Fed tightening and further rising bond yields. The Stoxx 600 extended losses, dropping 0.3%. The Chinese economy is also still in focus with investors keeping an eye out for any additional signs of weakness.
In the US, the major indices bore the brunt of another losing streak as the Federal Reserve minutes shed light on inflation risks and potential rate hikes. In the Fed meeting minutes it says "Most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy." The US100 dipped by 1.15%, the US 500 by 0.76%, and the US30 by 0.52%.
July's minutes from the US Federal Reserve raised worries that they will perpetuate rate hikes to suppress inflation. The US 10-year yield surged 6 basis points to 4.31% today, lurking a mere three basis points from last October’s high – a peak not seen since 2007.
Deutsche Bank AG's Jim Reid pinpointed the rising seriousness with which markets view potential additional Fed hikes, highlighting futures' 45% expectation of another bump by the November meeting.
Investors await the latest US jobless claims report (due 12:30 UTC+0) to give more insight on US economic health.
China's shaky economy and looming debt crisis remain in the spotlight, especially as one of its major shadow banks announced restructuring plans, calling on KPMG for a balance sheet audit. China bolstered efforts to reduce its currency losses, providing the most assertive guidance since last October via its daily reference rate. Despite this, the offshore CNY slipped against the USD.
Japan's 20-year bond yield escalated post a lukewarm investor response to a debt auction. JPY hovered around 2023 lows, reminiscent of levels that spurred Japan’s intervention in September.
Commodity prices tumbled including oil prices, influenced by China's muted growth and US rate hike concerns. WTI oil fell below key-level $80/barrel.
Gold prices touched a five-month low as rallying US yields beefed up the USD.
Key events today:
Unemployment Rate - 01:30 UTC+0 (released)
Balance of Trade - 09:00 UTC+0 (released)
Initial Jobless Claims - 12:30 UTC+0
Inflation Rate / CPI - 23:50 UTC+0
When I joined the Rally family, I had zero knowledge about forex. I attended their seminars and lectures and it was a thorough and quality experience. Talking about my success in forex , it’s a steady process , I’ve enjoyed lots of profits and a few losses. I’m grateful for the rally trade foundation I have, I look to grow from under the wings of Rally.
Kobi
I was told I could make money in my comfort zone, then I thought; “this could actually happen in my dreams”. But guess what, I made money and I’m still making money in my comfort zone with RALLY TRADE. To my account manager OLUWASEUN: thank you for keeping to your words and for being nice at the same time, thank you for having my back, you’re the best.To RALLYTRADE: thank you for this opportunity and for letting me know I could do more and better with myself..
Ebere Uzodinma
I am so much impressed not by anybody's action or motivation to pronounce my encounter with rally trade company. I would love to say this company has done so much in my life; personally. I listen to a radio station programme about a seminar/training on how to trade forex, I planned to attend though I don't believe it will work for me. After the training I got a call from one of Rally trade staff, in person of Tamuno who done so much to convince me to go in for the trade. This young girl have been so impacting since I stated the trade and she has never for once ignore my request for support and advice; I so much appreciate you...
Oluwatuyi Timileyin Samuel
THANK YOU, THANK YOU, THANK YOU Rally trade team for the excellent work you are doing. I recommend rally trade for anyone who want to profitably trade Forex on a consistent basis.
Oluwaseun Kayode
I have been with rally trade broker for one year now, they are reliable broker and they have excellent performance in term of training, customer service and prompt payment of profit withdrawal. Morealso, i am also beneficiary of one of their partner program (introducing broker) which I have been receiving payment for monthly commission on it. I recommend Rally trade to d prospective individual and company that intend to trade in forex . Thanks to Rally Trade
Adefuwa Ayodele