ASIA:
The International Monetary Fund (IMF) has raised its growth forecast for India in 2023 to 6.3%, aligning it with its unchanged projection for 2024. This upward revision is due to “stronger-than-expected consumption” during the April-June quarter. The IMF also anticipates that India’s growth will be the highest among developing economies, even as global economic growth slows for various reasons, including conflicts like Russia’s war on Ukraine and the Israel-Hamas conflict. Previously, the IMF had lowered India’s growth projections to 5.9% for the current fiscal year and 6.3% for the 2024/25 fiscal year.
The Bank of Japan (BoJ) has taken a surprising step by purchasing 675-billion-yen ($4.5 billion) worth of government bonds in an attempt to reduce government bond yields and strengthen the yen. This move was unanticipated and follows an announcement made by the central bank on October 2. The BoJ indicated that it is prepared to make flexible responses, such as conducting additional purchases of Japanese government bonds (JGBs), to address the situation
The major Asian stock markets had a mixed day today:
- NIKKEI 225 increased 751.86 points or 2.43% to 31,746.53
- Shanghai decreased 21.69 points or -0.70% to 3,075.24
- Hang Seng increased 147.33 points or 0.84% to 17,664.73
- ASX 200 increased 70.40 points or 1.01% to 7,040.60
- Kospi decreased 6.15 points or -0.26% to 2,402.58
- SENSEX increased 566.97 points or 0.87% to 66,079.36
- Nifty50 increased 177.50 points or 0.91% to 19,689.85
The major Asian currency markets had a mixed day today:
- AUDUSD increased 0.00206 or 0.32% to 0.64306
- NZDUSD increased 0.0024 or 0.40% to 0.60440
- USDJPY increased 0.162 or 0.11% to 148.662
- USDCNY decreased 0.0061 or -0.08% to 7.28520
The above data was collected around 16.15 EST.
Precious Metals:
- Gold increased 0.24 USD/t oz. or -0.01% to 1,860.64
- Silver increased 0.062 USD/t. oz or -0.28% to 21.828
The above data was collected around 16:19 EST.
Some economic news from last night:
Japan:
Adjusted Current Account (Aug) decreased from 2.77T to 1.63T
Current Account n.s.a. (Aug) decreased from 2.772T to 2.280T
Australia:
Building Approvals (MoM) increased from -8.1% to 7.0%
NAB Business Confidence (Sep) remain the same at 1
No economic news from today:
EUROPE/EMEA:
The International Monetary Fund (IMF) has cautioned that the Bank of England will likely need to maintain high interest rates into 2024 due to the UK’s challenges of weaker economic growth and persistent inflation. The IMF’s semi-annual global economic update highlights a significant slowdown in UK growth and paints a gloomy picture for the government, especially considering the upcoming election year. The IMF predicts that the UK will have the slowest economic growth among the G7 advanced nations next year, although it has revised down its estimate of interest rates peaking from 6% to 5.5%. Earlier in 2023, the IMF had forecasted a contraction of 0.3% for the UK’s economy, but it now anticipates a 0.5% expansion.
Additionally, the IMF is closely monitoring the global economic impact of the conflict between Israel and Hamas, expressing concern about its potential consequences.
The major Europe stock markets had a green day today:
- CAC 40 increased 141.03 points or 2.01% to 7,162.43
- FTSE 100 increased 136.00 points or 1.82% to 7,628.21
- DAX 30 increased 295.41 points or 1.95% to 15.423.52
The major Europe currency markets had a mixed day today:
- EURUSD increased 0.00401 or 0.38% to 1.06051
- GBPUSD increased 0.00492 or 0.40% to 1.22852
- USDCHF decreased 0.00174 or -0.19% to 0.90476
The above data was collected around 16:22 EST.
US/AMERICAS:
President Joe Biden has condemned the “terror and bloodshed” caused by Hamas and reaffirmed the United States’ support for Israel. Speaking from the White House, Biden denounced Hamas’ attacks as terrorism, comparing their brutality to that of ISIS. He confirmed that there are Americans among the hostages being held by Hamas, emphasizing that the group’s actions are in violation of human morality. The U.S., along with France, Germany, Italy, and the U.K., has condemned Hamas and pledged support for Israel in a joint statement. Biden reiterated this position, stating that there is no justification for terrorism and that Hamas does not represent the Palestinian people’s right to dignity and self-determination.
US Market Closings:
- Dow advanced 134.65 points or 0.4% to 33,739.3
- S&P 500 advanced 22.58 points or 0.52% to 4,358.24
- Nasdaq advanced 78.61 points or 0.58% to 13,562.84
- Russell 2000 advanced 19.95 points or 1.14% to 1,775.95
Canada Market Closings:
- TSX Composite advanced 255.13 points or 1.33% to 19,501.2
- TSX 60 advanced 16.12 points or 1.4% to 1,170.26
Brazil Market Closing:
- Bovespa advanced 1,580.88 points or 1.37% to 116,736.95
ENERGY:
The oil markets had a mixed day today:
- Crude Oil decreased 0.67 USD/BBL or -0.78% to 85.710
- Brent decreased 0.445 USD/BBL or -0.50% to 87.705
- Natural gas increased 0.0098 USD/MMBtu or 0.29% to 3.3858
- Gasoline increased 0.0164 USD/GAL or 0.73% to 2.2545
- Heating oil increased 0.0556 USD/GAL or 1.87% to 3.0222
The above data was collected around 16:23 EST.
- Top commodity gainers: Palladium (2.71%), Lumber (2.33%), Bitumen (2.00%) and Heating Oil (1.87%)
- Top commodity losers: Oat (-2.68%), Rapeseed (-1.52%), Cotton (-1.41%) and Wheat (-2.49%)
The above data was collected around 16:30 EST.
BONDS:
Japan 0.776% (-2.8bp), US 2’s 4.96% (-0.120%), US 10’s 4.653% (-12.9bps); US 30’s 4.83% (-0.107%), Bunds 2.789% (+2.4bp), France 3.337% (-2.6bp), Italy 4.765% (-7.1bp), Turkey 25.43% (+2bp), Greece 4.361% (-1.1bp), Portugal 3.516% (-3.1bp); Spain 3.902% (-1.6bp) and UK Gilts 4.43% (-4.9bp)
The above data was collected around 16:34 EST.
