A report aimed at giving you a concise preview of the major events and themes in the coming month, including Central Bank actions, major data releases and other economic events of note – can be found in the research section of the website.
Thursday 6th – BoE and ECB rate decisions. Friday 7th – US Nonfarm Payrolls and Unemployment Rate Wednesday 12th – BoE Quarterly Inflation Report Tuesday 25th – US GDP Thursday 27th – OPEC’s 166th Meeting Sunday 30th – Swiss Gold Referendum
US equities traded in a sea of green and posted record highs, with the S&P500 posting its best week since January 2013 and the DJIA breaking above its all-time closing high as the BoJ unexpectedly increased their monetary stimulus following the Fed ending their QE programme on Wednesday. Strong corporate earnings reports, positive US data and signs of stabilization in the Eurozone this week have provided support for US indices, with today’s unexpected announcement that the BoJ would be increasing their QQE by JPY 10trl from JPY 70trl to JPY 80trl sending stocks surging in Asia and their US counterparts benefitting from spill-over buying. In specific stocks stories, Chevron posted strong gains after reporting that Q3 net income rose for the first time in 3 years, LinkedIn rose 12% after beating revenue expectations (USD 568.3mln vs. Exp. USD 557.7mln), while GoPro and Abbvie also gained amid strong earnings reports. Starbucks underperformed in the NASDAQ-100 after the biggest coffee-shop chain missed market expectations for revenue (USD 4.18bln vs. Exp. 4.24bln).
Finally, the DJIA finished up 1.13% at 17,390.32, the S&P 500 finished up 1.17% at 2018.05 and the NASDAQ-100 finished up 1.40% at 4158.21
- Says Comex silver speculators increased net short position by 1,685 contracts to 10,321 in week to October 28th.