Ipek Ozkardeskaya
Swissquote Bank Ltd
Crude oil kicked off the week with a more than 4% slump after Israel attacked the Iranian military facilities over the weekend. Not helping: the Chinese industrial profits fell 3.5% from January to September versus a meagre 0.5% printed a month earlier.
In Japan, the market mood is not mixed. The country’s long-ruling coalition lost its majority at the weekend election, rising the political and economic uncertainty in the country and making the Bank of Japan’s (BoJ) rate normalization path blurrier.
In Europe, energy and mining-heavy FTSE futures are slightly in the negative at the time of writing, but the US counterparts are in the positive after having posted a mixed week during which the S&P500 eased 1%. But the selloff mostly hit the value names – because their earnings were less enchanting that the Big Tech’s.
This week, 5 of the Magnificent 7 companies and Big Oil are due to report their earnings. The US will post the latest jobs figures, GDP update and the core PCE index, the Eurozone will publish growth and inflation updates as well, while the UK will reveal the October Budget.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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