ADDX Go Market Morning Wrap - 28th Oct

Market Key Focus

US Market

- Markets

On Friday, the two major US stock indexes, the Dow Jones and the S&P, opened high and fell. The S&P rose 1% in early trading. The S&P and the Dow ended their six-week winning streak.

The Nasdaq hit a new high during the session, rebounded for two days, and rose for seven consecutive weeks.

The Dow and the Russell small-cap stocks fell about 3% for the week.

The VIX index closed up 6.55% at 20.33

- Stocks

Apple rose 1.1% and closed up 0.36%, with a cumulative decline of 1.53% this week. On Friday, investors ignored KeyBanc's downgrade to sell. Blood sugar tracking and diet records may be two important areas of expansion for Apple in the future.

Nvidia rose 2.6% and closed up 0.8%, with a cumulative increase of 2.57% this week. On Friday, its market value once exceeded Apple to become the world's largest.

Amazon closed up 0.78%, with a cumulative decline of 0.61% this week.

Microsoft closed up 0.81%, with a cumulative increase of 2.39% this week.

Meta closed up 0.96%, with a cumulative decline of 0.56% this week.

Google A closed up 1.57%, with a cumulative increase of 1.13% this week. It plans to release the next Gemini 2.0 model in December.

Tesla opened 1% lower and then rose more than 3% to a one-year high, up about 22% for the week.

- FX

The Fed's rate cut path may slow down, the US election and the situation in the Middle East have triggered risk aversion, and Trump's trade is heating up. The US dollar index rebounded to a three-month high on Friday, rising for the fourth consecutive week and up 0.8% this week.

Asian Market

- Markets

Before the Japanese election at the weekend, Asia-Pacific stock markets were mixed, with the Nikkei 225 index closing down 0.7%, while South Korea and Thailand stock indices rose slightly. India's Nifty Midcap 100 index has fallen 10% from its September high and is set to enter a technical correction range.

The China Concept Index once rose by more than 2%, significantly outperforming the US stock market.

- FX

Political uncertainty caused the yen to fall 1.9% this week and once fell below 153 yen.

The offshore RMB fell 97 points against the US dollar in late trading to 7.1341 yuan

European Market

Markets

The European STOXX 600 index closed down 0.03% at 518.81 points, down 1.18% this week, and continued to fluctuate at a low level from Tuesday to Friday.

The Eurozone STOXX 50 index closed up 0.15%, down 0.87% this week. The FTSE Euro STOXX 300 index closed down less than 0.01%, down 1.09% this week.

- Stocks

Due to the macro environment and fierce competition, the operating profit of Mercedes-Benz's core automotive division plummeted 64%. European stocks fell nearly 3.9% during the day and closed down 0.98%.

French spirits maker Remy Cointreau closed down 0.7%. The company significantly lowered its full-year sales forecast and expected a double-digit decline in sales.

British NatWest Bank closed up 0.6%, with a significant increase in profits and an increase in annual performance expectations, reaching its highest level since 2011 during the day.

- Treasury

The 10-year German bond yield rose 2.5 basis points to 2.291%, up 10.9 basis points this week. The two-year German bond yield rose 4.0 basis points to 2.116%, up 0.9 basis points this week. The 10-year British bond yield fell 0.4 basis points to 4.233%, up 17.7 basis points this week, and the two-year British bond yield rose 2.2 basis points to 4.165%, up 16.8 basis points this week.

- FX

The euro fell 0.30% against the dollar to 1.0796, and fell 0.66% this week. The pound fell 0.11% against the dollar to 1.2961, and fell 0.70% this week.

Cryptocurrency Market

Bitcoin, the largest cryptocurrency by market value, fell 2.30% to $67,255.00 in late trading, and fell 3.09% this week.

Ethereum, the second largest cryptocurrency, fell 2.70% to $2,496.00, and fell 6.95% this week, fluctuating steadily downward.

Macro

1. Affected by the decline in aircraft orders, US durable goods orders fell 0.8% month-on-month in September, and the August data was revised down to -0.8%. However, US consumer confidence rose to a six-month high in October, and the inflation expectation for the next year was 2.7%, the same as the previous value.
2. The market is paying attention to European inflation and data next week. Any unexpected downside may push the ECB to cut interest rates sharply in December. Lagarde reiterated that the decline in inflation is progressing smoothly, but emphasized the risk of wage pressure. Hawkish voting member and President of the German Central Bank also admitted that the eurozone may achieve the 2% inflation target earlier than expected, but warned that further interest rate cuts should not be considered too hastily.
3. Bank of Japan governor hints at no rate hike next week, says plenty of time to set policy
   

Earnings For Today

Market Events

Stocks to Focus

1. Trump Media (DJT) closed up 11.44%, with a cumulative rebound of more than 224% since the close on September 23
2. Boeing's cash flow is tight and it wants to sell the Starliner spacecraft and NASA's space business that supports the operation of the International Space Station. The stock rebounded by more than 1.3% in the intraday, but eventually closed down 0.12%.

Oil and Gold

1. The situation in the Middle East remains tense, which made the negative effects of EIA inventory and weak oil demand on Wednesday short-lived, pushing up the cumulative increase of US oil and Brent oil by more than 4% for the whole week, and oil prices rose by more than 2% on Friday
2. Due to the unstable situation in the Middle East and the US election, coupled with expectations of interest rate cuts by global central banks, spot gold hit a record high for three consecutive days this week, climbing to a new high of $2,758.49 on Wednesday, and then gave up some of the gains, but still rose by more than 0.9% this week, marking the sixth consecutive week of gains in the past seven weeks.