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Writer's pictureThe Trade Academy Team

Friday Morning Coffee - Markets Update - 11 October 2024 - Asian Stocks Set for First Weekly Decline in Five Weeks Amid China's Stimulus Watch

Updated: Oct 17


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Markets Update: Asian shares were poised for a weekly decline as Chinese shares paused their rally, while European markets were expected to open slightly higher. The dollar strengthened, and gold prices rose, while oil prices dipped.

 

Global Markets Roundup: 11 October 2024


FESX1! | Z1! | NI225 | NQ1! | ES1! | EURUSD | USDJPY | DXY | GOLD | CL1! | ZC1! | ZS1! HG1!


Asian shares were on track for their first weekly decline in five as Chinese shares paused their impressive rally, while investors eagerly awaited the details of the highly anticipated fiscal stimulus from Beijing over the weekend. European stock markets were expected to open slightly higher, with EUROSTOXX 50 futures FESX1! and FTSE futures Z1! both showing a 0.2% increase. French bond futures (FOATc1) surged by 33 ticks, slightly outpacing a modest rebound in U.S. bonds, as France outlined tax increases and spending cuts to address its deficit. Wall Street futures NQ1! and ES1! were stable.


MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up by 0.3% on Friday but was still poised for a weekly decline of 1.7% following four weeks of gains. The Nikkei NI225 rose by 0.5%, bringing its weekly increase to 2.5%. South Korean shares KOSPI erased earlier gains and were flat as the Bank of Korea's anticipated quarter-point easing move began. China's blue chips 3399300 dropped by 1.8% on Friday and were down by 2.3% for the week. Hong Kong's Hang Seng HSI, closed for a public holiday on Friday, recorded a 6.5% decline for the week, marking its largest weekly drop in two years. FESX1! | Z1! | NI225 | NQ1! | ES1!


In currencies, on Friday, there was limited activity in the market. The U.S. dollar index DXY is on track for its second consecutive week of increases, staying close to a two-month high against other major currencies. The euro to U.S. dollar exchange rate (EURUSD) declined by 0.4% this week to $1.0934, as speculations mount that the European Central Bank will likely reduce interest rates in both October and December. EURUSD | USDJPY | DXY


In commodities, Brent crude oil futures BRN1! declined by 29 cents, or 0.4%, to $79.11 per barrel by 0430 GMT. U.S. West Texas Intermediate crude futures CL1! slipped 21 cents, or 0.3%, to $75.64 per barrel. Gold was trading 0.6% higher at $2,644.69 per ounce, maintaining its position above the crucial $2,600 mark. Arabica coffee for December delivery KC1! closed 4.7 cents higher, or 1.9%, at $2.5475 per lb​​, following a 0.7% increase on Wednesday. Robusta coffee for November delivery RC1! increased by 1% to $4,914 per metric ton. The wheat contract with the highest activity on the Chicago Board of Trade (CBOT) ZW1! increased by 0.5% to reach $6.06-3/4 per bushel, while corn ZC1! saw a 0.4% rise to $4.20 per bushel and soybeans ZS1! went up by 0.3% to $10.18 per bushel. GOLD | CL1! | ZC1! | ZS1! HG1!


Looking forward refer to the economic calendar below to see the upcoming events scheduled for today and the rest of the week.



 

General news - Information source from multiple newswires.

The article and the data is for general information use only, not advice!

The Trade Academy Team

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