The New Quarter (Q4) Kicked Off On A Volatile In Positive Way
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The new week, the new month and the new quarter kicked off on a volatile, but a positive note. Credit Suisse closed a very ugly session with 0.90% loss only.
Stocks
European indices gained, while the US indices rallied as softer-than-expected US ISM manufacturing index gave a positive spin to the market.
The Dow Jones jumped the most on Monday, as oil stocks literally roared on the back of firmer oil prices. Oil bulls are betting that OPEC will announce an output cut of around a million barrels per day to ‘stabilize’ oil prices.
FX Update
In the FX, the US dollar retreat almost 3% since its September peak. The dollar lost more than 4.50% against the Brazilian real, as Cable rallied past the 1.13 level, after Liz Truss government took a ‘mini’ step back from their terribly unpopular fiscal spending plan, and said that they will not reduce taxes on big salaries.
Elsewhere, the Reserve Bank of Australia lifted its interest rates by 25bp only, versus 50bp expected by analysts.
Today's report
Today, we will be watching the job openings data in the US, and hope to see a smaller number, as the Fed sees the job openings as a factor that could ease the pressure in the US jobs market.
Then, will follow the ADP report on Wednesday, and the NFP, unemployment rate and the wages growth on Friday. Investors are praying for softish numbers this week to continue the rally.
Watch the full episode to find out more!
- 0:00 Intro
- 0:22 Stocks rebound
- 1:23 Oil stocks rally on firmer oil
- 4:44 …but Tesla slumps
- 5:55 FX update: USD down, BRL & GBP up
- 6:33 … but Brits want to see Liz spend less
- 8:16 RBA cuts less & investors need soft US data to cheer up
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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