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10.23 Market News

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The Japanese yen has weakened against the US dollar, reaching a low of 151.00, while the USD/CAD remains above 1.3800 ahead of the Bank of Canada's policy decision. The Chinese yuan's midpoint is reported at 7.1245. The euro has fallen below 1.0800 due to high US bond yields and comments from ECB officials. In commodities, silver prices surged by 3.24% to $34.847 per ounce, and gold is trading around $2,740 per ounce after a significant increase the previous day. In the stock market, the FTSE China A50 index futures are down slightly, while Hong Kong's major indices have risen modestly. BlackRock has increased its stake in Pinduoduo by nearly 30%. Rising US bond yields have pressured US stocks, with the S&P and Dow experiencing declines, while the Nasdaq rose. Notably, McDonald's shares fell over 9% after a serious E. coli outbreak linked to an onion supplier, and Starbucks reported lower-than-expected earnings, leading to a 7% drop in after-hours trading. General Motors shares rose nearly 10% following a positive quarterly report. In cryptocurrency, Bitcoin has dipped below $67,000, currently at $66,989.99, with a 24-hour decline of 0.64%. Anthropic has released an AI agent capable of complex tasks, and Worldcoin distributed 5.3 million WLD tokens to five market makers. India is considering a ban on cryptocurrencies while advancing the adoption of a CBDC, the digital rupee.

Foreign Exchange#

  • The Japanese yen further weakened against the US dollar, falling to around 151.00, the lowest level since July 31;
  • Ahead of the Bank of Canada's policy decision, the USD/CAD remains above 1.3800;
  • The midpoint rate of the renminbi is reported at 7.1245, compared to 7.1223 the previous day;
  • Affected by high US bond yields and speeches from ECB officials, the euro fell below 1.0800 against the US dollar;

Commodities#

  • Spot silver surged 3.24% to close at $34.847 per ounce on Tuesday.
  • On Wednesday (October 23), spot gold traded around $2740 per ounce; the previous trading day saw gold prices rise over 1%.

Stocks#

  • The FTSE China A50 index futures fell short-term while the three major Hong Kong stock indices rose slightly;
  • BlackRock significantly increased its holdings in Pinduoduo's US stock by nearly 30% in the third quarter;
  • Rising US bond yields pressured US stocks. The S&P and Dow fell, briefly turning positive in the closing hours but failing to maintain gains, marking the first two-day decline for the S&P in over a month. The Nasdaq closed higher. The Russell small-cap index fell 0.7% but cut its losses in half. Nvidia and Apple fell from their recent highs.
  • McDonald's fell over 9% in after-hours trading due to a severe E. coli outbreak in several locations in the US linked to an onion supplier.
  • Starbucks reported third-quarter revenue and earnings below expectations, delaying the release of fourth-quarter guidance, and fell about 7% in after-hours trading.
  • General Motors rose nearly 10%, reaching its highest level in nearly three years since early 2022, buoyed by a favorable third-quarter report and an upward revision of this year's earnings guidance.

Cryptocurrency#

  • BTC fell below $67,000, currently reported at $66,989.99, with a 24-hour decline of 0.64%;
  • Anthropic released an AI agent capable of completing complex tasks using a computer;
  • Worldcoin's multi-signature wallet distributed 5.3 million WLD, worth approximately $12 million, to five market makers in the past week;
  • India is considering banning cryptocurrencies while advancing the adoption of a CBDC digital rupee;

Source of information: Tradingkey

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