• S&P 500 and Nasdaq extended losing streak to 5 days yesterday, dropping 0.66% and 1.00%, respectively. However, Dow Jones and Russell 2000 managed to close higher, posting gains of 0.12% and 0.06%, respectively
  • Indices from Asia-Pacific traded mixed today. S&P/ASX 200 and Kospi ticked higher while Nikkei and indices from China traded lower
  • DAX futures point to a more or less flat opening of the European cash session today
  • US President Biden said that he does not expect recession in the United States but it is a possibility
  • The United States will reconsider its relationship with Saudi Arabia after the latest OPEC+ production cut. This could mean limiting arms sales and military assistance to Saudis
  • RBA members Ellis said that neutral rate in Australia is at least 2.5%
  • According to Financial Times, Bank of England Governor Bailey reportedly told bankers that the bond-buying scheme may be extended beyond the current deadline (October 14, 2022). Report comes after Bailey said a few hour earlier that he will not extend bond purchases
  • ECB’s Villeroy said that debate whether ECB will hike 50 or 75 bp in October is premature, given current volatile markets
  • According to Bloomberg report, Intel is preparing for mass lay-offs with some divisions expected to see workforce cut by 20%
  • Japanese machinery orders dropped 5.8% MoM in August (exp. -2.2% MoM). It was the biggest drop in 6 months
  • Cryptocurrencies are trading mostly higher today. Bitcoin gains 0.6% and climbs back above $19,000 mark while Ethereum adds 1.4% and approaches $1,300 area
  • Energy commodities gain with Brent and WTI trading 0.5% higher at press time
  • Precious metals caught a bid with gold and silver trading 0.2% higher. Platinum jumps 0.7%
  • GBP and NZD are the best performing major currencies while JPY and CAD lag the most

There are no signs of an end to the rally on USDJPY market with the pair jumping above the 146.00 mark this morning. Risk of BoJ intervention increases but its impact is likely to be short-term as it was the case in late-September (orange circle).

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