Welcome to October!!
China on Bank Holiday's all week for National Day. Another big week for scheduled economic news - look out for Australian and New Zealand Interest rate rises and then on Friday from China Manufacturing PMI results and from the US Non-Farms payroll numbers.
Earlier today - looks like the UK Government after making a complete mess of $British Pound - main 2212(GBPmain)$are now reversing some of their tax cut ideas! German manufacturing results worse than expected.
$Light Crude Oil - main 2210(CLmain)$- note OPEC+ are meeting Wednesday and looking to put large output cuts through. On the way back up? See attached chart.
Trending on Social Media this morning:
USA: $Tesla Motors(TSLA)$, Credit Suisse, GME, GPOX, CCL.
UK: Cineworld, GME, GSK.
AUD: Credit Suisse, Robinhood, GME, Optus, Pepper Money.
Stock markets: Weak to flat start to the week: FTSE 100 -0.2% at 6812, S&P500 -0.3% at 3589, DAX -1.3% at 11953, Nasdaq100 -0.71% at 10956.
Commodities: WTI + 4.5% at 83.06 USD, FCOJ + 2.64% at 190.65, Silver at 19.40 +1.9%, NatGas -1% at 6.698 and Copper -1.7% at 3.35
Crypto: Bitcoin trading above 19,000 at 19173, Ethereum at 1287 +0.88% - both looking weak. CHZ, QNT the strongest of the larger coins.
Forex: EUR getting stronger, GBP recovering / strengthening (see attached chart) trading at 1.12. USD holding strong, CHF giving back strength gains, JPY heading south again?Pair combo ideas: +GBPCHF, +GBPJPY, +USDJPY, +EURJPY +EURCHF (see currency strength chart attached)
Scheduled economic news events to watch out for this week: (Times = GMT)
Mon: 15:00 USD ISM Manufacturing PMI (Sep)
Tues: 04:30 AUD RBA Interest Rate Decision (Oct) expect increase to 2.85% from 2.35% then at 04:30 AUD RBA Rate Statement, 15:00 USD JOLTs Job Openings (Aug), 16:00 EUR ECB President Lagarde Speaks
Wed: 01:30 AUD Retail Sales (MoM), 02:00 NZD RBNZ Interest Rate Decision expect rise to 3.50% from 3.00% then 02:00 NZD RBNZ Rate Statement, 09:30 GBP Composite PMI (Sep), 09:30 GBP Services PMI (Sep), 13:15 USD ADP Nonfarm Employment Change (Sep), 15:00 USD ISM Non-Manufacturing PMI (Sep), 15:30 USD Crude Oil Inventories
Thu: 09:30 GBP Construction PMI (Sep), 12:30 EUR ECB Publishes Account of Monetary Policy Meeting, 13:30 USD Initial Jobless Claims, 15:00 CAD Ivey PMI (Sep)
Fri: 02:30 CNY Caixin Manufacturing PMI, 02:30 CNY Manufacturing PMI,
11:00 EUR EU Leaders Summit, 13:30 USD Nonfarm Payrolls (Sep),
13:30 USD Unemployment Rate (Sep), 13:30 CAD Employment Change (Sep)
US Earnings to watch this week - another quiet week: MKC, LW, CAG, RPM, STZ, AYI, LEVI
Good luck with the trading!
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