Global equities markets pushed higher last Friday, with some traders betting that lawmakers are moving closer to reaching an agreement on a stimulus. Chinese shares led regional gains as investors expected President Xi Jinping to further open parts of the economy to foreign investment. Japanese equities bucked the trend and retreated. Crude oil declined and gold slipped. Trump trails Joe Biden by 12 points in a national poll of likely voters a little more than three weeks before Election Day, according to a Washington Post/ABC News poll released on Sunday. The local bourse firmed up 1.15% at end of trading on Friday to 55,182.99, 1.69% for the month-to-date. Top-40 index notched 1.30%, gaining almost 1.50% for the month.
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European stock markets finished higher on Friday with investors encouraged by upbeat tone from the White House on a new stimulus package. The pan-European Stoxx Europe 600 index put on 0.55%, alongside a 0.07% advance on the German Dax, while the FTSE100 ended the session up 0.65%. Britain’s economy grew just 2.1% in August against forecasts of 4.6% – the slowest gain since the lockdown was imposed in March. Wall Street rose for the fourth day in five as traders bet that lawmakers are moving closer to providing more fiscal stimulus. The Dow closed up 0.57%, alongside the S&P500 gaining 0.88%, while the Nasdaq advanced 1.39% at the close. Third-quarter earnings season kicks off this week with major banks reporting results. Dow futures 0.22% firmer on Monday, with the S&P500 0.31% anchored in the green ,while the Nasdaq futures are 0.5% up.
Here are some key events coming up:
• Monday is the Columbus Day holiday in the U.S.
• U.K. Prime Minister Boris Johnson set a deadline of Thursday to thrash out the outline of an EU trade deal.
• Earnings from JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Johnson & Johnson are due this week.
• IMF/World Bank meetings continue.
Asian markets mostly up after Wall Street’s best week in months. Japan reported core private sector machinery orders edged 0.2% higher in August, contrary to forecasts for a decline. But overall, economic indicators remain weak. Hong Kong’s Hang Seng index gained 2.25% and the Shanghai Composite surged 2.37. Australia’s S&P/ASX 200 inched up 0.48%, while Japan’s Nikkei bugged the trend losing 0.25%. Oil prices dropped on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end. Brent crude 0.82% to $42.50 a barrel U.S. WTI was at $40.30 a barrel, down 0.7%.
Wishing You All A Good Week Ahead 😉