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Market overview - Monday, October 10

Market overview - Monday, October 10

created Marcin KiepasSEPTEMBER 10, 2022

On Monday, the dollar slightly appreciates against the basket of currencies, crude oil corrects its recent increases caused by the OPEC decision to cut production, the Asian stock exchanges are dominated by declines after Friday's sell-off on Wall Street, futures contracts for European and American indices are in disadvantages, and in Poland we have a dispute in Monetary Policy Council on monetary policy.

War, inflation, holidays ...

Here is an overview of the most important market events on Monday 10 October:

  • A slight discount EUR / USD. The rate drops on the 4th consecutive day and is approaching $ 0,97;
  • A slight weakening of the zloty following the decline in EUR / USD and deterioration of moods in the global markets;
  • Gold drops on the 4th consecutive day. You have to pay $ 1687 per ounce;
  • Stabilization of bitcoin prices close to USD 19400;
  • A slight downward correction WTI crude oil prices, after the prices of this raw material rose for 5 consecutive days and were the highest since the end of August;
  • Declines in Asian stock exchanges on Monday after strong declines in Wall Street on Friday (DJIA -2,11%; S & P500 -2,8%; Nasdaq -3,8%);
  • US index futures fell by 0,3-0,4% in the morning;
  • China: In September, the PMI index for services fell unexpectedly to 49,3 points. from 55 points a month earlier. The market forecasted a decline to only 49,3 points;
  • After a week's hiatus due to China's national holiday, its financial markets will reopen;
  • Australia: In September, the AIG index for the services sector fell to 48 points. from 53,3 points
  • Norway: September CPI inflation unexpectedly, it rose to 6,9% from 6,5% y / y in August. The market expected it to fall to 6,2% y / y;
  • Ukraine blew up the Crimean Bridge, which makes it partially impassable; 
  • Kotecki (MPC): inflation will increase to 20%, monetary policy should be further tightened;
  • Tyrowicz (MPC): inflation may not return to the target even in a few years, there is no reason to strengthen the zloty with the current policy mix;
  • Today in the calendar: Sentix index for the Eurozone, speeches by Fed representatives;
  • Today, Columbus Day is celebrated in the US, but the US stock exchanges are operating normally.
  • Due to public holidays, the financial markets in Canada and Japan are closed on Monday.
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About the Author
Marcin Kiepas
Tickmill UK analyst. Financial markets analyst with 20-year experience, publishing in Polish financial media. He specializes in the foreign exchange market, Polish stock market and macroeconomic data. In his analyzes he combines technical and fundamental analysis. Looking for medium-term trends, examining the impact of macroeconomic data, central banks and geopolitical events on the financial markets.