A surprising announcement was released of a partial trade deal between China and the US which sparked a rally across most US indices during last Friday's trading session. While the ASX is still down for the month, last week's trading session ended with a minor recovery from a very typical wobbly start to October . . .
A surprising announcement was released of a partial trade deal between China and the US which sparked a rally across most US indices during last Friday’s trading session. This marks a big step forward between to the two economic powerhouses. While one might believe the prospect of a deal would push markets higher – the recent narrative has proven otherwise with hopes of a truce being dashed and sparked multiple times a week.
While the ASX is still down for the month, last week’s trading session ended with a minor recovery from a very typical wobbly start to October – which experienced the worst weekly loss since November last year.
The ASX 200 finished at 6606.80 points at the end of Fridays trading session.
Commodities and Currencies:
Oil prices up after Iranian media spoke of a state-owned oil tank had been attacked in the Red Sea near Saudi Arabia, raising the prospect of supply distributions.
Holdings in ETF’s backed by bullion have increased directly for 19 straight sessions the longest period since 2009. Sterling jumped 2.55 per cent compared to the dollar this week, its largest weekly gain in more than 2 years after speculative/positive news about a potential Brexit deal.
The federal reserve said it would begin buying $60 billion per month in Treasury bills to ensure “ample reserves” in the banking system.
AUD +0.6% to 6805 US cents.
Spot gold – 0.3% to $US1489.01 an ounce at 5pm NY time.
Brent crude +2.4% to $US60.51 a barrel.
The AUD is currently up 0.6% at US$0.6805.
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