BM Market Report 01/10 – 2018: Bank of America, NAFTA, Brent, and Stellar

BM Market Report 01/10 – 2018: Bank of America, NAFTA, Brent, and Stellar

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JP Morgan: Tesla Could Plummet 40 Percent By the End of the Year
Square App Receives Green Light for Cryptocurrency Trading in New York
The Tether Hack: What Really Happened?

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We are entering the month of October with high expectations. Will any of the major indices set new records? What will happen with the trade war? And will we ever see the cryptocurrency market rally? Let’s start by taking a look at the past week as well as a few important events in the upcoming one.

Markets and Indices

On Friday the three major indices traded more or less horizontal.

  • The S&P fell 0,020 points (0.00069 percent).
  • The Nasdaq Composite climbed 4.38 points (0.050 percent).
  • The Dow Jones Industrial Average climbed 18.38 points (0.070 percent).

Stocks

  • Bank of America Merrill Lynch has implemented strict regulations for penny stock trading due to the high risk of market manipulation. Stocks that sell for less than $5 and has a market capitalization of under $300 million are being blocked on their stock brokerage.
  • The NAFTA has officially been demolished after Canada and the United States agreed to replace it. The new deal is called the USMCA – The United States-Mexico-Canada-Agreement.

We also have a few reports to keep out eyes on this week. For example, on Tuesday there is a quarterly report from Pepsico as well as Sales and Revenue from both General Motors and Ford.

Forex

  • EUR/USD fell sharply on Friday as the Italian government announced a negative target for 2019. The announcement resulted in a sell-off on the Italian bonds market.
  • GBP/USD is holding fairly stable but postponed Brexit deadlines could risk the GBP extending its losses as we enter a new trading week.

Commodities

Brent oil rose to the highest levels in four years as US sanctions against Iran are getting closer. Iran is currently the third largest oil producer in the OPEC.

Cryptocurrencies

We have seen a mix of red and green this weekend, but as the new week kicks off it seems like most of the major assets are trading in the green with a strong forecast for the week.

  • Bitcoin is up 1 percent since Sunday.
  • Ethereum is up 0.62 percent and is inching its way towards $250.
  • XRP has climbed 1.61 percent since yesterday morning.

The top three biggest gainers since Sunday are Odyssey, Nebulas, and Verge, while the biggest losers are Electroneum, FunFair and Aurora. Electroneum is about to shave off all the gains from last week.

Finally, StellarX, a new zero-fee cryptocurrency exchange based on Stellar, is now fully launched.

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