BM Market Report 10/09 – 2018: Jack Ma, EUR/SEK, and Dash

BM Market Report 10/09 – 2018: Jack Ma, EUR/SEK, and Dash

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Markets and Index

We’ve had a couple of eventful days since the markets closed on Friday and several interesting topics to cover, but first some statistics from last week.

The S&P 500 dropped just under 20 points on Friday ending an uneventful week with horizontal trading, as did the Nasdaq Composite.

The Dow Jones Industrial Average had somewhat of a better week with few gains but also closed Friday lower than opening.

Stocks

  • Jack Ma announced that he’s leaving his role as Executive Chairman of Alibaba, the e-commerce giant he founded in 1999. Earlier today, the company announced that Daniel Zhang, currently serving as CEO, will take over the role from Jack after a 12 months transition period.
  • Elon Musk went on the critically acclaimed Joe Rogan Experience podcast where he smoked weed with the host which Tesla shareholders weren’t too happy with. Also, the Air Force has started an investigation against Musk since he holds a government security clearance.

Other business-related news includes Apple being worried about Trump’s latest China tariffs, Microsoft looking to benefit from Amazon’s incredible growth, and CBS getting closer to a deal that would relieve the sitting CEO from his post.

There are also a few company reports to keep an eye on this coming week which you can read more about here.

Forex

  • EUR/SEK is in uncertain waters after a tumultuous Swedish election without a clear winner.
  • USD/JPY will most likely continue its bearish behavior.
  • EUR/USD is looking strong for the upcoming week.

Commodities

  • A ‘once-in-a-lifetime’ deposit of gold has been found in Western Australia. So far, more than $10 million (15 million AUD) has been extracted from the mine in four days.
  • Crude oil rose on Monday morning as new drillings in the United States were stalled.

Cryptocurrencies

After a sharp drop on Thursday and then later again on Saturday, the cryptocurrency market is slowly rebounding to more stable grounds.

  • Bitcoin fell to just above $6,200 on Saturday but has started to climb back and is now trading at high $6,300.
  • Ethereum dropped below $200 during Saturday’s sell-off and has not recovered since. Although, ETH is up 4.33 percent in the past 24 hours.
  • XRP also experiences significant price drops over the weekend and is currently trading horizontal.

Among the past day’s top gainers we find ODEM at 13.50 percent gains, Dash at 13.03 percent gains, and Decentraland at 12.55 percent gains. The biggest losers are RChain, Nano, and Holo at between 2 and 4 percent drops.

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