BM Market Report 22/10 – 2018: Venmo, Chinese Rally, and Brexit

BM Market Report 22/10 – 2018: Venmo, Chinese Rally, and Brexit

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Markets and Indices

Last week ended with mixed results and Friday’s trading session followed the same patterns as we’d seen during the week.

  • The S&P 500 traded mostly sideways falling 1 point (0.036 percent).
  • The Nasdaq Composite fell 36.11 points (0.48 percent).
  • The Dow Jones Industrial Average fluctuated a lot during the day and finished Friday with gains of 64.89 points (0.26 percent).

Stocks

There is an investment conference planned in Saudi Arabia later this week. However, several high-profile people, including Treasury Secretary Steven Mnuchin, have decided to drop out after the controversial disappearance of journalist Jamal Khashoggi at the Saudi consulate in Istanbul.

  • Venmo continued to push up PayPal shares during Friday after PayPal CEO announce that Venmo is finally about to start making the company money.
  • The Chinese stock market rallied on Friday after a rough couple of days. On Monday, that rallied was extended and the market is now fully recovered from last week’s sell-off.

Forex

  • All eyes are on GBP/USD as we enter a new trading week with Brexit deadlines just around the corner.
  • In the meantime, EUR/USD is still falling but the chart is showing signs that an upwards breakout might be coming this week.

Commodities

Oil is rising as we’re getting closer to next month’s Iran sanctions.

Cryptocurrencies

We have had quite a calm weekend on the cryptocurrency market with some decent gains on Saturday and mostly horizontal trading on Sunday.

  • Bitcoin is down 0.08 percent since Sunday morning.
  • Ethereum is down 0.62 percent during the same time period.
  • XRP has lost 0.74 percent.

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