BM Market Report 10/10 – 2018: Walmart, Nio and American Crude Oil

BM Market Report 10/10 – 2018: Walmart, Nio and American Crude Oil

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Market and Index

  • The S&P 500 dropped 4.09 points (0.14 percent) before closing on Tuesday.
  • The Nasdaq Composite increased by 2.07 points (0.027 percent) before closing.
  • The Dow Jones Industrial Average dropped 56.21 points (0.21 percent) before the bell.

Stocks

  • Walmart has been upgraded to a buy status by Deutsche Bank thanks to its growing online grocery business.
  • The European stock market is predicted to open lower on Wednesday due to political and budgetary uncertainties in Italy.
  • China’s leading electric car manufacturer is called Nio and the company share just jumped 9 percent after a major Tesla shareholder took a stake in the company.

Forex

Early Wednesday, USD/IDR and USD/MYR rose and created pressure on the USD/SGD.

Commodities

  • China stopped importing American crude oil despite the fact that crude was not included in the official tariffs. According to recent data, China completely stopped importing US crude during the month of August. Sources claim that import has started again, although no exact numbers are available at this moment.
  • Gold inched higher once again during Tuesday trading amid fears of negative effects from the trade war.

Cryptocurrencies

Yet another uneventful day in terms of price development has passed on the cryptocurrency market. However, most of the market is currently trading in the red.

  • Bitcoin is down 0.78 percent compared to Tuesday morning.
  • Ethereum has fallen 1.71 percent in the past 24 hours.
  • XRP is down 2.84 percent since yesterday.

The gap between XRP’s and Ethereum’s market cap is increasing and we should not expect to see XRP reclaim the spot as the second largest cryptocurrency again in a while.

The biggest gainers since Tuesday are quite unknown, namely Noah Coin, Digitex Futures, and Eternal Token.

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