� The US rally falters as Powell pushed back slightly on certainty of a December cut.
� Markets hardly moved after initial news of the cut and end of QT in Dec but market soldoff post Powell press conference with obvious rate trades lagging.
� Earnings a bit more mixed on the day but overall, generally better.
� The poor breadth stood out again.
� Energy, tech, Comm Services outperformed, while Real Estate, Staples and Financials lagged.
� AsiaPac is mixed, albeit in more muted moves.
� Heavyweight earnings mixed but did field pressure in post trade.
� Alphabet the star. OpenAi IPO now set.
� Tech remained in focus after Samsung beat.
� Markets are bit upended by Powell�s warning around the Dec cut.
� Trump and Xi get going on talks�and it all seems cordial.
� BoJ held rates as exp.
� The greenback has gained some around vs majors and EMFX � ZAR c17.15.
� Yields moved higher and are holding those levels this morning: US2y 3.58/US10y 4.06.
� Aussie 10y yield extended gains after the sell-off overnight.
� Looking at commodities, eyes will be on the precious metals with pall and gold taking the lead.
� Futures are currently a touch lower but expect the ongoing momentum in the precious metal miners to cap any move lower.
� We do exp the select buying in SA Inc to be ongoing.
� The rand is trading at R17.17/$, after closing stronger yesterday (R17.09/$*).
Key events and data:
|
|
|
� 11h30: SA PPI (September)
� 12h00: Eurozone consumer confidence (October � final), economic confidence (October), GDP (Q3:25), unemployment rate (September)
� 14h00: SA monthly budget balance (September)
� 15h15: Eurozone ECB interest rate decision � no change expected
|