Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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Autumn is officially here and Q4 is just around the corner. The summer months have been undeniably kind to stock markets, particularly in the US and in Asia. Last Friday saw the Dow, S&P 500 and Nasdaq all close at record highs, with the latter in particular closing the week 2.2% in the black. The Nikkei 225 proved eager to preserve the momentum this morning in Japan, pumping over 1% before traders even had a chance to sit down for lunch. US futures markets fell slightly on Sunday night, but sentiment going into this week is largely neutral.
Although last week’s Fed decision had been heavily priced in, markets were still grateful for the reassurance. By all accounts, rate cuts are set to continue at a slow and steady pace, which suits most investors just fine. Future rate cuts play into the hands of precious metals, which continued to exhibit strong buying pressure last Friday. Gold gained over 1% on the day to close the week at $3,684 per ounce, but the real action is currently unfolding in the silver markets. The white metal gained a massive 3% on Friday to break through $43 per ounce and wasted no time this morning in pushing even higher. Silver is already half way to $44 and is inching ever closer to a record high of its own.
Unfortunately for crypto holders, the bullishness in precious metals is not spilling over into digital assets. Cryptocurrencies are currently undergoing massive liquidations across the board, with Bitcoin dipping below $112k as billions worth of positions are getting wiped out. An absolute bloodbath is unfolding in the broader altcoin market, with some projects boasting double-digit losses.
Nothing to speak of on the economic calendar today, although a number of FOMC members are set to deliver speeches throughout the day, including newly-appointed board governor Stephen Miran. Tuesday brings us more Fed talk, this time from Chairman Powell himself, as well as manufacturing and services PMIs from Australia, Europe, the US and then Japan late at night. The Swiss National Bank is expected to hold rates steady on the Swiss Franc at 0% on Thursday before US GDP data drops later in the day. Finally, Friday will see the release of the latest PCE Price Index – a key marker for US inflation – followed by Michigan Consumer Sentiment to close out the week.
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