Market Update & Important Indicators:
Technology stocks took another leg down on Friday, dragging major US stock indexes lower and putting the tech-heavy Nasdaq Composite on track for its worst week since early US-Spring; The sentiment shift occurred as the stock market’s momentum appeared to stall in the face of higher long-term bond yields; Norsk Hydro ASA said it’s ready to restart the world’s biggest alumina refinery at 50 percent capacity after getting approval from Brazilian authorities to use a new technology to treat waste; Palladium is regaining its appeal among money managers, who have boosted bets on a price rally for the longest stretch since August of last year; The People’s Bank of China lowered the required reserve ratio for some lenders by 1 percentage point, effective from Oct. 15, according to a statement on its website on Sunday. The cut will release a total of 1.2 trillion yuan ($175 billion), of which 450 billion is to be used to repay existing funding facilities. This is a continued step to a looser monetary policy stance; Global central banks are gradually withdrawing easy monetary policy a decade since they began racing to the rescue of a world economy skidding into recession. The Fed’s benchmark now the highest since 2008, with officials signalling another hike in December and more in 2019.
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