Market Update & Important Indicators:
US equity markets recover in light trading due the Columbus Day holidays, the Dow closed up 40 points after early declines of over 250 points. The VIX index rose to 15.69, up 35% in 3 sessions; The US Treasury markets were closed, ahead of $230bn of debt auctions this week; Gold dropped the most in 2 months on the strength of the USD, breaking down through $1,200 and touching lows of $1,185 before bouncing. Indian imports of gold rose in September ahead of the Diwali festival on November 7th; The Canadian equity and treasury markets were closed for Thanksgiving; The Chinese Yuan remained under pressure after yesterday`s move by the PBOC lowering the Reserve Ratio. Chinese equity markets were weak on Monday, after last week`s Golden Week holiday. The CSI -4.3%, taking loses Year to Date to 18.3% as the Trade wars with the US hurt sentiment; US reporting season begins on Friday with JP Morgan, Wells Fargo and Citigroup expected to report; LME metal week in London. Aluminium prices on the LME fell 3% on the Norsk Hydro restart.
Please read Argonaut's Important Disclaimers & disclosures
Log in to the client area below to download the full Morning Note PDF
