Market Update
US stocks surged back into positive territory, with the Nasdaq posting its biggest increase since March only a day after global equities were sent negative for the year. A raft of US earnings helped drive the market higher, international Paper jumped 10%, and Twitter rose 15%, while the USD rose with investors fleeing the Euro and the GBP; Sentiment has been tested of late, with global stocks set for their worst month in more than six years. Investors remain apprehensive as earnings results, while mostly stellar, come with warnings about the future impact of tariffs and rising costs; The Saudi’s yesterday came close to acknowledging that the murder of Jamal Khashoggi was premeditated as pressure mounted on the country to provide a credible explanation to the killing that shook markets over the week; Tech giants Amazon and Google’s parent, Alphabet both sank on earnings estimates which were well below par. Amazon and Alphabet delivered strong profit results but underwhelming sales results and expectations running into the busy 4th quarter; China is set to cut some of its oil trade with Iran after vowing for months to resist US sanctions on the exports.
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