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OPEC lowers its forecast for global oil demand growth in 2024 for the third time; Fed's Kashkari sees more moderate rate cuts likely; the UK sees strong economic recovery, with the services sector growing a lot...
United States presidential candidate Kamala Harris is friendlier toward cryptocurrency than her boss, President Joe Biden, but not nearly as pro-industry as rival Donald Trump, Galaxy Research said on Oct. 14.
Harris promises to meaningfully improve the regulatory environment for US crypto firms, but she holds unfavorable positions on other relevant issues, such as taxes, Bitcoin mining and self-custody, according to a post by Alex Thorn, Galaxy’s research head, on the X platform.
“While trump is undoubtedly more favorable for the industry, we’re optimistic that harris could be more supportive than biden has been,” Thorn said.
The November US presidential election pits Republican nominee Trump — who has said he wants to make America “the crypto capital of the world” — against Democrat Harris, who has been comparatively quiet on the industry.
Under Biden, a Democrat, the US Securities and Exchange Commission has taken an aggressive regulatory stance on crypto, bringing upward of 100 regulatory actions against industry firms.
In July, Trump promised to “fire” Gary Gensler, who currently heads the SEC.
Starting in September, Harris has upped her crypto game, listing blockchain technology among several emerging technologies where she wants the US to “remain dominant.”
That might translate into a softer crypto regulatory stance. Galaxy said “behind the scenes conversations […] suggest Harris is targeting a slightly more constructive approach” than Biden.
On Oct. 2, the SEC’s head of enforcement, Gurbir Grewal, stepped down, possibly signaling a pivot from within the current administration.
According to Galaxy, Harris remains “extremely hostile” to the industry on taxes. Her plans include “rolling back Trump’s tax cuts,” likely resulting in higher capital gains taxes for crypto holders, Galaxy said.
Meanwhile, Trump has expressed support for Bitcoin mining, which he conflates with manufacturing. Trump wants more Bitcoin to be “made in America,” according to the report.
Trump has also pledged to “protect the right of self-custody,” meaning holding crypto assets in an owner-managed wallet instead of with a third-party custodian, Galaxy said.
Harris has not taken similarly favorable positions on Bitcoin mining or self-custody.
Notably, both candidates remain hawkish on imposing financial sanctions against foreign adversaries on crypto transactions, Galaxy said.
That likely limits both candidates’ support for “permissionless” decentralized finance protocols that flout Know Your Customer or Anti-Money Laundering rules.
Singapore continues to draw strong investments despite global corporate shifts, with the Singapore Economic Development Board (EDB) securing $5.4 billion in fixed asset investment (FAI) commitments in the first half of 2024.
This keeps the EDB on track to meet its medium-to-long-term investment commitment goal of $8 billion to $10 billion in FAI this year, Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong said on Oct 14.
In 2023, the EDB attracted $12.7 billion in FAI commitments, following a record $22.5 billion in 2022, driven by a surge in semiconductor investments.
Mr Gan was responding to Member of Parliament Yip Hon Weng, who asked about multinational companies relocating, downsizing, or retrenching workers in Singapore, as well as the key factors driving these decisions and concerns over the local workforce’s competitive edge.
Tech giants Dyson, Samsung Electronics, Amazon and Google are among companies that have laid off employees in Singapore this year.
In his written response, Mr Gan said: “Singapore remains an attractive location for investments.”
He noted that firms, including large multinationals, may reduce or exit their operations in Singapore due to market shifts or changes in global strategies, he said.
“In such situations, the government works closely with the companies and unions to assist the retrenched workers with skills upgrading and job matching,” he noted.
In May, cloud service provider Amazon Web Services (AWS) and pharmaceuticals giant AstraZeneca announced major investment commitments to the Republic.
AWS committed $12 billion for cloud and AI infrastructure over the next four years, while AstraZeneca will build a $2 billion facility for antibody drug conjugates.
“These investments will translate into good jobs for Singaporeans,” said Mr Gan, reiterating that some 60 per cent of locals earning over $12,500 a month work for foreign-owned firms.
Stocks hit fresh all-time highs as investors looked ahead to Corporate America for further vindication of soft-landing bets.
Without much in the way of economic data this week, earnings reports are poised to drive Wall Street sentiment. The S&P 500 rose almost 1%, notching another record — its 46th this year. That’s a hint investors are not deterred by the reduced forecasts for third-quarter results, and are instead betting this reporting season will once again deliver positive surprises.
Strategists are predicting S&P 500 firms will post their weakest results in the past four quarters, with just a 4.3% increase compared with a year ago, Bloomberg Intelligence data show. Meantime, corporate guidance implies a jump of about 16%. That solid outlook suggests companies could easily beat market expectations.
“Wall Street has underestimated Corporate America lately,” said Callie Cox at Ritholtz Wealth Management. “This environment is tough to get a read on, and I don’t blame anybody who’s approaching this rally with a bit of skepticism. We still think the biggest – and most expensive – risk here is to miss a rebound and an eventual rally higher.”
The S&P 500 hovered near 5,860 amid thin trading volume. The Nasdaq 100 added 0.8%. The Dow Jones Industrial Average climbed 0.5%. Nvidia Corp. led gains in megacaps, Apple Inc. gained on a bullish analyst call and Tesla Inc. rebounded after last week’s plunge. Goldman Sachs Group Inc. and Citigroup Inc. advanced ahead of results.
Treasury futures were marginally lower while cash trading was closed for a US holiday. The dollar edged up. Bitcoin jumped 5%. Oil declined after China’s highly anticipated Finance Ministry briefing on Saturday lacked specific new incentives to boost consumption in the world’s biggest crude importer.
Earnings season unofficially kicked off on Friday, led by financial bellwethers JPMorgan Chase & Co. and Wells Fargo & Co. On top of other big banks reporting this week, traders will be paying close attention to results from key companies like Netflix Inc. and JB Hunt Transport Services Inc.
An initial round of third-quarter financial results last week showed Corporate America is benefitting from lower rates early into the Federal Reserve’s easing cycle, according to Bank of America Corp. strategists.
Easing rates pressure was seen in a surge in debt underwriting, mortgage applications and refinancing activity, as well as signs of a bottom in manufacturing, the BofA team including Ohsung Kwon and Savita Subramanian said.
To Solita Marcelli at UBS Global Wealth Management, third-quarter results should confirm that large-cap corporate profit growth is solid against a resilient macro backdrop.
“We maintain our positive outlook for US equities, supported by healthy economic and profit growth, the Fed’s easing cycle, and AI’s growth story,” she said. “While valuations are high, we think they are reasonable against the favorable backdrop.”
Marcelli reiterated her S&P 500 price target of 6,200 by June 2025, and continues to like “AI beneficiaries and quality stocks.”
An improving trend in US macro data should continue to offer support for stocks tied to economic momentum, according to Morgan Stanley strategist Mike Wilson.
“Further stabilization in the economic surprise index should support quality cyclicals even if it comes amid higher yields,” Wilson and his team wrote in a note.
Better US data and supportive policy have helped lower downside risks near-term, according to Goldman Sachs Group Inc. strategists led by Christian Mueller-Glissmann. They shifted to overweight equities and underweight credit for the next three months.
The strategists noted equities can deliver attractive returns driven by earnings growth and valuation expansion in late-cycle backdrops, while credit total returns are usually constrained by tight credit spreads and rising yields.
While they think the risk of a bear market remains relatively low, the analysts see potential for volatility due to geopolitical shocks, US elections, and less favorable growth/inflation mix.
“Last week, the S&P 500 index surpassed our year-end price objective of 5,800,” said Craig Johnson at Piper Sandler. “We are leaving it unchanged for now but realize some ‘fine-tuning’ is needed as we expect equities to continue trending higher after the US presidential election.”
Despite the above-average gain in the first two years of this bull market, history says that investors need to be prepared for a possible setback in the coming 12 months, according to Sam Stovall at CFRA.
The average return following the 11 bull markets that celebrated their second anniversary was 2% (5.2% excluding those that became bear markets before the third year was out, Stovall noted. What’s more, all experienced a decline of 5%, while five endured selloffs in excess of 10% but less than 20%, and three succumbed to new bear markets. Despite this unsettling intra-year volatility, three bulls posted double-digit gains.
While bull markets that have made it this long have tended to go on a lot longer before they finally experience a 20% drop, that doesn’t mean there haven’t been hiccups along the way, according to Bespoke Investment Group.
Overall, the S&P has seen weaker-than-average returns in year three of bull markets, the firm said. The index has averaged a gain of just 3.7% in the 12 months following day 503 of past bull markets — with positive returns just 55% of the time. That compares to an average gain of 9.26% across all rolling 12-month periods for the market.
“What we’d note, however, is that of the 11 bull markets shown, only two of them came to an end at some point during the 12-month window following day 503, so this period between years two and three of long-lasting bulls has been more of a consolidation phase rather than an endpoint,” Bespoke concluded.
It’s a golden age for gold which has been exhibiting an unprecedented performance so far this year, adding another 14% to its value in the third quarter despite global central bank reserves stabilizing, to trade up by 42% year-on-year. That’s even higher than the 32% annual return in the S&P 500.
The final quarter of the year is already underway, and it could be volatile as investors are still missing answers on a couple of topics.
The rate cut story might be a key catalyst for the gold rally. It only took an upbeat jobs report to cast doubt on future rate cut expectations. Investors completely gave up hope for additional 50bps reductions after employment growth rose to a six-month high, the unemployment rate dropped to 4.1% and wage growth accelerated. In addition, they even started to doubt the need for further reductions at the next meeting. Treasury yields surged above 4.0%, a level not seen since July, while gold pulled back only moderately due to the simultaneous escalation of rocket attacks between Israel and Iran.
The services side of the US economy behaves like interest rates are still accommodative. Nevertheless, it is worth mentioning that the unemployment rate is a lagging indicator that confirms changes rather than predicting them. Hence, the improvement in the jobs data should not be taken in earnest. Besides, Thursday’s negative reaction to the latest weekly jobless claims suggested that investors are not convinced that the labor market is on full steam.
All in all, there are still some signs of economic softness which cannot be ignored, including the rising delinquency rates in credit cards and mortgage loans, the contracting ISM manufacturing PMI numbers, and the inverted curve between 3-month and 10-year bond yields, which is not always a reliable indicator but it’s been typically inverted between six months and two years before a recession started. Note that the inversion has been holding for more than a year so far.
Should inflation resume its downtrend, and the labor market starts to show cracks, prompting more rate reductions in the coming months, gold could receive fresh buying interest. Otherwise, a rebound in inflation accompanied by a resilient labor market may delay further rate cuts.
The US federal election will be the next hot topic in global markets. Note that the scenario of a second Trump term is not fully priced in yet, with polls showing a marginal advantage of 2-3% for Kamala Harris, which could be easily reversed.
Trump’s presidency could prove inflationary if republicans deliver their promised huge corporate tax reductions through Congress. As global competition for AI heats up, a restrictive stance against China could harm Wall Street, leading traders to seek safety in assets like gold. In this case, bitcoin might restore its connection with the precious metal given Trump’s support to the crypto market.
On the other hand, Harris has little experience with foreign affairs and comes from the pro-trade region of California, creating speculation that she may prevent US-China relations from blowing up. It’s evident that she desires the US to have the leading role in the 21st century and could potentially join the tough-on-China campaign, albeit with a more balanced Biden-like strategy, which may have minimal impact on precious metals.
The geopolitical noise in the Middle East could remain a hot topic in Q4. Israel has provided little information about its retaliation against Iran’s latest massive missile attack, saying that the response “will be lethal, precise and surprising”.
It seems that Hezbollah is in favor of a ceasefire agreement without making it contingent on ending the war in Gaza, but Netanyahu’s unwavering use of force gives little assurance that a deal will be reached soon. Therefore, as long as the tit-for-tat violence continues, things could still go worse even though an attack against Iran’s oil facilities has been put on the sidelines for now and perhaps until the next US president is elected.
From a technical perspective, gold’s upward trajectory seems to be well following a bullish 1-5 Elliot wave pattern. The latest pullback in the price could be the wave 4. If the price slips below the $2,600 region, the decline could expand towards the crucial support area of $2,530-$2,550 before the final wave 5 starts.
Alternatively, a bounce back above the 20-day simple moving average (SMA) and the $2,635 area could initially see a test near $2,652. Even higher, the price might print a new record high around $2,700. Then, the door could open for the $2,800-$2,843 area.
Asian shares are poised to follow the lead of another strong performance on Wall Street, with stocks hitting fresh all-time highs. Oil dropped as concerns eased about Israel attacking Iranian energy facilities.
Futures show Tokyo stocks rising more that 1% after resuming trading from a holiday on Monday, while smaller gains are expected in Sydney and Hong Kong. With earnings reports poised to drive US sentiment this week, the S&P 500 rose almost 1%, notching another record — its 46th this year. That’s a hint investors are not deterred by the reduced forecasts for third-quarter results and are instead betting on positive surprises.
Oil dropped almost 3% in early trading Tuesday, after the Washington Post reported that Israel doesn’t plan on striking Iranian oil or nuclear facilities. That extended losses from Monday after China’s highly anticipated Finance Ministry weekend briefing lacked specific new incentives to boost consumption in the world’s biggest crude importer.
The S&P 500 hovered near 5,860 on Monday amid thin trading volume. The Nasdaq 100 added 0.8%. The Dow Jones Industrial Average climbed 0.5%. Nvidia Corp. led gains in megacaps, Apple Inc. gained on a bullish analyst call and Tesla Inc. rebounded after last week’s plunge. Goldman Sachs Group Inc. and Citigroup Inc. advanced ahead of results.
Treasury futures were marginally lower while cash trading was closed for a US holiday. The dollar edged up. Bitcoin jumped 5%.
Strategists are predicting S&P 500 firms will post their weakest results in the past four quarters, with just a 4.3% increase compared with a year ago, Bloomberg Intelligence data show. Meantime, corporate guidance implies a jump of about 16%. That solid outlook suggests companies could easily beat market expectations.
“Wall Street has underestimated Corporate America lately,” said Callie Cox at Ritholtz Wealth Management. “This environment is tough to get a read on, and I don’t blame anybody who’s approaching this rally with a bit of skepticism. We still think the biggest – and most expensive – risk here is to miss a rebound and an eventual rally higher.”
Chinese stocks overcame a bout of early volatility to post their biggest gain in a week on Monday, suggesting that investors are hopeful the government will deliver on its promise of more fiscal support.
Still, there’s more signs of economic weakness as a report Monday showed export growth in September unexpectedly climbed just 2.4% in dollar terms from a year earlier to the lowest level since May. A gauge of US-listed Chinese shares fell more than 2% overnight.
Meanwhile, in a show of hot demand for Japan’s biggest listing in six years, Tokyo Metro Co.’s initial public offering has raised ¥348.6 billion (US$2.3 billion or RM9.9 billion) after the company priced shares at the top of the marketed range, people familiar with the matter said.
In the US, earnings season unofficially kicked off on Friday, led by financial bellwethers JPMorgan Chase & Co. and Wells Fargo & Co. On top of other big banks reporting this week, traders will be paying close attention to results from key companies like Netflix Inc. and JB Hunt Transport Services Inc.
An initial round of third-quarter financial results last week showed Corporate America is benefitting from lower rates early into the Federal Reserve’s easing cycle, according to Bank of America Corp. strategists.
Easing rates pressure was seen in a surge in debt underwriting, mortgage applications and refinancing activity, as well as signs of a bottom in manufacturing, the BofA team including Ohsung Kwon and Savita Subramanian said.
To Solita Marcelli at UBS Global Wealth Management, third-quarter results should confirm that large-cap corporate profit growth is solid against a resilient macro backdrop.
“We maintain our positive outlook for US equities, supported by healthy economic and profit growth, the Fed’s easing cycle, and AI’s growth story,” she said. “While valuations are high, we think they are reasonable against the favorable backdrop.”
Marcelli reiterated her S&P 500 price target of 6,200 by June 2025, and continues to like “AI beneficiaries and quality stocks.”
The Japanese Yen (JPY) edges higher against its American counterpart during the Asian session on Tuesday and reverses a part of the previous day's losses to the 150.00 psychological mark, or the lowest level since early August. Any meaningful upside for the JPY, however, still seems elusive in the wake of the uncertainty over the Bank of Japan's (BoJ) rate-hike plans. Apart from this, the prevalent risk-on environment might contribute to capping the safe-haven JPY.
Meanwhile, traders no longer expect another outsized interest rate cut by the Federal Reserve (Fed) in November, which had been a key factor behind the recent upswing in the US Treasury bond yields. This, in turn, keeps the US Dollar (USD) well supported near a two-month peak and could further undermine the low-yielding JPY. Hence, any subsequent slide in the USD/JPY pair might be seen as a buying opportunity and is more likely to remain limited.
Japanese Prime Minister Shigeru Ishiba's recent comments successfully pushed back market expectations for any further interest rate increases by the Bank of Japan (BoJ) in the near term.
US equity indices carried forward the upward momentum on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting new record highs amid hopes for solid earnings.
The US Dollar built on its recent gains registered over the past two weeks or so and shot to its highest level since August 8 amid bets for smaller interest rate cuts by the Federal Reserve.
Minneapolis Fed President Neel Kashkari said on Monday that the recent jobs data shows labor market isn't weakening and the path of policy to be driven by data, the economy's performance.
Separately, Fed Governor Christopher Waller noted the US central bank should proceed with more caution on interest rate cuts than was needed at the September policy meeting.
According to the CME Group's FedWatch Tool, traders are pricing in a greater chance of a regular 25 basis points rate reduction in November and over a 15% probability of a no-cut.
A quick increase in 10-year US government bond yields over the last few weeks to levels beyond the 4% threshold favors the USD bulls and should cap the low-yielding Japanese Yen.
Traders now look to the release of the Empire State Manufacturing Index for some impetus later during the North American session ahead of speeches by influential FOMC members.
From a technical perspective, any further slide is more likely to attract dip-buying near the 149.00 mark. This might help limit the downside for the USD/JPY pair near the 148.55-148.50 region. The latter is likely to act as a key pivotal point, which if broken might prompt aggressive selling and drag spot prices below the 148.00 round figure, towards last week's swing low, around the 147.35-147.30 area.
On the flip side, sustained strength and acceptance above the 150.00 psychological mark will be seen as a fresh trigger for bullish traders. Given that oscillators on the daily chart are holding in positive territory and are still away from being in the overbought zone, the USD/JPY pair might then aim to challenge the August monthly swing high, around the 150.85-150.90 region. Some follow-through buying beyond the 151.00 round figure will suggest that spot prices have bottomed out and pave the way for a further near-term appreciating move.
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