Microsoft is the most valuable company again

Tough times don’t last. Tough people do. – Robert H. Schuller

 

 

HEADLINES

 

 

• Dollar climbs as inflation builds case for higher rates
• Fed: Set to hike rates in July 2022 amid looming inflation risks – Goldman Sachs
• ‘Loveless’ Gold Can’t Sit at $1,800 as Fed, U.S. Jobs Numbers Loom
• Oil prices rebound, edge up ahead of next week's OPEC meeting
• Asian Stocks Look Set to Advance
• Move over Apple, Microsoft now the world's most valuable company

 

 

FOREX

 

 

Dollar climbs as inflation builds case for higher rates

 

The dollar index continued to rebound from prior-day losses on Friday after U.S. government bond yields rose on news that the Federal Reserve’s preferred inflation measure showed prices continuing to rise faster than its 2% target. The euro, which has a heavy weighting in the dollar index, plunged 1.05% against the greenback - the most since at least June.

 

Fed: Set to hike rates in July 2022 amid looming inflation risks – Goldman Sachs

 

“The Fed will raise its benchmark from a range of zero to 0.25% soon after it stops tapering its massive asset-purchase program.”

“A second increase will follow in November 2022 and the central bank will then raise rates two times a year after that.”

The main reason for their new forecast was they now expect inflation to prove more stubborn than they previously thought.

“Expect consumer price inflation outside of food and energy costs to still be above 4% when the taper ends.”

 

 

COMMODITIES

 

 

‘Loveless’ Gold Can’t Sit at $1,800 as Fed, U.S. Jobs Numbers Loom

 

Another week and another failed attempt to advance beyond $1,800. Gold’s fate of being stuck — for now at least — in $1,700 territory seems real as the Federal Reserve heads for its monthly meeting on Tuesday and Wednesday, where the noise of U.S. stimulus tapering is likely to get louder. If that isn't enough, the U.S. jobs report for September is due next Friday.

 

Oil prices rebound, edge up ahead of next week's OPEC meeting

 

.S. crude prices settled higher on Friday, turning positive after an early decline, supported by expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, would maintain production cuts. However, Brent and U.S. crude oil benchmarks both declined on the week after reaching multi-year highs on Monday.

 

 

STOCKS

 

 

Asian Stocks Look Set to Advance

 

Asian stocks were poised to climb Monday as traders digested the outcome of Japan’s election and a rise in U.S. shares to a fresh all-time high. Equity futures advanced about 1% for Japan, where Prime Minister Fumio Kishida’s Liberal Democratic Party preserved its outright majority, avoiding worst-case scenarios suggested by opinion polls. The S&P 500 and Nasdaq 100 indexes rallied to records on Friday, weathering disappointing results from some large technology companies on wider optimism about corporate earnings in the reopening from the pandemic.

 

Move over Apple, Microsoft now the world's most valuable company

 

Apple Inc (AAPL.O) lost its crown as the world's most valuable public company to Microsoft Corp (MSFT.O) on Friday, as the iPhone maker's shares fell about 2%. Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems, leading to a miss on Wall Street expectations. Top boss Tim Cook said the impact will be even worse in the current holiday sales quarter.

By contrast, shares of Windows software maker Microsoft rose 2.2% to a record high of $331.62, ending the session with a market capitalization of $2.49 trillion.

 

 

CHART

 

 

British pound / US dollar – Daily Candlesticks

Source: GKFX Prime Metatrader 4

GBP/USD just made a large bearish engulfing candlestick on the daily chart, carrying it under support. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

 

SOURCE

 

 

 

https://www.fxstreet.com/economic-calendar
https://www.investing.com/news/commodities-news/oil-prices-set-for-first-weekly-drop-since-august-as-supply-concerns-ease-2660215
https://www.investing.com/news/commodities-news/loveless-gold-cant-sit-at-1800-as-fed-us-jobs-numbers-loom-2661187
https://finance.yahoo.com/news/asian-stocks-look-set-advance-213423894.html
https://www.cnbc.com/2021/10/29/forex-markets-dollar-euro.html
https://www.fxstreet.com/news/fed-set-to-hike-rates-in-july-2022-amid-looming-inflation-risks-goldman-sachs-202110301009