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Week in Review: 21-25 October 2024

Financial Markets

For the week, the main stock market indices were mixed, with the S&P500 losing 1% and the NASDAQ 100 up by 0.1%. The small cap index (Russel 2000) fell 3.1%, giving up the previous week's gains.

The precious metals remained strong but are about to stall. Gold gained 0.9% while silver ended the week unchanged. Recently silver broke out of the 32$ level and now needs to defend this level.

WTI jumped off the 68$ level, and gained 4.1% this week -it now sits at ~71.6$/bbl.

Bitcoin fell 2.7% and is in the upper range of the channel it has been trading in since March 2024. In our opinion, bitcoin it is not looking particularly bearish nor bullish. It can go up to 74k or down to 60k in the near future.

The relative strength of the US dollar (DXY) was again up slightly and into the 104 level. The EUR/USD is around 1.08$, while the USD/JPY is at 152 JPY.

US M2 money supply at the date of 30th September 2024 was up by 0.38%.

The national financial conditions index (NFCI) for the week of 14th October 2024 loosened by 0.81% and doesn't translate signs of financial stress in the markets.

US bond yields went up this week, sitting at 4.107% for the 2-year and 4.242% for the 10-year.

The VIX went up slightly to the 20 level. The perception of risk is moderate.


Comment Section

Again, this week had no noteworthy developments, except for the political rallies in the US and some more bombings in the middle east.
 
Next week is the last before the US election week. We expect low volumes in the markets and no particular developments except for some earnings which can give us updated information about current profits and the status of the economy.

Take care, and good luck.


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