On October 7th, last Friday, the US announced that non-farm employment in September exceeded expectations by 254,000 people, and the unemployment rate unexpectedly dropped to 4.1%, confirming the expectation of a healthy soft landing for the economy and causing the market to withdraw its bet on a significant interest rate cut in November. It was observed that boosted by the expectation of a soft landing for the economy, the US stock market opened higher on Friday, with the S & P 500 up 0.90%, the weekly closing up 0.22%, the Nasdaq up 1.22%, the weekly cumulative increase of 0.1%, the Dow Jones Industrial Average up 0.81%, and the weekly slight increase of 0.09%. The Chinese concept index rose more than 3% and nearly 12% for the week.
The crypto market followed the rise of the US stock market, with Bitcoin returning to 63,000 US dollars. As of the time of publication, the decline narrowed to 1.03% in a week, while Ethereum reported 2,507, with a weekly decline of 4.18%. In terms of foreign exchange, safe-haven demand and positive economic data pushed the US dollar index up for five consecutive days this week, reaching a seven-week high. Non-US currencies fell generally, with the euro falling 1.8% against the US dollar and the pound falling 2% against the US dollar for the whole week. The stable employment has eliminated the expectation of a significant interest rate cut by the Federal Reserve in November, and the rebound of the US dollar and US bond yields has put pressure on the gold price. Spot gold fell 0.5% for the whole week and stopped rising for three consecutive weeks.
The market continues to worry about supply disruptions caused by escalating conflicts in the Middle East, with oil prices rising for five consecutive days and Brent oil rising more than 9% on average for the whole week.
This week's market focus is mainly on the release of the Federal Reserve meeting notes, the release of September US inflation data, and the financial reports of large banks, which will provide important economic clues for the market. In addition, attention should also be paid to the development of the Middle East situation.
