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Economic Indicators Released Overnight
Slightly upbeat numbers overnight for China and Chicago and static German CPI. Completely ignored by markets that looked to crash initially and then rallied hard as shorts covered in front of Liberation Day.
It's the 1st of November so beware April fool jokes on X etc.
Although US equities closed broadly higher
US Equities at Close Last Night
Futures thus morning are negative again
US Equity Futures
A really clever move for China to orchestrate a regional response to tariffs. Look for EU / UK and others to simulate this. Trump only gets his way if everyone has to fight him individually. This could well be the most important geopolitical event this century as the US Empire fades and previously antagonistic countries forget their differences and pool their resources. Where does this leave Russia? Even better Canada.
China, Japan, South Korea will jointly respond to US tariffs, Chinese state media says [Reuters]
Traders Fear Global FX Market May Be Less Liquid Than It Appears [Bloomberg]
The short covering rally is not very convincing in BTC
BITCOIN / USD Daily
Amazing price action on Gold yesterday as traders took it lower only to find massive investor appetite. If we can break the second parallel channel then we'll be going parabolic. Trouble is that would end badly.
GOLD / USD Daily
Big rally but it's still a bear market and only breaking and confirming above the uptrend would negate. It's a long way to go.
NASDAQ Daily
Japanese yields fell in line with other bond markets as equities sold off, and markets start to price recession in the US at 35%.
Japan 10 Year Government Bond Yield Daily
Rollover in the Aussie. A general election in May, a struggling economy and only one rate cut so far. Inflation news keeps getting better so maybe today another rate cut. Look out below if that heads and shoulders breaks through the neckline.
AUD / USD Daily