Macro update
Japan bond auction steadies global rates:
A strong sale of 10-year JGBs helped ease pressure across global government bond markets after recent hawkish signals from the Bank of Japan (BoJ) pushed yields to their highest level in 17 years.
BOJ tightening concerns persist:
Governor Ueda’s indication that a December rate hike is on the table has stoked worries that Japanese investors may retain more capital domestically, potentially reducing demand for overseas debt.
Crypto rout hits related stocks:
Bitcoin steadied around $87,000.00 in Asian trading after a steep decline, but the broader crypto market has lost nearly $1.4 trillion since its October peak
US equities weaken as yields rise:
Wall Street closed lower as Treasury yields climbed and ISM data pointed to a deeper manufacturing contraction, with crypto-linked stocks among the worst performers.
Eurozone inflation in focus:
Flash consumer price index (CPI) is expected to show persistent price pressures, though with markets assuming the European Central Bank (ECB) will remain on hold through 2026, the data may have limited impact on rate expectations.
Nasdaq 100 remains bid
The Nasdaq 100 remains bid on Fed rate cut hopes and would eye the 25,650 region on a rise above Monday’s 25,443 high.
Minor support is seen along the 55-day simple moving average (SMA) at 24,971.
Further support may be found between the 22 October to 7 November lows at 24,652-to-24,604.
Nasdaq 100 daily candlestick chart