European stock markets opened higher, with the FTSE 100 up about 0.4 per and Dax and Cac both up close to 1 per cent. Taiwan and South Korea notched fresh record highs overnight, while Tokyo was closed for a holiday.<\/p>\n
Wall Street closed higher despite a soft open \u2013 all three major indices posting record intra-day and closing highs. AI is the driver of course \u2013 this time Nvidia\u2019s plan to invest $100bn in OpenAI, the company behind ChatGPT. Nvidia rose almost 4 per cent, while fellow AI name Oracle jumped another 6 per cent, taking its gain this month to 45 per cent, after naming two new co-CEOs. Apple rallied 4 per cent on strong iPhone demand signs. Wedbush raised its price target to $310, while JPMorgan raised it to $280, both citing better-than-expected sales. Apple plans to boost production of the entry-level iPhone 17 model by 30 per cent following strong pre-orders.<\/p>\n
Some interesting divergence is opening up. Treasury Inflation-Protected Securities (Tips) yields and the dollar bottomed around 16 September and have bounced quite a bit since, with the 10-year Tips yield up over 10 bps and the dollar up about 1 per cent. This ought to be negative for gold and while it did sell off briefly in tandem, it\u2019s since rocketed past where it was to a fresh record high this morning with spot gold to $3,759. US treasury yields climbed again yesterday, with the benchmark two-year treasury yield this morning at a more than two-week high near 3.6 per cent and the 10-year yield also climbing to near 4.15 per cent this morning, though this is still below the low of the May-September range. Gold is rallying because of physical demand from central banks<\/a> but mainly because investors don\u2019t buy monetary policy decisions being made chiefly to lower debt interest payments by governments that spend way beyond their means.<\/p>\n Trump\u2019s new Federal Reserve governor, Stephen Miran, called for rates to be much lower. Surprise, surprise; he\u2019s the outlier. Chair Jercome Powell will give a more balanced view later today.<\/p>\n By Neil Wilson,\u00a0investor strategist at Saxo UK<\/p>\n","protected":false},"excerpt":{"rendered":"European stock markets opened higher, with the FTSE 100 up about 0.4 per and Dax and Cac both…\n","protected":false},"author":2,"featured_media":32879,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[114,5603,85,46,190,17520,22659],"class_list":["post-32878","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-economics","tag-il","tag-israel","tag-markets","tag-standard-article","tag-the-trader"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/32878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=32878"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/32878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/32879"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=32878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=32878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=32878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}