OVERALL BIAS: MIXED
1 Overall Market Bias
A genuinely two-sided tape. US equities opened firmly higher — the Dow was up +403 pts (+0.78%), the Nasdaq +0.63% and the S&P 500 +0.45% — and UK 10-year gilt yields are on track for their biggest one-day drop since May, a supportive signal for global duration and risk appetite. Working against that, crypto is clearly on the back foot after a fresh exchange hack and a brutal Coinbase downgrade, geopolitical risk around Iran and the Strait of Hormuz is reflaring, and macro prints (weak Canadian PMI, net sell-side opening imbalances) lean cautious a day ahead of the US midterms. Equities strength plus falling yields offset by crypto weakness and elevated geopolitical/macro risk nets out to MIXED.
More on X!!!
1 Overall Market Bias
A genuinely two-sided tape. US equities opened firmly higher — the Dow was up +403 pts (+0.78%), the Nasdaq +0.63% and the S&P 500 +0.45% — and UK 10-year gilt yields are on track for their biggest one-day drop since May, a supportive signal for global duration and risk appetite. Working against that, crypto is clearly on the back foot after a fresh exchange hack and a brutal Coinbase downgrade, geopolitical risk around Iran and the Strait of Hormuz is reflaring, and macro prints (weak Canadian PMI, net sell-side opening imbalances) lean cautious a day ahead of the US midterms. Equities strength plus falling yields offset by crypto weakness and elevated geopolitical/macro risk nets out to MIXED.
More on X!!!