Market News

FUNDAMENTAL OVERVIEW

Zcash has come under heavy selling pressure in recent days, but there hasn’t been a major negative Zcash-specific catalyst behind the move. In fact, there was a broader crypto market selloff as rising oil prices, Treasury yields and the US dollar have pressured risk assets.

In terms of Zcash-specific news, there were actually some further positive developments during the selloff. The Winklevoss Asset Services filed an S-1 on October 6 for a proposed spot Zcash ETF that would hold ZEC directly, with Winklevoss Capital indicating non-binding interest in purchasing up to $100 million of shares. The filing adds another potential institutional-demand…

If you've been following China's messaging on the yuan over the past few months, the latest remarks from the PBOC today should sound rather familiar.

The central bank is once again reiterating that Beijing has neither the need nor the intention to weaken its currency in order to gain a competitive advantage in international trade. And let's not beat around the bush here, there is a subtle dig at the US and Trump buried in that message.

In any case, the key takeaway here isn't so much what is being said but rather how consistently Beijing is choosing to reinforce said message.

PBOC governor, Pan Gongsheng, has been making the same point for much of this year. He already did so back in March, before repeating it again in early September. As…

BOE monetary policy committee member, Megan Greene, is continuing to sound the alarm over persistent inflation risks in the UK, with her latest remarks today offering little reason to think that she will be backing away from her more hawkish stance.

• I do think UK will see some second-round effects from current inflation cycle
• Early indications are that UK wages will grow around 3.5% next year, and that worries me

Her remarks aren't exactly all too surprising, considering her recent policy leaning. As a reminder, Greene was among the three policymakers at the central bank who voted for a 25 bps rate hike in September. She argued that waiting for clearer evidence of persistent inflation could leave the central bank having to play catch-up down…

FUNDAMENTAL OVERVIEW

Crude oil is surging again as the risk of renewed US military action against Iran increases. Reports that the White House has asked the Pentagon to develop options for strikes against Iranian targets, potentially before the US midterm elections, have raised concerns that the recent period of relative de-escalation could be coming to an end.

The Pentagon has also reportedly instructed US Central Command (CENTCOM) to complete preparations for potentially resuming major combat operations. While no final decision has been made, the possibility of strikes on Iranian infrastructure, combined with the risk of retaliation against US or Gulf…

Ah, remember the days when borrowing money was almost ridiculously cheap? That did not seem too long ago but I think we can safely say that those days are looking rather distant now.

Judging by how bond yields have continued to surge to fresh highs in decades, it seems that one thing is rather clear. If you want investors to part with their money, then you're simply just going to have to pay up. And that is probably not something that governments want to hear right now.

But at the same time, I reckon we're all getting a rather uncomfortable reminder that money actually has a price. Now, what exactly does that mean?

Well, just imagine you want to borrow $100,000 to start a business. If the interest rate is at 2%, you're paying $2,000 annually…

With bond yields continuing to spiral higher across the globe, you would think that central banks might have a trick or two up their sleeves to put an end to all this. I mean, if higher borrowing costs are such a headache for governments, then why not just fire up the money printers, buy up all that debt and bring yields back down?

That all sounds simple enough in theory, but if only things were that easy in practice.

After all, it wasn't that long ago that we have seen central banks do something similar before. During the Covid pandemic, they purchased massive amounts of government bonds to support financial markets and keep borrowing costs artificially low. So, what exactly is stopping them from doing that again?

Well, this is where things…

• More hikes needed but flexible about the pace
• Further hikes do not need to come at consecutive meetings
• Inflation too high, with AI buildout, ongoing energy shock among a range of persistent inflationary forces
• There is evidence that economy is strengthening in the second half of 2026
• Concerned high inflation, now approaching 5-1/2 years above target, will put inflation expectations at risk
• Labor market was "solid and stable" in September even though number of jobs created was down
• Anticipates additional hikes if data come in as expected
• Fed communications can avoid the promises of forward guidance, but still improve outcomes with 'signaling' to markets about possible policy choices

Federal Reserve Governor Christopher Waller said that additional…

FUNDAMENTAL OVERVIEW

Ethereum came under heavy selling pressure yesterday, falling around 5–6%. The move wasn’t triggered by a major Ethereum-specific negative development. Instead, the selloff was driven by a combination of deteriorating ETF flows amid a broader risk-off environment.

US spot Ethereum ETFs recorded another significant day of outflows, extending the withdrawal streak to seven sessions, while heavy long positioning amplified the downside through liquidations.

The macro backdrop has also become challenging for the crypto market. Rising oil prices amid renewed US-Iran escalation risks are pushing Treasury yields higher and keeping rate hike…

S&P 500 futures outlook: Short-term weakness grows, but the broader bull market holds

S&P 500 technical analysis | October 8, 2026 | Morning European session, see my S&P 500 futures analysis video below

S&P 500 futures have weakened after reaching fresh highs near 7,900, with sellers gaining control of the shorter-term price action. However, the larger bullish trend remains intact. For traders, the immediate test is around 7,815-7,820. For longer-term investors, the more important question is whether this becomes a normal correction or develops into a broader change in market direction.

The distinction matters because a falling market does not necessarily mean the same thing to everyone. A trader looking for opportunities over the next few…

FUNDAMENTAL OVERVIEW

Gold briefly spiked below the 4,110 support yesterday, although there was no clear catalyst behind the move. It may have simply been a case of stops being triggered after the price pierced the support level. Nevertheless, the losses were quickly erased, and gold is now trading back above 4,110.

The bias remains neutral to bearish given the lack of any meaningful improvement in the fundamental picture. Gold could come under renewed pressure in the coming days as oil prices have been steadily rising following reports from The Atlantic that the White House asked the Pentagon to develop military options for strikes against Iranian targets, potentially before…

European stocks are kick starting the day with sharp losses across the board, as the market selloff continues to gather pace amid mounting pressure from the bond market mostly. The opening changes are as follows:

• Eurostoxx -1.3%
• Germany DAX -1.0%
• France CAC 40 -0.9%
• UK FTSE -0.8%
• Spain IBEX -1.0%
• Italy FTSE MIB -1.4%

There isn't much to cheer about when looking at the above changes, with Italy leading the declines and all major indices falling by at least 0.8%. The broader risk mood remains relatively fragile as investors continue to grapple with the fallout from the global bond market selloff.

10-year Treasury yields continue to hover near multi-decade highs, holding around 5.32% today, while European borrowing costs are also facing upward…