Market News

Headlines:

• US futures look to rebound after tech rout but the real test is still ahead
• European stock market open: French unrest weighs on stocks to start the new week
• Gold eyes another run at $4,200 but the bond market still holds the key
• Gold remains supported as real yields fall amid growth concerns. What to watch next?
• Bitcoin rebounds from a key support as risk sentiment improves on falling oil prices, but will it last?

Markets:

• AUD leads, EUR lags on the day
• WTI crude oil down 0.4% to $98.64
• Gold up 0.2% to $4,172
• European stocks down; S&P 500 futures +0.5%
• Bitcoin up 1.5% to $82,124

It's a rather contrasting session to start the new week in Europe today.

The mood music for European stocks is rather dour and that is quite different from the tune…

Zcash rebounded from recent lows as risk sentiment improved slightly following the fall in oil prices after Trump waived several Russian sanctions over the weekend. However, ZEC remains vulnerable to deteriorating macro conditions, with persistently elevated energy prices and recent growth concerns continuing to weigh on the crypto market.

The upcoming NU7 network upgrade is approaching a key milestone, with developers expected to make a final decision on mainnet activation tomorrow. The upgrade targets November 5 and would drastically reduce block times, alongside changes to the network's sustainability mechanism. A confirmation of the November 5 rollout could be…

When most people look at designer bags, what do you think is the first thought that comes to mind? I'd wager it would be along the lines of "nice, but absolutely not at that price". And that very moment of hesitation could actually tell us more about the economy than you might think.

Now, a luxury bag isn't like groceries or petrol. It is a want, not a need. But when people start thinking twice about those purchases, it is worth thinking about the bigger picture and whether consumer confidence is taking a hit.

According to Citi's credit card data released earlier this month, luxury spending fell 6% year-on-year in September. And that follows from the declines of 4% in both July and August before that. The data shows three consecutive months…

USD:

The US dollar has recently come under some pressure as Treasury yields dropped significantly following the higher than expected US inflation data last week.

The reaction might seem illogical as higher inflation should lead to higher interest rates, but the market might be starting to worry about growth.

If economic activity deteriorates, the Fed might be forced to keep a hawkish bias due to persistent inflationary pressures. This could put further pressure on economic growth and eventually require rate cuts.

In fact, further out the curve, we saw a slightly dovish repricing in interest rates expectations as the total expected tightening by the end of 2027 fell…

Crude oil dropped to start the week as Trump has waived several sanctions and tariffs on Russia to ease fuel shortages and contain prices without making concessions to Iran.

Meanwhile, Ukraine launched a major drone attack targeting energy infrastructure around St Petersburg, including an oil export terminal, undermining prospects for the proposed energy ceasefire. This could keep the risk premium high despite Trump’s waiver.

The US–Iran conflict remains the main bullish driver for oil, with the negotiations for the reopening of the Strait of Hormuz stalled. Attacks on commercial shipping continue, and Gulf crude exports fell sharply last week, according to Kpler data…

There's going to be plenty of watchful eyes on the UK CPI report this Wednesday, not least with the autumn budget just around the corner. Another hot set of inflation numbers could very well make life rather uncomfortable for both the government and the BOE.

The headline annual inflation estimate is expected to rise to 3.4% in September, up from 3.1% in August. Meanwhile, core annual inflation is expected to also climb to 2.8% in September - up from 2.6% in the month before.

All in all, that would take inflation further away from the BOE's 2% target, with higher energy costs continuing to put pressure on household budgets. At the same time, services inflation continues to be sticky and remains a problem for policymakers in trying to bring…

Bitcoin rebounded from a key support as the risk sentiment improved a bit after the fall in oil prices. The catalyst was Trump’s waiver of several Russia sanctions as an attempt to ease fuel shortages and contain prices without making concessions to Iran.

Ukraine's attacks on energy infrastructure, though, will likely keep the risk premium high, so without a de-escalation in the Middle East, oil prices are unlikely to come off the highs that much.

This means that the recent improve in risk sentiment might not hold for long without further positive developments. Keep in mind that the market’s focus might have shifted to growth concerns, so this week’s US Flash PMIs should be …

The tech rout last week has certainly come at a rather interesting time for markets. While it was on the back of hotter-than-expected inflation data, the reaction was one that ran against the bond market as Treasury yields fell sharply last week. As such, it definitely begs the question as to whether there is some other underlying factor driving the retreat in tech stocks in particular.

Is it a case that investors are waking up to the struggles in the market breadth and momentum? Or is it investors simply asking the question of whether all the AI spending is actually going to pay off?

With that in mind, there's certainly a lot on the line as we look to the earnings calendar this week. And among the big tech names, Meta is arguably my pick…

 FISG – InterStellar Group has officially marked its strategic collaboration with international football icon Andrés Iniesta with a signing ceremony held in Dubai, bringing together representatives of FISG, Andrés Iniesta, invited partners and guests.

The ceremony represents an important milestone in FISG’s international brand development and reflects the company’s continued focus on building long-term global partnerships around shared values, professional excellence and international experience.

As part of the collaboration, Andrés Iniesta joins the FISG family as Global Brand Ambassador, contributing his international experience, professional perspective and global presence to the group’s international brand initiatives.

Watch the recap <a href="https://isgvideo.s3.ap-southeast-1.amazonaws.com/video/img-1909.mp4"…

It's a brand new week, but same old problem for the euro. Once again, it is France that is giving the single currency yet another headache.

The weekend riots across the country have piled more pressure on Macron's government, just as investors are already questioning whether France can get its fiscal house in order. And the bond market is signaling that there isn't much assurance of that, as the yield spread between French and German 10-year bonds has widened back towards 145 bps. That now draws the 150 bps mark back in the picture.

This once again continues to reaffirm where the pressure point is for the European bond market, with the spread having just hovered around 85 bps at the beginning of September.

France is already struggling with a…

The growing attention surrounding cryptocurrencies should not distract brokers from the markets their clients continue to trade, according to Jason Hughes, General Manager at IC.

Speaking at iFX EXPO Asia 2026 in Hong Kong, Hughes joined industry executives to debate whether digital assets are delivering on their commercial promise, or whether established markets such as gold, precious metals and major FX pairs remain the backbone of the brokerage business.

The discussion, “From Bitcoin to Bullion: Where Is the Real Revenue?”, examined a question facing brokers across Asia and beyond: where should firms direct their next round of investment as client demand, trading…

Gold rebounded in the final part of last week despite higher than expected US inflation data. The driver, as it’s usually the case for gold, was the fall in real yields which are a function of nominal yields and inflation expectations.

In fact, inflation expectations have remained largely unchanged due to the persistently elevated energy prices and the not so hawkish Federal Reserve. Nominal yields, on the other hand, dropped following the US inflation data alongside growth sensitive assets like stocks and copper for example. That might have been an early signal of growth concerns.

Gold generally does well when there are growth concerns amid high inflation. The next key…