What you need to know on Tuesday, October 12:
The week started in slow motion with market participants searching for new catalysts. Generally speaking, concerns persisted as worrying headlines came from China putting a cap on Friday’s rally in stocks. Once again, Evergrande missed a foreign dividend payment, while another local giant, developer Sinic Holdings, said it would likely default on its 2021 bonds as it does not have sufficient financial resources to make the payments before its due date. expiration.
Wall Street balanced between gains and losses, ending the day in the red. The earnings season started with reports from the big banks this week. The US bond market was closed as the US celebrated Columbus Day.
The US dollar benefited from risk aversion at the end of the day, although the AUD / USD pair maintained its initial gains, as higher copper prices supported the Australian dollar. USD / CAD ended the day unchanged around 1.2480, while the best-performing USD / JPY rose to 113.40, its highest level since 2018.
The EUR / USD pair ended the day with moderate losses in the 1.1550 price zone, while the GBP / USD ended the day just below the 1.3600 threshold.
Oil prices continued to climb to multi-year highs, with the WTI settling at $ 80.50 a barrel. Gold was lower, closing the day at $ 1,754 a troy ounce.
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