Macro update
Tech rally takes Wall Street to new highs:
​The S&P 500 gained 0.6% and the Nasdaq 100 advanced 1.1%, both closing at record levels, as strength in chipmakers and AI-focused names like Advanced Micro Devices (AMD) and Dell lifted sentiment. The Dow Jones finished little changed.
​Federal Reserve minutes reveal a divided perspective:
Minutes from the Federal Reserve’s (Fed) September meeting showed policymakers were divided over the pace of rate cuts, although most still anticipate further easing this year despite persistent inflation pressures.
​Enthusiasm for AI drives momentum:
​Analysts noted that strong investment and deals in artificial intelligence (AI) continue to underpin growth expectations, with tech sector profit forecasts raised to 20.9% for the third quarter (Q3).
​Gold extends its record streak:
​Gold held firm above $4,000.00 an ounce as investors sought safety amid geopolitical and fiscal concerns.
Asia follows Wall Street gains:
​The Nikkei 225 rose 1.5% and Taiwan’s benchmark index hit new highs, while Chinese blue-chip stocks rallied after reopening as new restrictions on rare earth exports highlighted ongoing trade tensions.
​Oil declines after ceasefire in Gaza:
​Brent crude oil fell 0.6% to $65.89 a barrel after Israel and Hamas reached an initial ceasefire agreement, easing supply concerns and reducing geopolitical risk.
DAX 40 rally nears all-time high
​The rally in the DAX 40 continues and the all-time high for July is observed at 24,638. Higher up, a 161.8% Fibonacci extension is expected at 24,900.
​Minor support can be found around the mid-August high at 24.536 and the early October high at 24.524, the July 24 high at 24.515 and the mid-July high at 24.495.
