THE DAILY REPORT
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RISK EVENTS (Medium)
Friday the 26th of October
EUR ECB President Draghi Speaks
Major Bloomberg & Reuters News
‘Stocks Roar Back, Erasing most of yesterday’s Loss’
U.S. stocks surged back into positive territory, with the Nasdaq Composite index registering its biggest increase since March, a day after a broad-based rout sent equities negative for the year. Yields on Treasuries rose, and the dollar strengthened to the highest level this year.
The S&P 500 index finished higher for the first time in seven days, propelled by strong earnings results from Twitter, Microsoft and Tesla. The DOW surged 400 points, after tumbling 600 points Wednesday. The optimism may turn out to be short lived, with shares of Amazon and Alphabet falling after the tech bellwethers reported disappointing results following the close of regular trading.
‘Draghi’s determined tightening sends euro to two-month low’
The euro fell to a two-month low on Thursday after ECB President Draghi said the bank would pursue its tightening policy despite fears about the monetary union’s economic and political future. The ECB reaffirmed that its 2.6 trillion-euro ($2.67 trillion) asset purchase program will end this year and that interest rates could rise after next summer. The policy guidance has been consistent since June, even though the economic outlook has darkened while political turmoil in Italy looms over the currency bloc.
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