News

Friday tech rally and Netflix jump boosts US equity markets

Wall Street extended its weekly winning streak, with the major equity indices supported by company earnings releases.

US financial stocks gain at start of earnings season

Earnings season kicked off, with the big banks beginning to release their third quarter numbers on Friday. Both JP Morgan and Wells Fargo shares rose over 4% for the session, as profits came in ahead of expectations.

Brent crude sees weekly gain of 9% amid geopolitical tensions

US stocks were cautious across most of the week, pressured by mounting tensions in the Middle East.

Chinese equities see best week since November 2008

Beijing unleashed a number of measures in a bid to shore up its flagging economy. Measures included the People’s Bank of China trimming its seven-day reverse repo rate from 1.7% to 1.5% as well as cutting the medium-term lending facility rate from 2.3% to 2.0%, plus a RMB 800 billion lending pool for capital markets.

Dow Jones ends week at record high

Central bank meetings fuelled market moves for the week. On Wednesday the Federal Open Market Committee (FOMC) concluded its two-day policy meeting, kicking off its rate cutting cycle with a 50bps reduction in its interest rate.

Global equities bounce back from previous week’s sharp losses

Following the previous week’s equity market sell-off, stocks bounced back with inflation and central banks in focus.