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Weekly Roundup: A Wild Week in Markets

by | 3 Nov, 2017

Euro indices lower, Bitcoin drives higher, US markets applaud Apple

It has been quite a week in the markets! We’ve had major earnings results from Apple, Facebook, Tesla and more, propelling shares higher amidst a bull market, plus the Bank of England raised interest rates for the first time in 10 years.

In the US, Janet Yellen was replaced by Jerome Powell as Fed Chairman after months of speculation, while Robert Mueller’s probe into Russian interference in the US election last year implicated Paul Manafort and another Trump advisor loosely connected to the campaign. The Republicans also finally released their first attempt at a tax reform bill Thursday, the first time an administration has attempted to overhaul the complex US tax code since the 1980’s.

In Europe, new data showed the Eurozone is recovering nicely with higher GDP and lower unemployment, but the ECB showed it was still unwilling to scale back QE as much as was expected.

Bitcoin skyrocketed above $7400, while Asian markets had a superb run of gainsonce again – and that is only a small fraction of the major market news this week!

As we move into the final day of trading, European indices are mostly lower except for the DAX30 which has gained over 200 points in a single week. There are not many major movements for European equities aside from Renault in France, moving up by over 5% on the CAC40! French bank Societe Generale suffered a share price dip of over 3% after revealing that Q3 profits had been much worse than they expected, thanks to low interest rates and litigation provisions amongst other reasons. Back in May, Societe Generale agreed to pay a €963 million fee to end a legal battle between themselves and the Libyan investment fund over bribery claims, a stain on their reputation which is still haunting them.

In India, the NIFTY gained 29 points closing higher at 10,452.50 helped by its best performers, Tata Motors, Oil & Natural Gas Corp and Axis Bank. The NIFTY50 index contains 50 of India’s biggest firms and has seen a rally this month helped a great deal by financial stocks.

As we wrap up the week Invstrs should look out for earnings from ratings agency Moody’s (#moody) and Warren Buffet’s famous Berkshire Hathaway (#berk-b).

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Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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