Trade tensions ease, U.S. stock futures rise collectively, Asian tech stocks celebrate, gold, silver, and oil fluctuate and retreat

On October 24, the trade situation is expected to ease, combined with the optimism brought by technology stocks, market sentiment has significantly improved. Asian stocks rose, led by technology stocks, European stock indices collectively increased, and U.S. stock index futures continued to rise. U.S. Treasury yields remained flat, the U.S. dollar index edged higher, the Japanese yen continued to weaken against the dollar, gold, silver, and oil prices retreated, and cryptocurrencies rebounded.

New developments in trade negotiations have alleviated market concerns, and investors are currently turning their attention to the inflation report that the U.S. will release on Friday. Michael Brown, senior research strategist at Pepperstone Group Ltd, stated: "Regardless of the data, it will not prevent the Federal Open Market Committee from cutting rates by 25 basis points at next week's or December's meeting, even if there may be some subconscious fluctuations when the data is mixed."

Here are the movements of core assets:

• U.S. stock index futures collectively rose, with the S&P 500 futures up 0.26%, Nasdaq 100 futures up over 0.4%, and Dow Jones futures up nearly 0.16%.

• Popular Chinese concept stocks showed mixed performance in pre-market trading, with Bilibili and Xiaoma Zhixing up 1%, Baidu and Alibaba up 0.8%, Pinduoduo up 0.2%, JD.com flat, and Li Auto and Nio down 1%. Intel rose 8% in pre-market trading, as the company turned a profit in Q3, with revenue recovering and an optimistic outlook.

• The Euro Stoxx 50 index rose 0.54%. The German DAX index rose 0.31%. The UK FTSE 100 index rose 0.2%. The French CAC40 index rose 0.46%.

• The Korea Composite Stock Price Index rose over 2%, reaching a new high, while the Nikkei 225 index rose 1.3%.

• The yield on the 10-year U.S. Treasury bond decreased by 1 basis point to 3.99%.

• The U.S. dollar index rose over 0.1%, standing at 99.06.

• The dollar rose 0.15% against the yen, reported at 152.81.

• Spot gold fell nearly 0.8%, currently at $4094 per ounce.

• Brent crude oil fell over 0.5%, with a price of $64.96 per barrel.

• Bitcoin rose over 1.7%, and Ethereum rose over 2.3%.

U.S. stock index futures collectively rose, with the S&P 500 futures up 0.26%, Nasdaq 100 futures up over 0.4%, and Dow Jones futures up nearly 0.16%. The overnight cross-asset market movements indicate that investors are optimistically believing that the inflation data will not significantly drag down the market, which has risen sharply over the past month.

The Korea Composite Stock Price Index rose over 2%, reaching a new high of 3941.59 points. Technology stocks led the rise, with chip manufacturer Samsung Electronics' stock price rising 2%, and SK Hynix's stock price soaring over 6%.

The yen is showing weakness, with the USD/JPY rising 0.15% to 152.81. Japan's Finance Minister hinted that more bonds may need to be issued to fund Prime Minister Kishi Sanae's upcoming economic stimulus plan, exacerbating the yen sell-off. The yen has weakened against the dollar for the sixth consecutive trading day.

Recent economic data indicates that inflation in Japan persists, while weakening economic growth momentum has raised market concerns. Japan's core CPI rose 2.9% in September, still above the Bank of Japan's 2% policy target. There remains a divergence within the central bank regarding the timing of interest rate hikes, with most analysts expecting the Bank of Japan to maintain interest rates at this meeting.

In other data, Japan's manufacturing activity fell to its lowest level in 19 months in October, indicating a continued contraction in Japanese manufacturing, while the services PMI index also showed a decline.

Spot gold fell nearly 0.9%, currently at $4,089 per ounce. Gold prices are expected to end a nine-week streak of gains, as the market reassesses the previous surge that pushed gold prices into overbought territory, followed by a significant correction.

Risk Warning and Disclaimer

The market carries risks, and investment should be approached with caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk