Key Points
Asian stocks steadied on Thursday, with market participants keenly awaiting China’s housing policy briefing.
Expectations are growing that China might introduce measures to support its ailing property sector, which could provide some relief to the market.
The Shanghai Composite rose by 0.5%, while Hong Kong’s Hang Seng climbed 2% in early trade, reflecting cautious optimism among traders.
The dollar’s rally continued, driven by predictions of a Donald Trump victory in the U.S. presidential race.
As Trump’s economic policies focus on tariffs, taxes, and immigration, traders view these as potentially inflationary.
This outlook is fuelling strength in the dollar, which is standing near more than two-month highs.
In contrast, U.S. futures softened slightly after main indexes closed at or near record levels.
Traders appear to be recalibrating their positions based on how Trump’s policies might shape economic growth and monetary policy.
See: The SP500ft chart shows price stabilising near 5873.65 after recovery with moving averages and MACD signalling consolidation on the VT Markets app.
Meanwhile, Bitcoin has been on a bullish run, rising 15% in a week to reach $67,615.
Traders are speculating that a Trump presidency may lead to a softer stance on cryptocurrency regulations, further supporting Bitcoin’s upward momentum.
Gold held firm near record levels, hovering at $2,677 per ounce, reflecting some demand for safe-haven assets amidst market uncertainties.
Oil markets remained steady with Brent crude futures at $74.57 a barrel after four consecutive days of losses.
This followed industry data showing an unexpected drop in U.S. crude stockpiles, which helped stabilise prices.
Elsewhere, the euro was pinned near its lowest since early August, trading at $1.0862, while the yen held firm at 149.40 per dollar, as currency traders adjusted positions amidst the shifting macroeconomic landscape.
See also: Oil Prices Fall with China’s Slowing Economy
As the week progresses, focus will shift to U.S. retail sales data and China’s third-quarter GDP numbers, both due for release.
These reports are expected to provide further clarity on global economic conditions and will likely be pivotal in determining near-term market direction.
Traders remain cautious but continue to adjust positions as more economic data unfolds.
Start trading now — click here to create your live VT Markets account.
Official partners:
