MARKET BUZZ - 18 OCTOBER 2017
• US stocks were mixed, while the USD rose against most G10 counterparts on speculation the next Federal Reserve Bank chairman will be more hawkish i.e. favouring higher interest rates in the US.
• President Trump plans to announce his Federal Reserve Bank chairman nominee before he leaves 3 November for an 11-day trip to Asia.
• Oil hovered at $52, Gold dropped below $1286 and the Yen hovered above 112.
• European stocks were lower, as declines in mining offset gains in the media sector.
• Asian markets are mixed, as caution gripped markets ahead of President Xi’s speech to China’s Communist Party. President Xi urged a reinvigorated Communist Party to take on a more forceful role in society and economic development to better address "grim" challenges facing the country as he opened a twice-a-decade national congress. Xi laid out his vision of a ruling party that serves as the vanguard on everything from defending national security to providing moral guidance to ordinary Chinese.
• US Pacific Command Admiral Harry Harris noted North Korea’s nuclear-missile program is a “recipe for disaster” and China must lean harder on Pyongyang. UBS Wealth Management is ascribing a 20% chance of war.