Profit optimism outweighs trade concerns; all three major U.S. stock index futures rise, Asian stock markets close higher across the board, gold and silver remain strong, cryptocurrencies fluctuate.

Profit optimism outweighs trade concerns; all three major U.S. stock index futures rise, Asian stock markets close higher across the board, gold and silver remain strong, cryptocurrencies fluctuate.

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On October 16th, tensions brought by trade rhetoric eased. Driven by technology stocks, Asian stock markets rose collectively, European stocks opened mixed, and US stock index futures edged higher. Gold and silver remained strong, Japanese and US government bonds were almost unchanged, the US dollar index edged lower, and cryptocurrencies fluctuated.

Strong technology stock earnings boosted market sentiment, and investors believe the artificial intelligence boom can still drive corporate profits. TSMC released its results, with Q3 net profit hitting a record high, exceeding expectations with a 39% increase.

Fabiana Fedeli, Chief Investment Officer of Equities, Multi Asset & Sustainability at M&G Investments, said in a Bloomberg interview: Investors have gotten used to “political ups and downs. They now realize that unless corporate profits are damaged (and companies are the real driver of risk markets), they actually cannot affect the stock market.

US index futures rose slightly. S&P 500 index futures rose 0.16%, Nasdaq 100 futures rose 0.34%, Dow Jones futures rose 0.12%.European stocks opened mixed. Euro Stoxx 50 Index rose 0.14%, Germany DAX Index fell 0.12%, UK FTSE 100 Index fell 0.03%, France CAC40 Index rose 0.08%.Nikkei 225 Index closed up 1.3% at 48,277.74 points. TOPIX Index closed up 0.6% at 3,203.42 points. South Korea's KOSPI closed up 2.5% at 3,748.37 points, hitting another record high.Korean chipmaker SK Hynix's share price once rose 6.9%, pushing the KOSPI Index up 2.1%.Spot gold jumped more than 0.5% in the short term, currently quoted at $4,232/ounce.

US index futures rose slightly. S&P 500 index futures rose 0.16%, Nasdaq 100 futures rose 0.34%, Dow Jones futures rose 0.12%.

European stocks opened mixed. Euro Stoxx 50 Index rose 0.14%, Germany DAX Index fell 0.12%, UK FTSE 100 Index fell 0.03%, France CAC40 Index rose 0.08%.

Spot gold jumped more than 0.5% in the short term, currently quoted at $4,232/ounce.

 

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