U.S. Indices closed higher on Friday with the majority of sectors firmer, Tech, Communication and Financials outperformed, while Real Estate, Utilities and Industrials lagged. US President Trump announced just before the close on Thursday that CEA Chair Miran will be the replacement for Fed Governor Kugler until the end of January, giving Trump more time to think of who he wants as the next Fed Chair – Waller is seen as a favourite. On trade, Trump said that there will be no tariff talks with India until things get resolved, while after meetings between US and Japan, Japan said they have been able to confirm the non-stacking stance on tariffs from the US and it will refund Japan any extra tariffs retroactively going back to 7th August. There were also reports India paused plans to buy US arms, but this was later denied by the Indian MoD. Meanwhile, Brazil is reportedly implementing a four-pronged strategy to respond to the tariff hike by the US on Brazil. Crude prices settled flat but with notable weakness seen in response to reports that the US and Russia are planning a Ukraine deal to cement Russian territorial gains, however the move did pare by settlement – perhaps as participants thought Zelensky is unlikely to accept such demands. Spot gold prices were flat but in volatile trade as FT reported that the US hit one-kilo gold bars with tariffs in a blow to Switzerland. However, a WH official later announced it will clarify misinformation on gold tariffs, clarifying that imports of gold bars should not face tariffs, seeing spot gold tumble, before paring. T-Notes were lower across the curve with weakness led by the long-end, following a weak 30 Year Treasury Auction offering on Thursday, marking three tails in this weeks supply. FX price action was rather mundane, but the Dollar is benefitting from the higher yields, which saw the Japanese Yen lag. Meanwhile, the Canadian Dollar saw some marginal weakness after a soft Canadian jobs report. Elsewhere, Oil closed 1.25% lower while Gold was higher ending Friday’s session with a gain of 0.8%.
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For anyone following my Platinum Service it made 1078 points last week and is now ahead by 1078 points for August after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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