U.S. Indexes closed higher with SpaceX (SPCX +7.8%) beating earnings and guidance expectations, helping sentiment; Super Micro (SMCI +9.6%) also beat on earnings and sharply raised its Q1 outlook. Tech, Industrials and Financials led gains, while Communications was the worst performer, weighed on by continued underperformance in Alphabet (GOOGL -1.6%, Cleveland Research negative on Q3 and 2027) and Netflix (NFLX -5.3%) weakness on underwhelming Q3 revenue and guidance. Shortly after crude settlement, oil prices rose in response to a Reuters report that the US State Department is preparing to issue an ordered departure of some personnel and family members at US embassies across the Gulf. This was later clarified as pertaining only to Saudi Arabia, an update that came alongside reports of attacks on Saudi Arabia’s Shaybah oilfield, although the Saudis said operations are not affected. The move sparked broad risk-off, although equities managed to hold onto most of their gains into the close; T-notes settled lower before paring some of the move after settlement. The US 20-year bond auction was met with poor demand, tailing by 0.9bps, although the tail, as well as Direct and Indirect demand, improved from the prior auction. Gold was hit by the short-lived geopolitical risk premium yet managed to recover to small gains at pixel time; meanwhile, the Dollar was more or less flat against peers. The Australian Dollar outperformed on hawkish remarks from RBA Deputy Governor Hauser, while EUR remained weighed on by the French political unrest. Yields climbed across the curve, accelerating ahead of settlement on concerns that strikes between the US and Iran could resume soon. The initial move overnight and into Europe was lower for yields as equity futures were pressured. Thereafter, choppy trade ensued, but with less than 20 minutes to go until settlement, Reuters, citing US officials, reported that the US State Department is preparing to issue an ordered departure of some personnel at US embassies across the Gulf, amid a possible resumption of hostilities, particularly with the Houthis in Yemen. Post-settlement, US State Department issued an ordered departure for non-emergency US Government employees and their family members in Saudi Arabia only, not the whole Gulf. The curve was flatter, a function of the rise in short-end yields outpacing the long end, as near-term inflation expectations remain sticky on the elevated risk of a resumption of the US-Iran conflict. Elsewhere, Oil closed flat while Gold ended Wednesday’s session with a small 0.25% fall.
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For anyone following my Platinum Service it made 355 points yesterday and is now ahead by 3798 points for October after ending September with a nice gain of 7767 points, after ending the month of August with a gain of 2645 points after closing July with a gain of 8031 points, after ending June with a new record of 10527 points after ending May with a loss of 1104 points, having ended April with a gain of 1730 points, after ending March with a massive gain of 9002 points, having closed February with a strong gain of 5482 points after ending January with a gain of 4757 points, having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points 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 previous 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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