Market Summary
Asian markets moved higher Monday as Chinese investors returned to trading for the first time in a week. While China played catch-up and Australia rallied on the weaker Australian dollar, Hong Kong fell as capital moved back to mainland China. Both Japan and South Korean markets were closed for public holidays.
European markets moved broadly higher on strong German industrial production data, and a rally in Barcelona that saw hundreds of thousands come out to support an anti-separatist movement. This helped lift battered Spanish shares, and instilled confidence across Europe. London’s FTSE was lower however, as the Pound regained some strength.
U.S. markets ended broadly lower in a directionless session that featured low volumes. Bond markets were closed due to the Columbus Day holiday, and there was no economic data out to help move markets.
Today’s Assets
Bitcoin
The cryptocurrency has been slowly climbing, moving 60% off its September lows in a quiet fashion. It woke up for real on Monday however, rising roughly 6% and briefly topping the $4,800 level. What was good for Bitcoin was bad for other cryptocurrencies though, with all of the other top 10 coins falling in response to the Bitcoin rally.
Gold
The yellow metal gained Monday in response to an uptick in tensions between North Korea and the U.S. over the weekend. It’s likely traders will quickly discount the verbal attacks again, as they have in the past, and gold will trade lower for a fifth consecutive week as the U.S. dollar remains firmer against rival currencies.