Log in to today’s North American session Market wrap for September 29
Two major themes shaped today’s market narrative: the looming US government shutdown and surprisingly (but positive) developments out of the Middle East.
On the political front, the White House unveiled a plan during a press conference, aimed at ending the Gaza conflict, stressing that “no one will be forced to leave, and Israel will not occupy Gaza”—a proposal that fueled cautious optimism that the war may be nearing its end.
We have seen bad surprises before but things are starting to turn in the right direction (from what it currently seems). Hamas’ answer is now awaited.
Meanwhile, in Washington, the possibility of a US government shutdown by Friday now threatens not only to delay the all-important Non-Farm Payrolls release (Friday 8:30 a-A.M.), but also to deal a reputational blow to the United States at a sensitive time globally.
Senior Democrat leaders are talking about a potential stopgap funding (aka emergency funding) to pushback the shutdown for 7-10 days while US Politicians try to reach a deal.
In markets, cryptocurrencies and metals carried the market momentum once again.
Silver surged past $47, Gold printed fresh highs, and Copper extended its rally, with the Grasberg (Second largest copper mine in the world) fallout reverberating through mining stocks.
For cryptos, it was more the end-of-afternoon sudden rally that surprised markets (Check out the update on our latest crypto piece, surprising turn of events).
