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MARKET WRAP — 26/10/2018
AUDUSD 0.7080 (+0.24%)
Aus Equities (XJO) 5,701 (+73)
S&P500: 2,705.57 (+1.86%)
AUDCNH 4.9191 (+0.35%)
Wall St was led higher by tech stocks, as the Nasdaq rallied 3.5% amongst other indexes to recover some of the losses from the day prior. The ECB maintained its plans to purchase bonds at the end of the year. President Draghi stated Italy needs to agree to conditions on public spending before it receives any more help. On This the EUR was down, as was the GBP on lingering Brexit concerns.
Oil continued higher after its recents lows, and iron ore, unlike stocks, is in a bull market.
Stocks that are reporting in the US include Amazon and Twitter. Amazon missed revenue, leading to its stock down 7% and Twitter beat profit guidance and revenue, with the stock surging 15%. Today Chinese industrial profits are out following by the first reading of US Q3 GDP.
IS THERE VALUE IN THE BIG BANKS?
Over the past year, Australia’s big four banks – Commonwealth Bank (ASX: CBA), Westpac (ASX: WBC), ANZ (ASX: ANZ) and NAB (ASX: NAB) have fallen anywhere from 14% (CBA) to 21% (NAB) excluding dividends.