Another day, another rally in the equity futures. US benchmarks are up 0.3% during the EU session and continue in their strong bullish momentum started on Wednesday.

At the moment, it looks like the more COVID-19 cases and deaths, the more stimulus will be announced, and the higher the stock market will go. Cyclical sectors will be wiped out during the winter months, but it seems like no one cares, and the tech sector is the biggest winner in this environment.

Earlier Friday, China’s Caixin Services PMI rose to 54.8 in September, remaining in positive territory for a fifth consecutive month. The August’ reading was at 54.0, and analysts had expected a decline to 50.8.

Later in the day, traders will pay attention to the Canadian labor market data, which are due at 2:30 PM CET. The unemployment rate is expected to decline from 10.2% to 9.7%, and the net change in employment will most likely weaken further. The Canadian dollar will most likely be volatile after the release.

In commodities, gold and silver were up sharply, and both metals seem to be catching another wave of bullish momentum. The fundamentals are still bullish here – central banks printing billions out of thin air. 



About Author

Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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