News

Analysts said Ferrari’s 2030 financial targets, which were announced as part of the firm’s Capital Markets Day event, fell short of expectations.

• Japan’s Takaichi: We don’t want to trigger an excessive yen decline
• Hamas chief says they declare an end to the war today and permanent ceasefire
• Fed’s Barr: Not seeing a generalized spillover of tariffs into services inflation
• Fed’s Barr:Uncertainty about both inflation/jobs warrants cautious approach to further cut
• US Senate rejects Democratic government funding bill.
• Make Argentina Great Again: The US buys pesos directly
• U.S. Treasury auctions of $22 billion of the 30 year bonds at a high yield of 4.734%
• Consumers are flush: Airline stocks rise as Delta sees strong demand

Markets:

• Gold down $63 to $3974
• US 10-year yields up 1.1 bps to 4.14%
• WTI crude oil down $1.09 to $61.46
• USD leads, GBP lags
• S&P 500 down 0.3%

The yen continues to slump as Takaichi highlighted her plans to unveil a new round of stimulus and cut the gasoline tax. She tempered the decline by saying that she doesn’t want ‘excessive’ yen weakness. EUR/JPY hit a record low yesterday but USD/JPY is in the middle of its 2025 range on account of USD weakness this year. I’d imagine she’s thinking +165 before it gets excessive and that’s why the small dip on her comment was quickly faded.

The other mover today was the US dollar as it made a solid move to the upside. There wasn’t a particular catalyst as the comments from Barr weren’t much to mull and — if anything — were dovish. The one headline that really got my attention was from Delta Airlines, who highlighted that consumers began to spend again in July after a pause from early April and Liberation Day. The CEO talked about a continued acceleration as well, and that resonates with what we’re seeing in the market and raises the possibility of fresh inflation and the Fed disappointing on the 103 bps in rate cuts that’s priced in through next October.

Adding to the dollar momentum were some technical breaks of recent levels, including USD/CAD rising to the highest since May, NZD/USD down to the lowest since April (50 bps cut earlier) and cable falling to the lowest since early August.

Gold was caught in the round of profit taking and quickly fell as low as $3945 from a high of $4057. Selling accelerated on the break of $4000 but there have been some late bids creeping in and it’s back to $3977.

In equities, the heatmap of equities is telling as it shows about a dozen names carrying an otherwise-dismal day for the market. Nvidia hit fresh record highs as everyone piles into the AI trade.

This article was written by Adam Button at investinglive.com.

Gold price retreated during the North American session on Thursday after hitting a record high of $4,058, plunges below $4,000 as the Greenback posts solid gains.. XAU/USD trades at $3,978, down 1.5%.

Gold’s rally has been relentless, surging above the $4,000 mark and reaching as high as $4,059.31. The price came close to that peak twice this week, with today’s high stalling just short at $4,058.01, slightly below Wednesday’s top. After failing to extend higher, momentum shifted, and sellers pushed the market back down.

The retreat saw gold slip beneath the 100-hour moving average at $3,978.82 and also fall under the 38.2% retracement of the latest leg higher at $3,967.54, though importantly it held above the 50% retracement at $3,939.20. Historically, recent trend legs have tended to correct only shallowly—often short of the 50%—which keeps the broader bullish bias intact (see yellow areas on the chart above).

Still, a near-term battle is playing out. On the topside, the 100-hour MA ($3,978.79) now acts as resistance. On the downside, the 50% retracement at $3,939.20 is the line sellers need to break to deepen the correction. Until that battle plays out, gold is still “cooling,” consolidating gains after its sharp push higher but the fire is not fully out. .

The question for traders: can sellers hold price below the 100-hour MA and drive through the 50% retracement, extending the correction? Or will buyers reclaim control by regaining the 100-hour MA and reigniting the uptrend?

This article was written by Greg Michalowski at investinglive.com.

Reserve Bank of Australia Governor Bullock and Assistant Governor (Financial Markets) Christopher Kent will be giving testimony in parliament this morning Sydney time (from 9am local/2200 GMT/1800 US Eastern time).

The most recent background on the RBA is that at its September meeting, the Bank held its cash rate steady at 3.60 %, following three cuts earlier in 2025.

The decision, while broadly expected, carried a notably “hawkish hold” tone, with the bank flagging risks that inflation in the September quarter might come in stronger than expected. As a result, market bets on a November cut weakened significantly.

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Later in the session, Federal Reserve Bank of San Francisco President Mary Daly participates in a moderated conversation before the Silicon Valley Directors Exchange. At 0140 GMT/2140 US Eastern time.

This article was written by Eamonn Sheridan at investinglive.com.

The Canadian Dollar (CAD) shed weight at an accelerating pace on Thursday, falling over one-half of one percent against the US Dollar (USD) amid a broad-market uptick in Greenback demand.

The accounts of the European Central Bank’s (ECB) September policy meeting showed on Thursday that policymakers felt no immediate pressure to change the policy rate, per Reuters.

The Pound Sterling (GBP) extends its losing streak for the third trading day against the US Dollar (USD) on Thursday. The GBP/USD pair slides to near 1.3365 as the US Dollar Index (DXY) rebounds after a slight corrective move.

Isaacman, who has close ties with SpaceX CEO Elon Musk, was at the White House in September for Trump’s dinner for tech power players.

The Dow Jones Industrial Average (DJIA) knocked sharply lower on Thursday following a week-long meandering period. The Dow tumbled into the 46,300 region after opening the American market session near 46,600, knocking the major equity index down around 300 points at the time of writing.