After the end of national day holiday workers returned and this resulted in Chinese stocks declining, with China’s shanghai composite plummeting by as much as 3.72%.
The bank of China announced cuts to its reserve requirement ratio by one percentage infusing $175 billion into the markets.
The presidential elections in Brazil is heating up as Jair Bolsonaro the far right congressman who commanded 46.3% vote share will battle it out with Fernando Haddad the left leaning candidate who bagged 29%.
The Saudi Crown Prince Mohammed Bin Salman hoped to keep the Aramco IPO efforts afloat expecting it to take off in two to three years from now, stating that the price will be decided by investors.
Iranian oil shipments declined by more than 50 % as a result of US President Donald Trump’s sanctions. The exports which were in the region of 2.5 million barrels in april have now declined to 1.1 million barrels.
The 2018 noble prize for economics was awarded to Paul Romer and William Nordhaus. While Paul received recognition for integrating technology into forecasting, William was awarded for considering climate change in economics.
Morgan Stanley analysts have warned that tech stocks are looking more like the stocks of the dotcom bubble period.
John Hussman, regarded as one of the world’s biggest stock market bear, has predicted that the markets are likely to crash which will knock out $ 20 trillion.
Apple has claimed in a letter to congress that it did not find any evidence of hacking in the products that were sold to it by super micro computer. There were fears that chips were embedded in products that permitted the Chinese to hack into user data.
On account of Columbus Day the US Treasury Market will remain closed.
Source: Business Insider