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European markets are set to open higher, with the FTSE 100 up 39 points and the DAX rising 53 points, as investors await earnings from Imperial Brands and Thyssenkrupp, along with euro zone inflation data. In the U.S., confidence in rate cuts by the Federal Reserve appears to be waning, with a 62.1% likelihood of a December cut, down from previous weeks. Meanwhile, Wall Street banks have differing predictions for gold prices in 2025, with Goldman Sachs forecasting $3,000 per ounce.
Tesla shares surged 5.6% following reports of a federal framework for self-driving vehicle regulation, offsetting Nvidia"s 1.3% decline due to overheating issues with its new chips. The S&P 500 rose 0.4%, while the Nasdaq Composite gained 0.6%, marking a rebound after recent losses. Super Micro Computer"s stock soared 16% as it sought Nasdaq compliance, reflecting a broader positive sentiment in the market despite some headwinds.
Chinese Vice Premier He Lifeng and top financial officials will address the Global Financial Leaders Investment Summit in Hong Kong, focusing on mainland China"s financial developments. The summit, hosted by the Hong Kong Monetary Authority, features prominent global bankers amid a challenging economic landscape, with signs of recovery following recent stimulus measures from Beijing.
Asia-Pacific markets opened higher, buoyed by Wall Street gains and a Tesla rally, as investors await key speeches from Chinese financial officials at a summit in Hong Kong. The Reserve Bank of Australia is set to release minutes from its recent monetary policy meeting, where interest rates were held steady at 4.35%. Meanwhile, U.S. markets showed mixed results, with the Nasdaq rising 0.6% and the Dow Jones slipping 0.1%, amid concerns over the Federal Reserve"s rate cut trajectory.
Goldman Sachs advocates for a bullish approach, urging investors to "go for gold." In contrast, other Wall Street banks express skepticism about this strategy, highlighting a divide in market sentiment regarding gold investments.
Goldman Sachs strategists predict a prolonged period of dollar strength, driven by Donald Trump"s proposed steep tariffs. The dollar has been rallying since late September, challenging the bank"s previous outlook of a gradual decline from its high value.
ServiceTitan, a cloud software provider for contractors, has filed to go public on Nasdaq under the ticker "TTAN." The company reported a $35.7 million net loss on $193 million in revenue for the quarter ending July 31, with revenue growth of 24% year-over-year. Founded in 2007, ServiceTitan is shifting focus towards larger clients while competing with firms like Salesforce and SAP.
Goldman Sachs maintains its forecast of $3,000 per ounce of gold by December 2025, while UBS targets $2,900, citing US political uncertainty and structural demand from central banks as key factors. Both banks recommend gold as a hedge against inflation and geopolitical risks, with UBS suggesting a 5% allocation in a balanced dollar portfolio. They also see $2,500 as a strong support level for gold prices.
Goldman Sachs maintains its forecast for gold at $3,000 per ounce by December 2025, citing structural demand from central banks and potential Fed rate cuts as key drivers. UBS is slightly less optimistic, targeting $2,900, and suggests capitalizing on price declines, with strong support at $2,500. Both firms highlight gold as a hedge against inflation and geopolitical risks, recommending a 5% allocation in a balanced dollar portfolio.
Goldman Sachs maintains its forecast for gold to reach $3,000 per ounce by December 2025, citing strong structural demand from central banks and potential Fed rate cuts as key factors. UBS is slightly less optimistic, predicting a price of $2,900 and suggesting that current declines present a buying opportunity, with strong support at $2,500. Both firms highlight gold"s role as a hedge against inflation and geopolitical risks.
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