Investors kicked off the week with a risk-on session driven by optimism that China and the U.S. will announce a trade deal as Trump and Xi Jinping are set to meet at a summit in South Korea. Global stocks advanced, with the S&P 500 hitting a new all-time high, and the Ibex-35 surpassing its 2007 record. The dollar weakened and gold prices fell below $4,100/ounce.
Sovereign yields edged lower ahead of the Fed's and ECB's meetings. U.S. Treasury Secretary confirmed the nominees to replace J. Powell as Fed Chairman next year: current FOMC governors Christopher Waller and Michelle Bowman, former FOMC governor Kevin Warsh, White House Economic Council Director Kevin Hasset, and BlackRock executive Rick Rieder.
In macro data, German business expectations improved in October (Ifo survey rose to 91.6 from 89.7).
Elsewhere, Latin American stocks advanced, led by Argentinian equities (+21% in yesterday's session), following President Milei's party's victory in the legislative elections.
BANCO BPI, S.A., com sede na Avenida da Boavista, 1117, 4100-129 Porto; Capital Social: € 1 293 063 324,98; matriculada na CRC Porto sob o número de matrícula PTIRNMJ 501 214 534, como o número de identificação fiscal 501 214 534. Intermediário financeiro registado na CMVM com o n° 300 e no Banco de Portugal sob o código n° 10. Agente de Seguros n.º 419527591, registado junto da Autoridade de Supervisão de Seguros e Fundos de Pensões em 21/01/2019, e autorizado a exercer atividade nos Ramos de Seguro Vida e Não Vida.