Wed 15 Oct: After the Bell🔒

🎙️📄+ Market Data. More bank earnings, gold's new record, Fed's signals.

See the ‘Market Data’ post for tables & charts.

Good evening,

Stocks climbed and gold reached fresh record levels, supported by another round of strong bank earnings and dovish remarks from Fed officials. Meanwhile, the U.S. dollar slipped, mainly against a stronger sterling, and crude oil traded sideways as investors remain alert to further announcements on the tariffs front, which continues to top the agenda alongside the earnings season.

Geopolitics: Washington warned that new Chinese export controls on rare earths and critical minerals could force a global decoupling from China. Treasury Secretary Bessent signalled that Washington will take retaliatory measures if Beijing proceeds with the policy.

Central Banks: The Fed’s Beige Book reported that US economic activity was little changed in recent weeks, with employment levels mostly stable and mixed signals on input costs and consumer spending. Fed officials Miran and Bostic spoke today, emphasising the need for additional rate cuts amid increased downside risks to growth. Miran highlighted the urgency of moving quickly toward a more neutral policy stance to reduce vulnerability to economic shocks, while Bostic pointed to ongoing labour market concerns supporting a cautious but dovish approach on rates.