Global market report - October 24

It's a big day for US earnings with Microsoft, Visa and Boeing reporting, while Canada's central bank is expected to raise interest rates

James Gard 24 October, 2018 | 6:00PM
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North America

While the Federal Reserve does not meet this month, the institution and specifically its chairman Jerome Powell was under fire again from the President. The Fed has two more opportunities this year to make it to four rate hikes in 2018, with December the most likely meeting to implement this.

Speaking of central banks, Canada is expected to raise interest rates to 1.75% today.

Earnings season has not yet saved investor sentiment from turning towards the bearish side, so will strong numbers Amazon (AMZN)  and Google parent company Alphabet (GOOGL) tomorrow ride to the rescue?

In the real economy, bellwether Caterpillar (CAT) was shunned by investors after an earnings update, and shares fell nearly 8% yesterday. Caterpillar has been in the Dow since 1991 and its earnings reports are closely watched. Other big names of the Dow report today, including Microsoft (MSFT), Visa (V) and Boeing (BA).

In Canada, Restaurant Brands (QSR) also reports.




Shares in Europe defied the downbeat mood on Wall Street and mixed messages from a volatile Asia-Pacific complex by posting slim gains.

The FTSE 100 is still below 7,000 points but is within touching distance of this key technical level.

Barclays (BARC) is the first of the UK’s major banks to report, and its shares were higher despite a drop in profits for the nine months.



Markets in Asia-Pacific were mixed as investors digested further weakness on Wall Street and a shortlived drop in the MSCI Asia Pacific Index into bear market territory.

China’s Shanghai Composite Index looked like it was going to repeat its trick of following heavy losses with strong gains. But a within-day rally proved shortlived and the index closed less than 0.5% higher on the day.

Meanwhile, Hong Kong’s Hang Seng drifted lower, while Japan’s Nikkei 225 managed a modest gain to hold the index above 22,000 points.


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James Gard

James Gard  James Gard is senior editor for


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