American Express 💳 Stocks rebound 🎢 Big tech earnings 📱 ECB meeting 💶 US PCE index 🔍

FlowBank's hand-curated fresh financial news [View in browser](113/cXx8Z04/MWwLvfB8Jy3W8dYcD357-KmrW861hN74RwGFpN7xs-ww4ZjcBV3Zsc37CgRS7N4JT0YwKKYQ2W78C7M-6Yr3xJN4Dd5MNgVx4hW3TVYNl3yP6ZkW2c2zt27sZ6tMW78GJrx97jjfvM477xTDksFBW3zs0MJ4RKTm4W6TF78z6m-_J1N7lG_wB75svRW1wk3jS7BSyM5W41gnck6nYMsNVkN5r016qxK4W6yn5pL7Q-C8PW4mbJ8439M61tW1d-QXW21FvHVW7nD7dT2M81TtW8MMPs-4mqY9kW3K5-Zm9hmxfqW6sbn7N5ySbnfVrhGnX5t3Q8BW2ZyS0z6wVctTW1y5Whk8nPzl9W4HtkwX6WJz9GW6BDjkz1FtTNZW3qmmdD3qggKsW7m3FQm1XdNsGW8rr4q16hmWMSVpw4hq76DPLrW22lxX584Nyf0W3kwWTT8rRvL4W5QK2pW6RcMd6W77W-bd94DtGlW3DCqkn7L1LSnW1wN8DM3sdsk_VPSZ9Q63XjbTW7QVb7R8X28jyN7hyMhCc53Ym39jG1) [header_noDither] 24.10.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [AE platin] Payments giant American Express (AXP) reported better-than-expected profits and revenue (up 24%) and raised its full-year forecast amid a surge in consumer spending. Nonetheless, it increased the amount of reserve for potential defaults, a sign that some are struggling financially. [Start Trading](113/cXx8Z04/MWwLvfB8Jy3W8dYcD357-KmrW861hN74RwGFpN7xs-wc2-MK5V1-WJV7CgM5DW2ZtzrF6WfxhBW5PPQCr24LRG3W696hJy2Yk2RHVtzb-b6mphgwW42-p381FsszQW6H123T3_qTp6N8Rx4R6-YwN1W8TMCBY7xls6WW3f7pNM8kBPg1W3657nt23_dnQW1Ymb2k7dbJfMV6FRjL60LRtHW3N7sJG8LdZ2dW23wGMH5mlRphW1hDhY57h_GnmW8XR8ZM3Dl-2_W6SK8Wq55GZbwN6-rmxcdNYFcW1JrJ9d7qqnWzW1NZy697VT5s13q861) Trader's Corner In focus this week • Big tech earnings are set to dominate the week. Investors are watching how corporate bellwethers fare in the face of rising prices and the Federal Reserve's aggressive rate hike plan. • The European Central Bank is expected to hike interest rates by 75pbs on Thursday and offer investors more insights on its tightening schedule. • Lastly, investors will be eyeing the latest US inflation number on Friday, the PCE, which is also the Fed's favorite inflation indicator. The Employment Cost Index (ECI) will also come into focus. Economic data this week • US CB consumer confidence, New & pending home sales, GDP, durable goods orders, jobless claims, PCE, ECI. • ECB interest rate decision and press conference. • German GDP, Ifo business climate, manufacturing, CPI • Canada GDP, rate decision Earnings this week • Apple, Microsoft, Amazon • Alphabet, Meta, Mastercard • McDonald's, Honeywell, Intel • Coca-Cola, Visa, 3M, GM • ADP, Boeing, CME, Ford • UPS, NextEra, GE, Chubb • Exxon Mobil, Chevron, Linde • Air Liquid, Iberdrola, Airbus Crypto • Bitcoin traded within a close range over the weekend, remaining above USD19k as sentiment improves on the margin, ahead of a busy week. • For the first time since 2020, Bitcoin is proving to be less volatile than the S&P500 and Nasdaq. Some believe the industry's liquidity crisis in June has brought more stability to cryptos, despite unchanged volumes. [Screenshot 2022-10-23 at 20.44.00] [Start Trading](113/cXx8Z04/MWwLvfB8Jy3W8dYcD357-KmrW861hN74RwGFpN7xs-wc2-MK5V1-WJV7Cg-ppW86k4lc1J1qNQW4dKsyJ6Vgvf0VhRDJd4LJlS1VY2qnp1lyv4yW8sKh5Y2YJYBqW4sdSgx7nV2g7W47vL3C3n1snZW1r0b6B5FWSfsW892W1W2dxK3WW9jhGBw7M9VnDW3rP5q_9bg1mzW91N-N035F4vSW1YW4k54dYmHYW896kbQ5SXv54N3XH4LP6MPKGW5CKYG38VjDWwW8dNgjj3d0Q7WW2bb8rD8lnJgyW7F_Dnq4DM5FHN4f085bF-xKX35ZP1) Market Recap Stocks rallied on Friday, finishing with weekly gains of around 5% on the back of stronger earnings. Yields on the 10-year eclipsed to 4.2%, the highest since 2008. And social media companies fell broadly after Snapchat issued a weak forecast. In the currency market, the dollar dropped sharply to a 2-week low on speculation the Fed may slow the pace of its rate hikes and after the Bank of Japan intervened in the foreign exchange market Friday to support the yen. And the pound received a boost from Truss' resignation. This morning, stocks tumbled in Hong Kong (-5%) and mainland China (-2%) as Xi Jinping fortifies his power. S&P500 futures are paring overnight gains on slightly stronger dollar. Chart Of The Day The dollar-yen surged past 150 on Friday as US Treasury yields climbed higher. It was reported the Ministry of Finance intervened later in the day after the yen hit 152. USDJPY closed the day around 147.6. [Screenshot 2022-10-23 at 22.59.33](113/cXx8Z04/MWwLvfB8Jy3W8dYcD357-KmrW861hN74RwGFpN7xs-vX2-MJQV1-WJV7CgBqsW7QGfY51s-M32W88XT8_5GFs8RW7vL40y6hXh97W1w-50F6_Zx8PW2GHD0D6VmtMTW5nKNB54RgVggW2W4HZK6rl_vvW9gKMNl5z9GpjW2Q0fqB638p88W2xXy6J2nj1qgN54hJwh-1fyWW1Cc8QF17RRrZW81lyQX2wkmKzW4ckjvQ2fxGwDN8B6xYyNWLJNW33rNz021djrNW6_C67m9m2hswW2lWygg8Ll7N738mz1) FlowBank Blog What can stop the yen demise? [JP](113/cXx8Z04/MWwLvfB8Jy3W8dYcD357-KmrW861hN74RwGFpN7xs-vX2-MJQV1-WJV7CgQRYW1sW2vg5fYst0W6T2_MQ8fFpX0W4mLDT53ByGQmW3CXS-d1npM7gVgCQyC3RJkjpW6NC0dP1RR_1lW2_pJlv7FVnzCW1Ybd4-8k7Z-PV31bqD3D32j1VN8B5z8Z0Qt_W4g0PM48vfdL8W6c2TpD5mqTdrW3WbHXN1CfDgKW2x0fTY4Np6Q-W6KVl996rmXF8W5vtx_K7WNSDsW31KRCD3HflD5W7FZtb3456VdK3p--1) Intervention from the Bank of Japan has so far done nothing to stop the slide in the Japanese yen this year. Will the central bankers try to intervene again or must they finally pivot to rate hikes? 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