October 11 market highlights: Bitcoin up while altcoins drop, oil surge pushes Wall Street up
- Bitcoin gained over 1.5%, rising above $56,000
- Alibaba and Meituan both gained over 9% despite being fined
- Lower volatility and lower liquidity for CAD and USD is expected
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This morning, Bitcoin (BTC/USD) gained over 1.5%, rising above $56,000. Polkadot (DOT/USD) recorded the biggest losses in the top 10 by market cap; almost 5%.
Energy sector up due to oil’s 7-year record
Last week, all of the major US stock indices were up after a slow start to the week. With +1.2%, the DJ30 gained the most ground. Last week, energy stocks continued to rise as oil reached its highest price in seven years, $80.
The sector gained 5% in the SPX500, facilitating an increase of 0.8% of the broader index that week. The biggest winners on Friday were APA Corporation with +6.8% and Pioneer Natural Resources and Marathon Oil, both with +4.6%.
UK stocks gain ground
It was a good week for UK stocks too. The UK100 added 1%, but it has been flat since May, and has not recovered its levels before the pandemic. The biggest winners were Standard Chartered and Tesco with +11.2% each and HSBC with +8%. Royal Dutch Shell and British Petroleum also helped push the index up.
Chinese tech stocks soar in wake of fines
Following an antitrust inspection, Chinese authorities fined a number of major tech companies in the country. Alibaba and Meituan both gained over 9% despite being fined, which was likely due to the fact that in the long run, the fines will increase market competition.
This morning, Asian indices kept going up. Both the China50 and HKG50 have gained more than 1% since this morning.
USD and CAD anticipate lower volatility
As some US and Canadian banks are closed for Columbus Day and Thanksgiving, lower volatility and lower liquidity for CAD and USD is expected.
Travel sector shows promise
Despite the lackluster job data report issued on Friday, it appears that sectors like travel and hospitality have shown growth. Rental car company Avis surged by more than 9%, likely for this reason.
All European indices opened higher today
The biggest winner in Europe was the GER40, which opened 23 points higher. The UK100 added 9 points and the FRA40 was up 12 points.
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