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Daily Global Market Update by Kristal.AI - Oct 20, 2021

Posted On: 2021-10-20 08:59:08 (Time Zone: IST)


SPX above 4500 again

Positive earnings, led by Netflix were sufficient to boost SPX by 0.75% despite real yields rising by 6 bps on the session, indicating inflation concerns still persist. It was a strong session for the index, gaining three quarters of a percentage point with 73% of the constituents up on the day. All sectors closed in green with broad-based gains except Consumer discretionary, which was down close to 0.3%. The recent move up takes YTD SPX gains above 20% (less than 1% away from record highs) with Energy the clear leader at +53% YTD and Financials coming in second at 35% YTD. Healthcare has underperformed the broad index this year, bringing up the rear at 13.5% YTD.

The First Bitcoin ETF (BITO) in the US started trading to much fanfare yesterday. The ETF gains exposure to the cryptocurrency via futures and no physical Bitcoin is held. At an expense ratio of 0.95%, it is on the lower end for the crypto space as well. Grayscale also filed with the SEC to have its USD 40 bn Trust converted into an ETF structure. The moves helped Crypto close higher on the day with Bitcoin gaining 4.5% and Ethereum gaining close to 2%.

Optimism persisted in other markets too, volatility was lower overall across Equity and FX as the Dollar traded softer. Yield curves got steeper once again across Europe and the US. We also saw a big move in CNH, with $CNH trading below the 6.4 level now. China and HK led equity gains in Asia and China HY was up on the day as well. This is a bit surprising given the rumor that Evergrande's 51% stake sale to Hopson could fall through. Sentiment towards real estate onshore seems to have taken a hit overall and the offshore bonds for the most indebted developers continue to trade at deeply distressed levels. On the positive side, Evergrande did make an onshore coupon payment equivalent to USD 327 mn to avoid default. China held its 1Y and 5Y prime rates this morning but most participants expect another RRR cut to come through in the next month to boost the liquidity situation.

Not much expected on the economic front today with inflation data out of Europe later and weekly Crude inventories in the US. Earnings today include Tesla, Verizon and IBM among others."


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