21/10/2026 – Daily Reports
OIL RISES AS MIDDLE EAST RISKS RETURN
- Oil prices climbed on renewed concerns over Middle East supply disruptions and falling US crude inventories. Brent rose to around $110 per barrel, while WTI approached $99.
- Japan’s exports increased 16.7% year-on-year in September, driven by demand for semiconductors and AI-related products, although the increase fell short of expectations.
- French stocks remained under pressure amid domestic political unrest, while US Treasury yields stayed elevated above 5%, keeping borrowing costs and inflation risks in focus.
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OIL INFLATION & EARNINGS SHAPE MARKET SENTIMENT
- Oil: Brent remains near $110 as Middle East shipping risks sustain supply concerns, keeping inflation fears alive.
- Equities: Asian stocks rebounded 1.5% on strong corporate earnings, although uncertainty over AI spending continues to threaten technology valuations.
- Gold & Silver: Gold fell for a fourth session to around $4,118, while silver slipped to $57.44. Rising oil prices are reinforcing expectations of tighter Fed policy and weighing on precious metals.
- Copper, Platinum & Palladium: Copper’s supply outlook remains supported by structural demand, while platinum and palladium face pressure from weakness across precious metals.
FX Daily: Dollar Weakens as Oil Prices Pose Fresh Risks
- Dollar Under Pressure: DXY briefly fell to 101.50 amid reports of progress in US–Iran negotiations and lingering AI-related concerns.
- Euro Faces French Risks: Political unrest and widening bond spreads weigh on the euro. EUR/USD may consolidate between 1.1200 and 1.1250.
- Sterling Rally Stretches: UK inflation rose to 3.5%, strengthening expectations of BoE tightening, although the pound faces growing correction risks.
- NZD Outlook Improves: Expectations of a 25-basis-point RBNZ rate hike next week could support further NZD gains against the AUD.
GLOBAL MARKETS | OCTOBER 21, 2026
Fed: Markets expect rates to remain unchanged in October, with a potential hike in December.
Equities: Strong corporate earnings support U.S. stocks, while AI investment concerns persist.Gold: Gold trades near $4,135, pressured by rising oil prices and rate-hike expectations.
Dollar: The dollar remains firm, while French fiscal and political uncertainty weighs on the euro.
GLOBAL MARKETS | OCTOBER 21, 2026
- The Nasdaq Composite closed down 0.02%, while the Dow rose 1.02% and the S&P 500 gained 0.28%. General Motors and GE Aerospace were among the largest S&P 500 decliners after earnings, down roughly 7% and 3.5%, while 3M rose almost 6%. Pending home sales fell 7.3% in September, against an expected 0.4% decline. Nasdaq futures outperformed overnight after strong forecasts from Super Micro and SpaceX.
- The DAX closed down 0.06%, as German economic sentiment fell. Adidas reported preliminary Q3 operating profit of €1.01bn versus €0.77bn expected, on sales of €7.25bn. Deutsche Börse raised its 2026 net revenue guidance again after Q3 results. DAX futures indicated a 0.4% higher open.
- The Nikkei 225 closed 545.82 points up 0.85%, after falling 1.30% on 20 October on renewed selling in chip and AI shares and rising oil prices. September exports rose 16.7% year on year, and Resonac led gainers with a 5.3% rise. The index briefly topped 65,000 before profit-taking.
- Spot gold fell 0.2% to $4,106 at 07:17 GMT, a fourth straight decline, Markets price roughly a 90% chance of a December Fed hike. The Fed is in its blackout period ahead of the 27–28 October FOMC meeting.
- Brent futures touched $111.31 on Tuesday, its highest since May,. Iran’s Revolutionary Guards said naval mines blocked three tankers using routes Tehran deemed unauthorized. UK Maritime Trade Operations reported a ship struck near Oman. API data showed distillate stocks fell 2.6 million barrels, about 12% below the five-year average.
