Monday Morning Must-Knows - October 21, 2024
Monday Morning Must-Knows by Trading Academy
October 21, 2024
Will BRICS Currency Challenge the US Dollar?
It’s been an exciting week for the markets! Bitcoin has finally broken out of its 6-month downtrend, while the S&P 500 and gold hit new highs.
There's a packed earnings calendar with 755 companies reporting. Monday is quiet with SAP and Nucor, but things pick up on Tuesday with GE, Texas Instruments, and Lockheed Martin, among others. Tesla, Amazon, and Boeing report later in the week, which could move the market.
International manufacturing and services data from Europe and the US are also scheduled, alongside an expected 50 basis point rate cut by the Bank of Canada.
Housing data (existing and new home sales) is key as it impacts inflation.
Lastly, the BRICS summit could spark volatility as talks of a new currency to challenge the US dollar gain momentum, with countries like Brazil, Russia, China, and India leading the discussion.
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