Why IMU is a multi multi bagger, page-26904

Global markets were all down overnight. Though there were some good indications for the short term future.

In Europe, the markets were fairly flat.

The FTSE fell 6 points (.07%), the DAX fell 44 points (.23%) and the CAC fell 18 points (.24%).

In the US, markets ended up fairly flat after initially falling strongly.

The DOW fell 57 points (.14%), the NBI fell 2 points (.05%), the NASDAQ Composite fell 9 points (.025%) and the Russell small cap index fell 12 points (.55%).

US September CPI data came in at 2.4% - this was down from 2.5% in August. Market expectations were for 2.3%. Not much to read into a single report as Inflation does not move in a straight line but US markets reacted negatively anyway - though they recovered strongly from the initial reaction.

US money markets interpreted the figures as meaning the US Fed will cut interest rates again in November.

US Jobless claims were hotter than expected came in at 258k - above expectations of 230k.

China has announced that the Chinese Finance minister will hold another briefing on stimulus on Saturday.

Given the late recovery in the US and potentially more stimulus from China, the ASX may actually end up in the green today.

US Treasury 10 year bond yield sits at 4.079%.

Oil prices rose strongly - Brent crude at US$79.48 per barrel.

Gold price is up slightly and is sitting at US$2,629 per oz.

BITCOIN slumped and is now below the US$60k barrier - sitting at US$59,692.