Friday's Markets Update (October 13, 2023)

13 Oct 2023 by rate3

On Friday, Michigan Consumer Sentiment index is down, but the daily decline of Nasdaq and other stocks might be attributed more to technical factors aligned with rising geopolitical concerns prompted by the escalation in the Middle East conflict. Meanwhile, BTC and ETH are trading sideway below their key support levels (27K and 1.6K) amid rising worries that they might get lower before getting higher. Other news: Bloomberg reports Coinbase trading volumes dropping more than a half in Q3 2023.

Details

The consumer sentiment fell to a five-month low in October, according to the University of Michigan. Consumers are more worried about inflation and the economy than they have been in months. However, they believe the current downturn will be temporary.

Crypto

Bloomberg report found that the CoinBase trading volume decreased by more than 50% in the third quarter of 2023.
On Week 42 Investors will be focused on the start of the earnings season in the US, as well as speeches from Fed officials and data on retail sales, building permits, housing starts, existing home sales, and industrial production. Internationally, inflation rates and China's Q3 GDP growth rate will be closely monitored. The UK, Germany, South Korea, and Indonesia will also release key economic data and interest rate decisions.