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On Thursday US indexes declined due to the minutes of the Fed meeting

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On Thursday US indexes declined due to the minutes of the Fed meeting
October 19
09:00 2018

The leaders’ decision to raise the key rate was the result of the meeting. It will be fixed at a level that holds back the economic activity. Such measures are needed to reduce inflation and keep its level at around 2%.

This year Fed has tripled the rate on federal loans to 2.25%.

Investors are worried about falling of Chinese markets. The Shanghai Composite Index has fallen by 3% and reached its minimum since 2014. During this year, it has lost about 25%.

The number of the unemployed Americans who applied for benefits decreased by 5 thousand people and amounted to 210 thousand.

This month, the index of manufacturing activity has declined by 0.7 points to the value of 22.2. This is a minimum for the past year and a half. However, the forecasts were worse. It was expected that the index would fall to the level of 20.5 points.

Leading Economic Index justified the forecast. In September, it was 0.5%. Previously, it was lower – 0.4%.

Securities of Bank of New York Mellon Corp have lost almost 3%. Despite the fact that profit in the third quarter increased by 9%, the revenue was less than predicted by experts.

The shares of Tesla became cheaper by 3%.

The aluminum giant Alcoa has shown a growth of 6% due to positive quarterly reports.

Due to the reports of power plant constructions in Iraq amounting to $15 billion, the capitalization of General Electric has risen by 1.5%.

Securities of Philip Morris have grown by 3.5% due to the positive quarterly reporting.

The cost of the pharmaceutical company Endocyte has soared by half after the news that Novartis (Switzerland) will buy it for $2.1 billion.

Analysts say that such corrections are absolutely normal for the current situation in the financial markets and one should be ready for a new price rally at the end of the year.

On Thursday, the Dow Jones Index fell by 1.3%, while S&P 500 lost its 1.4% and Nasdak became cheaper by 2.05%.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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