- S&P closed +0.45% last week, while US 10Year treasury yield dropped 19.3bps. Market didn’t like the inflation figures in September, core PPI month-over-month 0.3% vs 0.2% estimated, CPI was 3.7% vs 3.6% estimated and core CPI 4.1% matched with estimated. These numbers indicated the resilience of sticky inflation and marked the third month of difficulty getting the disinflation momentum continued. The market erased most of the weekly gain in the second half of the week. However, despite that, the market expected the probability the Fed to remain unchanged increased from 73% to 91% in the upcoming November FOMC meeting and 66% chance unchanged throughout the year after several Fed committees expressed "proceed with caution" in their Fed rate decision.

- Geopolitical risk remains heated, countries urged to stop wider conflict. Iran demanded Israel to stop attacking Gaza, warning the war could expand further if Hezbollah joins the battle. Hezbollah was reported carried several attacks in northern part of Israel. US crude oil increased 5.97% in a week, risk heaven assets such as gold increased 5.45% and US treasury prices increased across the duration.

- Last Friday, Citibank, JPMorgan, Wells Fargo and BlackRock Q3 earnings were reported better than analysts’ forecast, keeping the earning multiple consensus in place.

 

Upcoming Economic Calendar including,

 

- JPMorgan’s most anticipated Tokenised Collateral Network, TCN has gone live with its first collateral settlement by BlackRock to turn shares in one of its money market funds into tokens, which then transferred to Barclays as collateral for an over-the-counter derivatives trade between the two institutions.

- US SEC reported not to appeal the court ruling with Grayscale, conversation between two parties will begin in the next 2 weeks. Bloomberg ETF specialist expected 90% chance BTC spot ETF will be approved by 10th January 2024.

- BitVM was introduced, allows computable functions to be optimistically verified on Bitcoin without a soft fork.

- Mastercard participated in the CBDC pilot project in Australia, demonstrated CBDC used to purchase a NFT listed on Ethereum.

 

- Scroll mainnet has been live with genesis block produced on 10th October.

 

- BigTime, Free-to-Play MMORPG game officially launched BIGTIME token on multiple CEXs.

- Tangible’s stablecoin, USDR depeg as a result of redemption run of its most stable in its collateral pool, DAI. Leaving majority holdings of native tokens TNGBL and illiquid inflated real estate valuation.

- SSV Network co-founder, Alon Muroch, was being drafted into the Israel military. Orbs, Bancor, Open Campus, Secret Network, StarkNet and Braavos are Israel-based protocols.

- Farcaster, Vitalik-endorsed decentralised social platform went live on OP with permissionless sign-up.

- Immutable X joined Amazon’s ISV Accelerate Program.

- Rio Network introduced liquid restaking tokens, reETH powered by Eigen Layer.

- Blur announced its season 2 airdrop until 20th November.

- Reserve Protocol is live on Base.

 

- Apecoin proposed to develop a ZK-L2 with Polygon CDK.

- APE Token Unlocked on 17th October, amount representing 4.23% of the token supply.

- AXS Token Unlocked on 20th October, amount representing 11.5% of the token supply.