Bitcoin, Korea’s Kospi and Nasdaq futures rally as China GDP beats estimates — SkimNews
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- Bitcoin traded around $83,000 during early European hours, up 1% since midnight UTC and 1.60% over 24 hours, leading a broad crypto and equity rebound.
- Nasdaq futures gained more than 1%, with Japan's Nikkei adding 1.8% and South Korea's Kospi advancing 0.6%, recovering from last week's technology-led losses.
- China's economy grew 4.5% year-on-year in Q3, up from Q2's 4.3%, according to the National Bureau of Statistics, while retail sales jumped 1.1% — more than double the 0.5% analysts had forecast.
- Oil prices declined on both sides of the Atlantic, reversing some of last week's gains; Reuters attributed the drop to expectations that President Trump's Russia waiver would boost supply.
- Gold held near $4,180 and the Dollar Index stayed below 102 near Friday's lows, while the rebound aligned with the VIX's historical tendency to normalize after Friday spikes.
- The Federal Reserve is expected to keep its benchmark rate unchanged in the 4.75%-5% range this month, having raised rates by 25 basis points last month; a sustained oil decline could ease inflation pressure ahead of that decision.
Why it matters: The rally hinges on two simultaneous tailwinds: China's domestic demand beat — with retail sales more than doubling forecasts — signals the consumer base is gearing up, while Trump's Russia waiver is pulling oil lower and easing the inflation path that forced the Fed's September hike. For traders, the immediate beneficiary is risk assets priced off the Fed's next move, which the article pins at 'unchanged' this month.
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