(MENAFN- DailyFX (IG)) ​​​Macro update

​Global stock markets rose strongly amid growing optimism that the 40-day US government shutdown may soon end, after the Senate advanced legislation to fund the government through late January.

US futures climbed and Treasury yields edged higher - with the 10-year at about 4.14% - as sentiment improved despite weak consumer confidence data.

In Asia, equities rebounded: Japan's Nikkei 225 rose ~1.3%, South Korea's KOSPI surged more than 3%, and Indonesia hit a record high as regional shares rallied.

European futures pointed to a strong open: the Euro Stoxx 50 and the DAX 40 futures climbed about 1.5%, and FTSE futures gained 0.85%, reflecting global hopes over a US deal.

China's inflation data showed signs of stabilising: producer-price deflation eased and consumer prices turned positive in October, offering a glimmer of improvement for Beijing's industrial over-capacity challenge.

Bank of Japan (BoJ) minutes from the October meeting revealed increasing policy-maker support for near-term rate hikes - conditional on sustained wage growth momentum.

​Nasdaq 100 bounces off support

​The Nasdaq 100 underperformed and recorded its weakest week since the sharp post–Liberation Day decline in early April amid the longest government shutdown in history.

​Friday saw a minor recovery with a 'hammer' forming on the daily candlestick chart. The potentially bullish pattern needs to be confirmed by a daily chart close above Friday's 25,065 high on Monday, though.

​Potential upside targets are the 10 October high at 25,195, the 24 October low at 25,288 and Wednesday's low at 25,235.

​Minor support sits at the 16 October 24,998 high ahead of the 55-day moving average (SMA) at 24,709, the 22 October low at 24,652 and Friday's trough at 24,604.

Nasdaq 100 daily candlestick chart Source: TradingView ​EUR/USD looks short-term bid

​EUR/USD is heading towards the downtrend channel resistance line at $1.1601, a rise above which would likely target the 11 September and 25 September lows at $1.1646-to-$1.1661 which may act as resistance.

​Potential slips may find support between the late August-to-mid-October lows at $1.1574-to-$1.1542.

EUR/USD daily candlestick chart Source: TradingView ​WTI tries to recover

​WTI continues to range trade but whilst doing so is seen bouncing off last week's $58.83 per barrel low whilst aiming for the early October low at $60.40.

​Once bettered, the early September low at $61.45 and the early November high at $61.50 may be back in sight.

​Minor support sits at the late October $59.64 low.

​A bullish reversal and rally above last Monday's $61.50 high is needed for the late October peak at $62.59 to be back in play. Only a rise and daily chart close above this level and the 8 October high at $62.92 would put the bulls back in control.

WTI daily candlestick chart Source: TradingView Important to know

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