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Silver ended below $25 an ounce on Friday, as investors digest the latest US presidential debate while sought further clarity on a coronavirus aid package. Joe Biden and Donald Trump had the last debate before the presidential election on Thursday and the Democrat continues to lead the polls. Meanwhile, US House Speaker Nancy Pelosi on Thursday said negotiators were making progress in talks with the Trump administration for another round of financial aid amid the Covid-19 pandemic and that legislation could be hammered out “pretty soon. On the week, silver added 1.8%.

Moody’s Investors Service downgraded on Friday 23 October 2020 Isle of Man’s sovereign credit rating to Aa3 from Aa2 and changed the outlook to stable from negative, citing as main trigger behind the cut Moody's recent downgrade of the Government of United Kingdom's government bond ratings to Aa3 from Aa2, as the Isle of Man's status as a Crown Dependency means that the UK takes on some functions of government on the island's behalf. Standard & Poor's credit rating for Isle of Man stands at N/A with n/a outlook.

Gold ended nearly flat around $1,901 an ounce on Friday, and booked a meagre 0.1% gain on the week as investors await further developments around a new US fiscal stimulus. US House Speaker Nancy Pelosi on Thursday signalled optimism on a stimulus deal as negotiators were making progress but a fresh coronavirus aid bill before the election on November 3rd seems unlikely. Meanwhile, Joe Biden and Donald Trump had the last debate before the presidential election on Thursday and the Democrat continues to lead the polls.

The dollar index ended lower around 92.8 on Friday as investors digest the latest presidential debate and stimulus talks. Joe Biden and Donald Trump had the last debate before the presidential election on Thursday and the Democrat continues to lead the polls. Meanwhile, While House Speaker Nancy Pelosi signalled optimism that a stimulus bill can be approved, she also admitted that it may take a while for legislation to be written and signed. Meanwhile, Treasury Secretary Mnuchin said “We’ve offered compromises, The speaker, on a number of issues, is still dug in. If she wants to compromise, there will be a deal". Yet, a fresh coronavirus aid bill before the election on November 3rd seems unlikely. On the week, the dollar lost 1% loss. The dollar has been weakening since mid-May and is down near 5% on the year amid rising optimism about the global economic recovery, specially a robust rebound in China.

S&P Global Ratings changed on Friday 23 October 2020 Azerbaijan’s sovereign credit rating outlook to negative from stable and affirmed the debt grade at BB+, citing as main trigger behind the revision rising risks to Azerbaijan's fiscal performance, external balance sheet, and macro-financial stability amid the significant recent military escalation of the Nagorno-Karabakh conflict, which may take quite some time to resolve. Moody's credit rating for Azerbaijan was last set at Ba2 with stable outlook. Fitch's credit rating for Azerbaijan was last reported at BB+ with negative outlook.

S&P Global Ratings changed on Friday 23 October 2020 Italy’s sovereign credit rating outlook to stable from negative and affirmed the debt grade at BBB, citing as main trigger behind the revision extraordinary fiscal measures for 2020 worth 6.1% of GDP and the European Central Bank’s expansion of its asset purchase programs and a Recovery and Resilience Fund, which is set to provide Italy up to 12.5% of GDP in grants and loans, conditioned on pro-growth reforms. Moody's credit rating for Italy was last set at Baa3 with stable outlook. Fitch's credit rating for Italy was last reported at BBB- with stable outlook. DBRS's credit rating for Italy is BBB (high) with negative outlook.

Brazil’s Ibovespa lost 658 points or 0.7% to 101,260 on Friday, as US fiscal stimulus talks continued. On the domestic side, the FGV consumer confidence index fell in October for the first time in six months, shedding one point to 82.4 points to snap a run of five monthly increases from April's record low 58.2, and slipping further back from the pre-pandemic level of 87.8 in February. During the week, the Ibovespa jumped 3%.

Brent crude futures dropped 1.8% to below $41.7 a barrel on Friday, booking a 2.9% fall on the week, the first weekly loss in three, as surging global coronavirus cases raised concerns over fuel demand recovery. Putting a floor under prices were comments from Russian President Putin, prospects of further stimulus in the US and coronavirus vaccine news. Russian President Putin said on Thursday that he was prepared to extend record supply cuts as cases of COVID-19 surge in the US and Europe. At the same time, American pharmaceutical company Gilead Sciences received US FDA approval for its antiviral therapy.

WTI crude futures dropped 2.2% to near $39.8 a barrel on Friday, booking a 2.7% drop on the week, the first weekly decline in three. Concerns over fuel demand recovery mounted as the number of global coronavirus infections continue to rise with several countries including the UK, Spain, Italy and the US state of Utah imposing fresh restrictions. On the production side, Libyan oil output is expected to rise further by the end of the month also pressured crude prices. On the other hand, prospects of an extension to OPEC-led supply curbs and coronavirus vaccine news prevented further declines. Russian President Vladimir Putin said on Thursday that he was prepared to extend record supply cuts as cases of COVID-19 surge in the US and Europe. At the same time, American pharmaceutical company Gilead Sciences received US FDA approval for its antiviral therapy.

Mexico’s IPC gained 55 points or 0.1% to 38708, as the gradual domestic recovery continues. On Friday, the MXN appreciated a sharp 0.6% against the dollar after data showed retail sales rose 2.5% in August and booked the fourth straight monthly increase, as consumer spending continues to recover from lockdowns. The peso continues to be the strongest currency among emerging markets with a 6% gain in October, as presidential candidate Joe Biden continues to lead polls and the AMLO administration announced early in the month a new private-public infrastructure program worth 1.4% of GDP. During the week, the IPC jumped 2.2%.

Canada’s TSX index gained 25 points or 0.1% to 16,304 on Friday, as investors continued to monitor US fiscal stimulus talks and coronavirus cases and hospitalizations continued to increase in the northern hemisphere. On the data front, Statscan estimated that wholesale sales in September increased by 0.4% after rising 0.3% in August. On the commodities front, WTI crude oil prices declined 2.2% on Friday to trade at $39.76 a barrel, while gold prices edged up 0.1% to trade at $1906 per ounce. During the week, the TSX lost 0.9%.

Wall Street closed little changed on Friday and the Dow snapped a three-day winning streak, as fiscal stimulus uncertainty continued amid rising cases in the US and Europe. While House Speaker Nancy Pelosi signalled optimism that a stimulus bill can be approved, she also admitted that it may take a while for legislation to be written and signed. Meanwhile, Treasury Secretary Mnuchin said “We’ve offered compromises, The speaker, on a number of issues, is still dug in. If she wants to compromise, there will be a deal". On the pandemic side, Covid-19 hospitalizations rose and reached new records across the US West and Midwest on Thursday. The Dow Jones lost 28 points or 0.1% to 28336. In contrast, the S&P 500 added 12 points or 0.3% to 3465 and the Nasdaq gained 42 points or 0.4% to 11,548. During the week, the Dow lost 0.9%, the S&P declined 0.5% and the Nasdaq dropped 1.1%.

The Dow Jones erased earlier gains to trade slightly lower while the S&P 500 and the Nasdaq were nearly flat as investors weigh developments on a stimulus bill, earning results and new economic data. While House Speaker Nancy Pelosi signalled optimism that a stimulus bill can be approved, she also admitted that it may take a while for legislation to be written and signed. Meanwhile, Treasury Secretary Mnuchin said “We’ve offered compromises, The speaker, on a number of issues, is still dug in. If she wants to compromise, there will be a deal". On the corporate front, Intel shares fell more than 10% after earnings came in line with forecasts but revenues missed expectations. On the positive note, flash Markit PMI readings for the US suggest the economy is recovering from the pandemic, and Gilead Sciences’ antiviral drug remdesivir was approved by the US Food and Drug Administration as a treatment for COVID-19.

Top commodity gainers are Orange Juice (3.37%), Platinum (2.10%) and Lean Hogs (1.32%). Biggest losers are Lumber (-2.79%), Crude Oil (-2.31%) and Gasoline (-2.18%).

WTI crude futures dropped nearly 2% to trade around $40 a barrel on Friday, heading for the first weekly loss in three amid mounting concerns over fuel demand recovery as the number of global coronavirus infections continue to rise with several countries including the UK, Spain, Italy and the US state of Utah imposing fresh restrictions. Putting a floor under prices were prospects of an extension to OPEC-led supply curbs and coronavirus vaccine news. Russian President Vladimir Putin said on Thursday that he was prepared to extend record supply cuts as cases of COVID-19 surge in the US and Europe. At the same time, American pharmaceutical company Gilead Sciences received US FDA approval for its antiviral therapy.

The IBEX 35 added 97 points, or 1.4% to close at 6,893 on Friday, amid prospects of further stimulus in the US and upbeat vaccine news. Coronavirus remained in the spotlight after Europe crossed the 200K daily coronavirus infections for the first time on Thursday but biopharmaceutical company Gilead Sciences received US FDA approval for its antiviral therapy. Spain reported on Thursday another daily record of 20,986 Covid-19 cases. Meantime, the Madrid regional government has announced new restrictions aimed at curbing the spread of the coronavirus when the current state of alarm expires on Saturday. Under the new rules, socializing with people outside of one’s household will be prohibited between midnight and 6am, both in private and public spaces. On the corporate front, Melia Hotels shares led the gains after the UK announced on Thursday that it included the Canary Islands on its list of safe destinations. For the week, the Ibex 35 rose 0.6%.

European stocks closed higher on Friday, with Frankfurt's DAX 30 rising 0.8% to end at 12,646 as carmakers and bank shares outperformed amid upbeat corporate updates. Germany’s Daimler AG raised its full-year profit forecast and reported stronger-than expected quarterly results while Renault said it should have positive cash flow from cars by the end of 2020. At the same time, shares of Barclays jumped as its consumer businesses swung back to profit and provisions against bad loans fell in the third quarter. Meanwhile, coronavirus remained in the spotlight, with Europe crossing the 200K daily infections for the first time on Thursday but biopharmaceutical company Gilead Sciences received US FDA approval for its antiviral therapy. On the economic data front, PMI figures showed Eurozone’s private sector activity fell back into contraction territory in September due to steep deterioration in the service sector. Still, for the week, the index shed 2.1%, the largest loss in a month.

The CAC 40 gained 58 points, or 1.2% to 4,910 on Friday, after being little changed in the previous session, after quarterly results for Michelin, L'Oréal, Renault and Elis suggest companies are recovering from the pandemic-hit. Sentiment was also supported by prospects of more stimulus in the US and as Gilead Sciences’ antiviral drug remdesivir was approved by the US Food and Drug Administration as a treatment for coronavirus. Still, the CAC 40 lost 0.5% on the week, on the back of rising coronavirus infections and concerns about new lockdown measures.

The FTSE 100 gained 75 points, or 1.3% to close at 5,860 on Friday, extending previous sessions gains amid stronger-than-expected corporate updated and mixed domestic data. Bank shares were among the best performers led by Barclays as its consumer businesses swung back to profit and provisions against bad loans fell in the third quarter. On the economic data front, latest figures showed retail sales in the UK rose 1.5% over a month earlier in September, beating market expectations and taking total sales volumes to 5.5% above their level before the pandemic. Meanwhile, PMI data showed British private sector grew at the softest pace in four months in October, as both services and manufacturing output growth slowed. On the coronavirus side, Europe crossed the 200K daily coronavirus infections for the first time on Thursday but Gilead Sciences received US FDA approval for its antiviral therapy. Still, for the week the index lost 1.1%.

The FTSE MIB rose 208 points, or 1.1% to 19,285 on Friday, after being little changed in the previous session as investors' risk appetite improved amid prospects of more stimulus in the US and as Gilead Sciences’ antiviral drug remdesivir was approved by the US Food and Drug Administration as a treatment for coronavirus. Still, the FTSE MIB lost 0.5% on the week, as Italy has in recent days broken several records for new daily infections and the regions of Lombardy and Lazio imposed a curfew.