European refinery plans, Fed rate outlook and crypto hacks shape a volatile start to the trading day.

Global markets opened with mixed signals on Monday. Europe’s renewed push to scale back oil refining adds pressure on energy stocks, while U.S. Federal Reserve officials hinted that further rate hikes may still be on the table. In the crypto arena, a massive Binance breach has reignited security concerns, and a handful of consumer‑oriented equities drew attention after Jim Cramer’s recent recommendations. Overall, risk appetite appears cautious as investors weigh policy developments against earnings and political headlines.

Currencies and central banks

Federal Reserve presidents Alberto Musalem and Lorie Logan signalled that the central bank could resume rate hikes if inflation remains sticky, reinforcing a bullish stance on the U.S. dollar. The commentary kept major pairs such as EUR/USD and GBP/USD under pressure, with the greenback holding modest gains against the euro and the pound. No other central‑bank announcements were noted in the latest feed.

Gold and commodities

Spot gold slipped below the $4,000 level, touching its lowest point in more than a year as bearish momentum accelerated. Analysts highlighted a breakdown toward the $3,500 region if the downtrend continues. Meanwhile, oil prices rose in October amid fears of supply disruptions, and European policymakers are re‑examining refinery capacity reductions, a move that could reshape demand dynamics later in the year.

Crypto

The crypto market faced a shock after Binance disclosed a $6.3 billion theft, the largest on‑record hack. Attackers quickly moved stolen stablecoins into assets that are harder to freeze, prompting Tether and Circle to immobilise billions of dollars. Despite the turmoil, some tokens posted gains – Hyperliquid surged 17%, while MemeCore and Quant posted double‑digit increases – indicating pockets of resilience amid broader sell‑offs.

Stocks

Equity markets reflected heightened volatility ahead of key U.S. earnings and the midterm elections. Jim Cramer urged investors to look beyond the struggling AI sector, spotlighting four consumer staples he believes are undervalued. Conversely, S&P Global Ratings cut Meta’s outlook to negative, citing heavy capital spending and cash‑flow worries. Intel’s shares tumbled after a weak forecast, marking its worst daily decline in five decades despite beating earnings expectations.

Key calendar events (next 24 hours)

Related news

• Canadian dollar holds gains despite stalled domestic growth
• Binance hackers race to move stolen funds before freeze
• Gold breaks below $3,942, $3,500 target in focus
• Yen weakness persists despite BoJ hawkish hold

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This article is compiled from international market news for information only. It is not investment advice.