Platinum Falls Toward $1,600 Per Ounce

The US equity markets posted a solid rebound on Wednesday. By the close, the Dow Jones (US30) gained 0.69%, the S&P 500 (US500) advanced 0.58%, and the technology-focused Nasdaq (US100) climbed 1.13%. Strong corporate earnings and upbeat business updates were the primary drivers of investor optimism, reinforcing confidence in the long-term outlook for both AI infrastructure and the aerospace sector.

A key highlight of the session was the strong rally in SpaceX (SPCX) shares, which surged 7.8%. The company reported its first net profit since its landmark public listing in June, posting third-quarter net earnings of $4.4 billion amid a significant expansion of the Starlink network and increasing launch activity. Positive signals also emerged from AI hardware suppliers. Super Micro Computer surged 9.5% after raising its revenue guidance, lifting shares of HPE (+3.7%), Dell (+5.3%), and leading semiconductor manufacturers including Nvidia (+2.5%), AMD (+3.4%), and Intel (+1.3%).

European stock markets staged a strong recovery on Wednesday, ending a two-day losing streak. Germany’s DAX (DE40) rose 1.35%, France’s CAC 40 (FR40) gained 1.06%, Spain’s IBEX 35 (ES35) advanced 1.21%, and the UK’s FTSE 100 (UK100) closed 0.19% higher. Sector performance reflected robust demand for technology stocks, with the sector gaining nearly 2% following strength in US peers and positive developments across AI server supply chains. The energy sector also added more than 1%, supported by oil and natural gas prices remaining near local highs.

Platinum prices (XPT) declined toward $1,600 per ounce, reaching a three-month low under the combined pressure of monetary risks and a deteriorating industry supply-demand balance. As with other precious metals, the latest sell-off has been largely driven by rising energy prices linked to the Middle East conflict. Higher interest rates and government bond yields increase the opportunity cost of holding non-yielding assets such as platinum. Unlike gold, however, platinum is also facing significant pressure from its own physical market fundamentals. According to the latest report from the World Platinum Investment Council (WPIC), the 2026 market outlook has been revised to a surplus of 265,000 ounces, driven by ETF outflows and slower jewelry demand, particularly in the key Chinese market.

Crude oil prices (WTI) gave back part of their previous gains on Wednesday, stabilizing around $97 per barrel. The main factor limiting further upside has been evidence that physical export volumes from Middle Eastern producers remain resilient, effectively offsetting the geopolitical risk premium generated by escalating attacks on shipping routes and energy infrastructure across the region.

In Asia, Japan’s Nikkei 225 (JP225) gained 0.85%, China’s FTSE China 50 fell 1.24%, Hong Kong’s Hang Seng (HK50) declined 0.90%, while Australia’s ASX 200 (AU200) closed 0.16% higher on Wednesday.

The NZD/USD pair briefly slipped toward 0.568 while remaining near monthly highs following the release of New Zealand’s third-quarter inflation report. Annual inflation slowed to 3.7%, down from 4.1% in the second quarter and below the Reserve Bank of New Zealand’s outlook of 3.9%. Quarterly CPI growth came in at 0.7%, largely reflecting a temporary decline in fuel prices during the late winter and early spring period. Despite the slowdown, inflation remains well above the Reserve Bank of New Zealand’s (RBNZ) target range of 1-3%. Core inflation and non-tradable inflation, which remains elevated at 3.3%, continue to display persistence, reinforcing expectations of further monetary tightening.

In Australia, comments from RBA Deputy Governor Andrew Hauser regarding a “material deterioration” in the inflation outlook and risks of inflation becoming entrenched above 3.5% prompted investors to significantly increase their expectations of a rate hike at the November 3 policy meeting. Markets are now pricing in approximately a 40-50% probability of further tightening. Against this backdrop, Australian equities (AU200) came under selling pressure at Thursday’s market open.

• S&P 500 (US500) 7,757.17 +44.60 (+0.58%)

• Dow Jones (US30) 52,856.09 +360.21 (+0.69%)

• DAX (DE40) 25,645.04 +340.62 (+1.35%)

• FTSE 100 (UK100) 10,752.88 +19.88 (+0.19%)

• USD Index 101.70 0.00 (0.00%)

News feed for: 2026.10.22

• New Zealand Consumer Price Index (m/m) at 00:45 (GMT+3) – NZD (HIGH)

• Hong Kong Inflation Rate (m/m) at 11:30 (GMT+3) – HK50 (MED)

• US Initial Jobless Claims (w/w) at 15:30 (GMT+3) – USD (MED)

• Canada Producer Price Index (m/m) at 15:30 (GMT+3) – CAD (MED)

• US Natural Gas Storage (w/w) at 17:30 (GMT+3) – XNG (HIGH)