Here We Go: Fed Decision and Microsoft, Alphabet Earnings in Focus; Sentiment Neutral as Equities Edge Higher
The week is getting into full swing, with markets awaiting monetary policy decisions from the Bank of Canada and the US Federal Reserve, alongside quarterly earnings from Microsoft and Alphabet. While the Fed is widely expected to leave interest rates unchanged, earnings reports are expected to show rising revenues and greater sustainability in investment spending. SK Hynix’s results are encouraging in this respect.
Financial markets continue to display neutral sentiment, with a slight improvement in equities and fixed income remaining firmly in neutral territory. The US dollar and oil remain above a score of 60, while volatility remains subdued. Futures point to a positive start for European markets, while US markets are expected to open broadly flat.
Market Weather Map
October 28, 2026
US Equities
Eu Equities
Asia Equities
Commodities
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Dollar Index
Technology
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Market Summary
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Financial markets are showing neutral sentiment today. Intermarket analysis indicates a Market Health Score of 65/100. Two ratios stand out today: the S&P 500/VIX and S&P 500/Nasdaq ratios are testing their long-term moving averages. The former is touching this level as it attempts to regain a risk-on stance, while the latter is moving closer to it, supported by a modest improvement in sentiment towards the AI sector. Otherwise, there have been few changes. The Commodities/Bonds ratio is worth monitoring as it approaches support at its medium-term moving average.
Across asset classes, the overall picture remains broadly stable. Global equities may attempt to move back above their medium-term moving average, while bonds remain halfway between their long-term and medium-term moving averages.
Our market weather map signals a slight improvement in equities, with the exception of Asia, while the US dollar and oil remain above the 60-point threshold. Cryptocurrencies and commodities remain in neutral territory, but below the 50-point mark.
Looking at weekly changes, US small caps have gained nearly 20 points, while Brazilian equities have lost 17 points. In the currency market, the USD/JPY exchange rate has weakened further, potentially signalling a divergence between the Fed’s and the Bank of Japan’s policy decisions in the coming hours.
Global Futures – Pre-Market Sentiment
Pre-Market Futures: Global futures point to a moderately risk-on sentiment (+0.23% on average), with the US slightly negative (-0.01%), Europe slightly positive (+0.30%) and Asia slightly negative (-0.30%).
📊 Global Futures – Pre-Market Sentiment
- Taiwan: +3.40%
- FTSE MIB: +0.98%
- IBEX 35: +0.91%
- Nifty 50: -0.81%
- CSI 300: -0.48%
- Nikkei 225: -0.36%
Macroeconomic calendar
On the macroeconomic front, today’s agenda includes Australian inflation data, an update on Germany’s consumer confidence index, India’s industrial production figures for September 2026, and central bank decisions from the Bank of Canada and the Federal Reserve.
On the earnings front, the technology sector takes centre stage today, with results from SK Hynix, Microsoft and Alphabet.
Assets to watch
Data as of Oct 27, 2026We have split the KBMeter scores into three bands, depending on their value: Weak, Intermediate or Strong. Here you can see which bands are most at risk of changing over the next 5 days and which ones hold.
The number on the right is the share of similar past cases in which the band had changed after 5 days. The higher it is, the more likely it is to change. The arrow in the current band appears when the asset is close to the border with the neighbouring band.
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It does not say whether the price will rise or fall and it is not investment advice.
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NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 28 October 2026 - 8:34 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.