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U.S. indices are on track to end the day significantly higher. The US500, US100, and US2000 indices are gaining between 1.00-1.15%, driven by the increasing probability of a win by Wall Street's favorite, Donald Trump.
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Cash markets will close regularly today, but futures markets, forex, and cryptocurrencies will be active all night. Investors' attention will focus on these instruments, and we can expect high volatility, especially since in recent weeks, markets have evidently started to price in a Trump victory.
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On the XTB platform, in the "News" section, we will provide live coverage of the situation and market reactions, as preliminary results from the first states will be known in just a few hours.
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European stock markets ended the session without a clear direction. The German DAX and French CAC40 are recovering from yesterday's sell-off (both up 0.3%), while Italy's FTSE MIB deepens its losses (-0.35%), and the British FTSE 100 retreats (-0.2%).
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Shares of Ferrari (RACE.IT), the Italian sports car manufacturer from Maranello, are down 6.80% today, despite a solid quarterly report. However, a decline in deliveries (especially in China) and lower growth dynamics gave investors a reason to take profits, with Ferrari shares dropping nearly 7% from levels close to historical highs.
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Shares of Palantir Technologies (PLTR.US) are up 23% at new all-time highs after the company posted third-quarter 2024 results that exceeded all forecasts. Palantir's success is driven by strong demand for its AI solutions, mainly from the U.S. government. The company's revenues grew by 30% year-over-year to $725.5 million, with over half (56%) coming from government contracts.
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U.S. economic activity data in the services sector indicates continued expansion, though the readings are mixed. The ISM Services Index increased for the fourth consecutive month, reaching its highest value since July 2022, while the S&P PMI came in slightly worse than expected (54.1 vs. 54.3 forecast). The ISM employment subindex performed the best (53 vs. 48 expected).
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The dollar is one of the weakest currencies in the G7, slipping 0.5% against a basket of currencies. The euro, British pound, and Australian dollar are posting gains.
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Precious metals are experiencing moderate increases in response to U.S. election uncertainty. Gold is up 0.15%, silver is gaining 0.6%, and platinum is adding 1.55%.
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In the cryptocurrency market, we are seeing a significant rebound, partly as a recovery from yesterday's panic sell-off and partly due to the rising probability of a Trump victory. It is worth noting that the Republican candidate is favored by the cryptocurrency sector.
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Dogecoin, the most famous memecoin, partly linked to Elon Musk (and Donald Trump), is up more than 10.60% ahead of the U.S. presidential election results.
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