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Wednesday's stock market session brings a continuation of the recently initiated upward trend. However, the magnitude of these increases was partially erased during the second part of the session in the Old Continent when we learned of higher PPI inflation data from the USA.
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In September, the US PPI index showed an increase of 0.5% and 0.3% for the core value. It was the third consecutive month in which PPI inflation exceeded analysts' consensus.
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The publication of the Minutes slightly strengthened the position of "risk" related assets in the market. The EURUSD pair gained, indexes on Wall Street recorded increases.
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The German DAX gained over 0.25% today, the Portuguese PSI added 1.37%, and the Polish WIG20 gained over 0.85%. Overall, the Euro Stoxx 50 benchmark lost 0.09%.
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Louis Vuitton Moët Hennessy reported worse-than-expected results for the third quarter in almost all business segments, questioning the consumer's position in times of uncertainty dictated by the specter of global economic slowdown. The negative reaction to LVMH's results led to a nearly 0.45% decline in the French CAC 40 index.
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Exxon Mobil (XOM.US) finalized the acquisition of its competitor, Pioneer Natural Resources (PXD.US), in a transaction valued at 59.5 billion USD. This is Exxon's largest acquisition since purchasing Mobil for 75.3 billion USD in 1999.
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The dollar has been losing for several days after successive FOMC board members expressed satisfaction with current interest rate levels. Bankers also see the first signs of economic slowdown.
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Today, Raphael Bostic of the FED announced that he believes the cycle of interest rate hikes in the USA has come to an end. However, he emphasized that further data will be necessary to confirm this scenario.
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Waller of the FED took a similar position, noting that the FED should now observe the continued condition of the economy in an environment of higher interest rates. Moreover, the banker expects that the annualized Q3 GDP this year will exceed 4%.
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An exception to this rule seems to be Bowman, who added during a press conference that despite tightened financial conditions, interest rates might still rise.
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On the energy commodity market, we mainly observe a bearish mood. WTI crude oil is losing nearly 2.0% and is trading around 84.2 dollars per barrel.
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The best-performing currencies on the FX market are currently the Swiss Franc and the US dollar. The Antipodean currencies are experiencing the biggest drops.
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In the cryptocurrency market, we observe a downward pressure. Bitcoin falls below the 27,000 USD barrier and is losing nearly 3% intraday.
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