- European equities close lower
- US stocks pared early losses
- Bitcoin trades near $62,000 as futures ETF poised to debut
European indices finished today's session lower, after China GDP came in below analysts’ expectations, which points out slowing economic growth in the second-largest economy. Industrial production in China last month fell short of expectations as well. Also inflation concerns still weigh on sentiment as natural gas and oil prices remain elevated after Gazprom dashed hopes for more supply in November. DAX fell 0.7%; both Italian FTSE MIB and French CAC 40 lost 0.8%, while FTSE 100 closed 0.4% lower.
Mixed moods prevail on Wall Street where S&P 500 and the Nasdaq managed to erase early losses, while Dow Jones is trading 0.11% lower as investors bet on a continuation of strong earnings reports from major companies. At the moment, 41 of S&P 500 companies posted third quarter figures with 80% of them topping EPS expectations, while the total estimated Q3 profit growth for the entire S&P 500 is 30%. A number of big names are set to report in the week ahead, including Netflix, Johnson & Johnson, United Airlines and Procter & Gamble on Tuesday. Investors favourite Tesla, together with Verizon and IBM will publish their quarterly figures on Wednesday. On the data front, industrial production in the United States fell 1.3% in September, following a revised 0.1% contraction in August and missing market expectations of 0.2% growth.
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Open account Try demo Download mobile app Download mobile appOn the commodities markets, WTI crude price fell from intraday high at $83.20 to the $81.50 a barrel, while Brent is trading 0.60% lower around $84.30 following weak data from US and Asia. Elsewhere, gold fell 0.2% and silver is trading 0.60% lower, subdued by higher US Treasury yields which bounced back to levels not seen since early June above 1.6%.
Bitcoin rose sharply during today’s session and is testing $62,000 level, the highest since April 15th as the market braces for a possible start of trading for the United States’ first Bitcoin exchange-traded funds (ETF) on Tuesday. Meanwhile most of the altcoins were not able to keep the pace of Bitcoin. Ethereum fell 0.50% and Ripple rose 0.30%.
GBPUSD pair approaches the upper limit of the short-term downward channel. Should the break lower occur, the upward move may be extended to resistance at 1.3770, which is marked with the upper limit of the 1:1 structure. On the other hand, if sellers manage to regain control, and break below the lower bound of the aforementioned channel, downward move may accelerate towards support at 1.3670 which is strengthened by EMA150 and lower limit of the 1:1 structure. Source: xStation5
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