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Wall Street indices are recovering some losses after yesterday's weak cash session. The US500 is up 0.30% and is trading around 4770 points. Today, the index again attempted to break through the historical highs at the 4800 point level. The US100 is up 0.40% to 16900 points.
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The German DAX and British FTSE 100 both lost exactly 0.27% in intraday trading. In the banking sector, Commerzbank notably rose after announcing it had received approval from the European Central Bank to buy back its own shares worth up to 600 million euros.
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Final U.S. GDP data for the 3rd quarter was slightly worse than expected but still solid. Today, we also had several other interesting publications in the U.S., with the data package as follows:
- US Q3 GDP (3rd reading): 4.9% (expected: 5.2% - as per the second reading, compared to 2.1% in Q2)
- Consumption: 3.1% (expected: 3.6%; previously: 3.6%)
- GDP deflator: 3.3% (expected: 3.5%; previously: 1.7%)
- Quarterly PCE inflation: 2.6% (expected: 2.8%; previously: 2.5%)
- Jobless claims: 205,000 (expected: 214,000; previously: 203,000)
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Canadian retail sales for October also came out slightly worse than expected. The main value: 0.7% m/m against the expected 0.8% m/m (previously 0.6% m/m). However, core data was in line with expectations at 0.6% m/m vs. the expected 0.6% m/m (previously 0.2% m/m).
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In the precious metals market, we observe better sentiment. Gold, silver, platinum, and palladium are all gaining. Gold is trading 0.40% higher at around $2040 per ounce.
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Natural gas is up over 6.0% after a lower-than-expected reading on changes in U.S. stockpiles of this commodity. However, it's worth noting that current inventory levels are still at the upper boundary of the 5-year average.
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Angola has decided to leave the OPEC cartel. Brent crude is currently trading near yesterday's closing levels.
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In the FX market, the Japanese yen and Australian dollar are currently performing the best. The U.S. dollar and British pound are notably declining.
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In the cryptocurrency market, we observe consolidation after yesterday's strong gains. Bitcoin is trading around $43,600.
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Altcoins, in comparison to Bitcoin and Ethereum, are performing much better. There are several projects recording double-digit growth. The total market cap of Altcoins (excluding BTC and ETH) is gaining 3.20% today to a level of 484 billion USD
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