- The last session in the financial markets this week is marked by the further realization of the scenario of Donald Trump's victory in the US presidential election.
- In the forex market today, we saw a further strong retreat of the euro against the U.S. dollar, which by its magnitude has already reached more than 1%.
- Stock indices from Europe closed the session lower, although US Wall Street is sustaining the gains initiated at the beginning of the week. The S&P500 index gains 0.5%, while the Russell 2000 adds 0.45%.
- Sentiment in the German stock market deteriorated noticeably during this week's last trading session. Declines in European markets today were largely due to heavily overvalued stocks of automotive companies and those linked to the luxury goods sector.
- Weakness in the luxury goods sector is the result of weak results from Compagnie Financière Richemont, which is responsible for, among others: the Cartier brand and Vacheron Constantin. Sales in the first half of the year failed to meet analysts' expectations. Richemont's profit fell in the first half as the Swiss luxury group's watchmaking division suffered from falling demand in China.
- Overseas, growth continued for Tesla, which has already gained more than 7% today. The company is rising on the wave of election results, which may be somewhat surprising given Trump's aversion to the electric car sector. However, the market seems to attach much more importance to Elon Musk's political involvement, who actively supported the Republican candidate during the campaign.
- Nearly 0.8% is losing gold today, thus going below the psychological zone of $2700. At the same time, silver is losing more than 2.5%.
- Crude oil fell 2.7% after the announced new Chinese stimulus programs disappointed investors. Recall that China is the world's largest consumer of oil, so the country's economic background shows a linear relationship with overall demand for the commodity.
- In the crypto market, the upward momentum is being sustained today, pushing Bitcoin to new historical highs. We are also seeing sizable gains on Ethereum, which is adding 2.5% intraday. Altcoins such as Polygon and Cardano are adding close to 15% over the same period.
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