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Major U.S. indices erased most of the losses from the opening of the cash session. At the time of publication, the US500 is down 0.20%, the US200 is down 0.45%, and the US100 technology index is up 0.40%.
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The declines in stock indices were mainly caused by the presidential candidates' debate for the November elections between Kamala Harris and Donald Trump. The Democratic candidate performed better in the debate, increasing her chances of election. Meanwhile, the markets clearly favored Donald Trump, which resulted in declines in stock indices and other risky assets.
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Mixed CPI data did not cause a lasting reaction in the market and were mixed. On the one hand, the main reading was slightly below analysts' expectations, but on a monthly basis, the core data surprised on the upside. However, this does not change the fact that inflation in the USA is decreasing. For the moment, investors are erasing the chance of an ultra-dovish 50 basis point cut at next week's meeting (from 34% yesterday to 15% chance now), hence the bullish reaction on the dollar.
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Goldman Sachs Group CEO David Solomon said there is still a chance of a 50 bp rate cut by the Fed due to emerging signs of weakness in the job market.
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The USDJPY pair fell today to its lowest level since December 28, 2023, to end the day on a slight minus. BoJ bankers stated that further rate hikes are the base scenario for monetary policy. However, Junko Nakagawa commented that it is difficult to predict the timing of the next BoJ rate hike.
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Commerzbank (CBK.DE) shares gained over 16% during today's session in Europe after UniCredit SpA (UCG.IT) acquired a 9% stake in Commerzbank AG and plans to start talks with the bank, raising the possibility of a takeover that could change the European balance of power in the banking sector. The Italian bank acquired 4.5% of the shares from the German government, and the rest was purchased on the open market.
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Shares of the Spanish company Inditex (ITX.ES), responsible for brands such as Zara, Bershka, Massimo Dutti, and Pull&Bear, are up over 5.5% today due to the publication of good results for the first part of the year.
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Oil inventory data turned out to be higher than expected, which may indicate decreasing demand. One explanation could be seasonality, which translates into a decline, but a significant increase in inventories could also be an argument confirming the weakening of the economy.
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WTI oil erases losses and rises over 2.5%, and Natgas by 2%. The reason could be the approaching hurricane Francine. Gold is priced at $2516 and is at the opening level.
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Pressure on the stock market also affected cryptocurrency prices. Bitcoin erased all of yesterday's gains and retested support below $56,000. At the time of publication, the price bounces above $57,400, with Bitcoin losing only 0.30%.
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