- US markets showing resilience with the tech-heavy US100 (Nasdaq) leading gains at +0.47%, while smaller indices like US2000 and US500 remain modestly positive despite last week's decline
- Broad-based strength across major European indices with Dutch NED25 leading the charge (+0.68%), while German DE40 and pan-European EU50 follow with gains of 0.49% and 0.39% respectively
- Mixed performance across Asian markets with Japan's JP225 rising 0.39% while Chinese indices face pressure, as evidenced by CH50cash falling 0.80% and mainland CHN.cash dropping 0.72%.
- ECB representatives underline “no rush approach” in their monetary policy route, appeasing the rate cut expectations which has been growing steadily after more dovish statements from Christine Lagarde. According to ECB’s Makhlouf, the bank would need to see powerful data to undertake big rate cuts. ECB’s Lane on the other hand sees growth in the eurozone as promising.
- Flash PMI UK Composite for October came in 51.7 vs 52.5 exp. and 52.6 previously
- US jobless claims came in 227k vs 242k exp. and 241k previously, revised to 242k
- US business activity maintained robust growth, with the S&P Global Flash Composite PMI rising to 54.3 from September's 54.0, indicating continued expansion in overall private sector output. The data exceeded market expectations of 53.8, marking sustained growth in business activity.
- US new home sales were slightly higher than expected: 0.738M vs forecast 0.72M.
- Palladium prices are up more than 9.5% today, after the US asked G-7 allies to consider sanctions on Russian palladium and titanium. The price of the metal is supported also by safe haven demand and a great year for precious metals; especially gold and silver. Russian company Nornickel represents almost 40% of global palladium production, so any sanctions may be really disruptive, potentially lifting prices.
- Shares of semiconductor manufacturing services and equipment company Lam Research (LAM.US) and UPS (UPS.US), the largest U.S. logistics company, are gaining nearly 6% today.
- Tesla's Q3 results exceeded Wall Street expectations in several crucial areas. This has led to a gain of more than 20% today.
- Natural gas inventories rose by 80 billion cubic feet last week, above the expected 65 billion and higher than the previous 76 billion cubic feet. Natgas is currently 1.2% higher.
- USD experiences a strong retracement after robust PMI and housing market data further cooling interest rate cut expectations. USDJPY ticks 0.7% lower, Euro gains 0.35% against dollar, GBPUSD jumps even higher (+0.45%)
- The cryptocurrency market sees steady gains. Bitcoin recovers its entire loss from yesterday as it adds 1.9%, Ethereum trades 0.54% higher, Dogecoin rises by 1.58% and Solana gains 2.6%.
- Aside from a railing palladium, other precious metals gain more modestly. Gold adds 0.8%, recovering most of yesterday’s losses. Platinum is up by 0.5%. Silver traded flat throughout the entire session, retracting 0.1%.
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