Daily summary: Wall Street recovers from early drop, USD gains

18:54 31 October 2023
  • Wall Street indices launched today's trading lower but has managed to recover from the drops later on. S&P 500 trades 0.5% higher, Nasdaq gains 0.4% and Dow Jones adds 0.3%
  • European stock market indices finished today's trading higher - German DAX gained 0.6%, French CAC 40 added almost 0.9% while Italian FTSE MIB rallied 1.5%. UK FTSE 100 was a laggard, dropping 0.1%
  • Bank of Japan left interest rates unchanged at a meeting today. However, the bank said that there is no explicit ceiling for 10-year Japanese government yield, signalling that it may allow it to move above 1%
  • JPY weakened following the decision as market's hopes were for a more hawkish move, especially after Nikkei suggested that band may be widened to 150 basis points
  • USDJPY jumped to 151.50 - the highest level in around a year
  • ECB Stournaras said that he would consider rate cuts if inflation permanently and sustainably falls below 3% by mid-2024
  • ECB Kazaks said that the door should always be open to hikes if needed and that there is no need to discuss interest rate cuts now. Kazaks said that a rate cut would need a dramatic turnaround in the economy
  • ECB Villeroy said that state of the economy fully justifies end of interest rate hikes
  • ECB Nagel said that while inflation has fallen significantly, it is still too high. Nagel said that it is not yet possible to say whether rates have already reached peak
  • Euro area CPI inflation slowed from 4.3% YoY in September to 2.9% YoY in October (exp. 3.1% YoY)
  • Euro area GDP declined 0.1% QoQ in Q3 2023 (exp. 0.0% QoQ)
  • German retail sales dropped 0.8% MoM in September (exp. +0.5% MoM)
  • US Conference Board consumer confidence index dropped from 103.0 in September to 102.6 in October (exp. 100.1)
  • Canadian economy stagnated in August for the second month in a row (0.0% MoM growth) while analysts expected a 0.1% MoM expansion
  • Chinese manufacturing PMI index dropped from 50.2 to 49.5 in October (exp. 50.2) while services gauge dropped from 51.7 to 50.6 (exp. 51.8)
  • Japanese industrial production increased 0.2% MoM in September (exp. 2.6% MoM)
  • Japanese retail sales increased 5.8% YoY in September (exp. 6.0% YoY)
  • Cryptocurrencies pull back - Bitcoin drops 0.2%, Ethereum trades 0.3% lower and Dogecoin slumps 2.4%
  • Energy commodities trade mixed - oil drops over 1.5% while US natural gas prices surge 7%
  • Precious metals are trading lower amid USD strengthening - gold drops 0.6%, silver trades 2% lower and platinum declines 0.1%
  • USD and GBP are the best performing major currencies while JPY and CHF lag the most

GOLD is pulling back from $2,000 per ounce area as USD gains and yields resume climb. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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