- Prior to election day, the sentiment on Wall Street is rather mixed. Russell 2000 shows strength and gains 0.77%, whilst Dow Jones spends the session in the red (-0.5%). Nasdaq and S&P 500 oscillate between gains and losses, both trading lower at the moment (-0.05% and -0.12% respectively).
- European indices closed in the red ahead of the US election. German DAX loses 0.56%, French CAC40 back 0.5%, Italian FTSE MIB trades 0.4% lower and Spanish IBX35 retracts 0.3%. Exceptions on the European stock market include British FTSE 100, rebounding after a sell-off following a new budget announcement and Polish WIG20 (+2.15%).
- Manufacturing PMI data in eurozone countries saw an improvement while compared to the initial estimates (46 for the eurozone jointly, forecast: 45,9; previous: 45,9), though for the majority of readings the sector remained in the contraction area (below 50 mark). Nevertheless, improved economic activity in manufacturing contributed to the strength of the euro, which showed significant gains against the USD.
- US durable goods data came in slightly higher than expected (+0.5% MoM, forecast: 0.4%, previous: 0.5%)
- Berkshire Hathaway continued its significant reduction of its Apple holdings in Q3, selling approximately 100 million shares
- Nvidia will be added to the Dow Jones Industrial Average on November 8
- Investors sustained bets on a 25 basis point interest-rate cut by the Fed in its November meeting on Thursday.
- Energy commodities are set for a strong day today, with Natural Gas leading (+4.92%), while OIL and OIL WTI are 3.06% and 3.22% higher respectively.
- Price action on OIL was mainly driven by OPEC postponing its much anticipated December boost in production, regarding 2.2M barrels a day.
- Precious metals decline with Palladium and Silver platinum(-2.70% and -1.13% respectively). Silver is slightly higher (+0.08%), while Gold gains 0.28% due to election uncertainty.
- Recent polls indicate a close race between Donald Trump and Kamala Harris, suggesting that the outcome of the U.S. presidential election may be delayed beyond the expected timeline.
- Despite record inflows to Bitcoin ETFs, cryptocurrencies suffer losses. Bitcoin retests $67,683 (-1.83%). Ethereum declines 1.45% while Dogecoin gains 6.64%.
- CHF appears to be the strongest currency today, with broad-based gains across the board as investors seek safe haven. SEK is notably weak, declining against most major counterparts (-0.4% to -0.6% range). USD shows mixed performance but generally weaker against major peers, particularly losing ground against CHF and CAD. The European currencies are divided, with CHF outperforming while SEK and NOK demonstrate weakness. EURCHF is up 0.4%, while EURSEK shows gains of 0.4% reflecting SEK's underperformance.
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