- US equities experience significant gains mid-session. S&P 500 trades 0.32% higher, Nasdaq adds 0.6% and DJIA moves up by 0.45%. Small-cap Russell 2000 remains the only loser on Wall Street, sliding 0.33% down.
- Indices in Europe have closed today’s session mostly in deep green. German DAX gains 0.77%, French CAC40 surges 1.22%, British FTSE 100 adds 0.67%, Italian FTSE MIB trades 1.09% higher. Loses are visible on Spanish IBX35 (-0.77%) and Polish WIG20 (-2.44%)
- The European Central Bank has lowered its three interest rates by 25 bp. Christine Lagarde has underlined that ECB is not committing to a predefined rate cut path, though the economic activity appears to be weaker than previously expected. Nevertheless, the Eurozone is nowhere near the recession and deeper-than-standard rate cuts are not under consideration.
- Eurozone inflation has remained stable, with core CPI coming in line with expectations (2.7% YoY, 0.1% MoM). ECB sees inflation coming back to the 2% target in the first half of 2025.
- EU’s balance of trade, however, has dropped lower than expected from €19.7 bn in July to €4.6 bn (17.8 bn expected)
- Netflix prepares to report its fiscal third quarter earnings on Thursday after the market closes. Estimated earnings per share: $5.16 (Netflix guidance: $5.10).
- Natural gas inventories rose by 76 billion cubic feet last week, slightly below the expected 80 billion and higher than the previous 82 billion cubic feet.
- United States Industrial and Manufacturing Production were both below estimates.
- Initial Jobless Claims also come lower than expected: Actual: 241K. Forecast 260K; Previous 258K.
- Taiwan Semiconductor Manufacturing Co. (TSM.US) ADRs are currently gaining 12% after the company reported record third-quarter net profit, driven by strong demand for smartphones and artificial intelligence chips.
- The Israeli Foreign Ministry has announced that Hamas Leader Sinwar is dead. Oil continues its losing streak. Brent is losing 1% to $73.94 and WTI is 1.82% lower, currently trading at $69.57.
- AUD is the strongest currency today, appreciating against USD by 0.45%. Euro and Japanese Yen weakened significantly against USD (EURUSD: -0.37%), Canadian dollar is also depreciating (USDCAD: +0.3%).
- The cryptocurrency market is declining today. Ethereum is down 0.8%, Dogecoin loses 3.88%, and Bitcoin falls 0.77%, to around 67,100 USD.
- Precious metals are mostly gaining today: gold sets new ATH at 2692 and gains 0.8%, silver is down by 0.36%, while platinum is 0.31% lower.
Daily Summary: As a ceasefire drifts away, markets lose ground
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