- Today’s European session was dominated by sellers. Germany’s DAX lost nearly 1.5%, while the UK’s FTSE retreated by more than 0.4% after a rather dovish message from the Bank of England, which left interest rates unchanged at 4% level. 5 members voted to keep rates unchanged, while 4 voted in favor of a 25 basis point cut, compared with expectations of a 6–3 split. Breeden, Ramsden, Dhingra, and Taylor voted for the rate cut. The previous vote result was 7–2. GBPUSD pair loses after the decision.
- Norgesbank left interest rates unchanged at 4%, inline with market expectations. Norwegian central bank sees interest rate cut next year but the policy must stay restrictive in the near term. Bank is not in the hurry to reduce rates. Also, from the macro side, Germany Industrial production came in at 1.3% MoM pace today vs 3% exp. and -4.3% previously; YoY (SA) came in at -1% vs 0.1% exp. and -4.2% previously.
- Deutsche Boerse shares were down almost 5% today amid European Commission antitrust investigatio. Deutsche Börse’s stock has been under pressure for some time, down nearly 30% from its all-time highs — one of the sharpest declines in the company’s history. A potential fine of 10% of annual revenues could amount to roughly EUR 700 million, which could reduce net profit by around EUR 200 million, assuming the company maintains a net margin of approximately 30%. Danish giant Maersk reported higher than expected earnings, while Commerzbank revenues came in slightly lower than expected; AstraZeneca sales exceeded expectations.
- In the United States, we’re seeing sharp declines in technology stocks, with semiconductor and software sectors under pressure. Challenger data today showed 153,000 job cuts in the U.S. in September — the highest number since 2003. The US100 contract is down more than 1.5%, while the US30 is losing over 0.8%. Nvidia continues to decline, losing over 2% following yesterday’s comments from the company’s CEO, Jensen Huang, who stated that China is on track to surpass the U.S. in terms of AI development. However, Alphabet and Apple have returned to gains.
- EURUSD jumps today from 1.15 to almost 1.155 amid the US dollar weakness; gold and silver are also up slightly. According to US House Speaker Johnson commented today that '(...) I am less optimistic about the shutdown ending.' Prolonged US government shutdown seems to pressure the US economy, increasing the markets' uncertainty. Futures on US Dollar Index (USDIDX) are down today after reaching major resistance level near EMA200.
- Oil prices retreated today after Saudi Arabia decided to cut its crude export prices to Asia to the lowest level in 11 months and amid rising OPEC production. According to a Bloomberg survey, OPEC increased oil output in October by 50,000 barrels per day to 29.07 million bpd. The rise in production from Saudi Arabia, Iraq, the UAE, and Kuwait was partially offset by declines in Libya and Venezuela, which together reduced output by about 120,000 bpd. The International Energy Agency (IEA) warned of a potential record oversupply in 2026. Oil fell nearly 1% today to around $63 per barrel. Natural gas also declined after the EIA storage report showed a 33 billion cubic feet (bcf) increase versus 31 bcf expected and 74 bcf previously.
- Coffee futures on ICE are falling today, even though coffee inventories continue to decline and rainfall in Brazil’s key Arabica-growing region (Minas Gerais) remains below average. Additionally, typhoon risks in Vietnam’s Robusta-producing areas raise concerns about possible supply disruptions, while ICE coffee inventories have dropped to an 18-month low of around 430,000 bags (60 kg each). However, some optimism comes from Reuters reports that coffee traders have shipped about 150,000 bags of Arabica to Europe, easing fears over high prices and low inventories.
- Cryptocurrencies are under pressure, with Bitcoin pulling back toward $101,000 following over $2.5 billion in ETF outflows during the last six sessions. K33 Research points to the $90,000 level as potentially significant support (the average purchase price of U.S. ETF holdings), while the CME futures “price gap” stands near $92,000 — a level from which BTC also rebounded in April. Cryptos are trying to stabilize after the sell-off, but most projects are declining alongside Ethereum and Bitcoin.
- Members of Donald Trump’s administration informed Congress on Wednesday that the United States does not currently plan to launch attacks on Venezuelan territory and has no legal grounds to conduct such operations, according to sources familiar with the White House briefing. Since September, the U.S. military has carried out 16 strikes on boats suspected of drug smuggling in the Caribbean Sea and eastern Pacific, killing at least 67 people. U.S. armed forces are now deployed in the Caribbean region, including the USS Ford aircraft carrier strike group.
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