- European indices finished today's session higher, with DAX gaining 0.34% amid slew of upbeat earnings reports from major European tech and financial companies.
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US indices swing between gains and losses as the market cannot digest the latest data from the US economy. Currently all major Wall Street indexes are trading higher amid "soft landing" hopes.
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The GDP report showed that the US economy expanded more than expected in Q4 2022, underscoring its resilience to higher borrowing costs, which in turn eased worries of a deep recession. At the same time durable goods orders also exceeded expectations and weekly claims unexpectedly fell to a nine-month low. Still, personal consumption rose less than forecasts previewed.
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Tomorrow market attention will focus on Fed's preferred inflation gauge - Core Personal Consumption Expenditures (PCE).
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Tesla stock jumped 10.0% after the EV maker posted record revenue and better than expected quarterly earnings. CEO Elon Musk said Tesla might be able to produce 2 million cars this year.
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IBM (IBM.US) shares fell nearly 5.0% on Thursday despite "Big Blue" posted solid quarterly figures and plans to lay off 3,900 workers.
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Intel and Visa will report today after market close.
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Energy commodities trade mixed. Natgas prices dropped below $3 for the first time in 19 months even despite a bigger than expected drop of US inventories. Meanwhile, WTI and Brent jumped 1.10% and 1.30% respectively and are moving towards recent highs.
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Precious metals retreated amid stronger dollar and higher treasury yields. Gold pulled back from the crucial resistance zone around $1950 and tested local support at $1920.
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USD strengthened following the release of the US data pack. Earlier in the session EURUSD once again failed to break above key resistance at 1.0930, while USDCAD pair briefly fell to 1.3300, which is the lowest level since mid-November.
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Upbeat moods prevails on the cryptocurrencies market. Bitcoin returned above major resistance at $23000, while Ethereum jumped above the $1600 mark.
USDCAD fell sharply after publication of latest US GDP figures, however sellers failed to uphold momentum and pair recover all losses later in the session. As long as price sits above the support zone around 1.300 - 1.3320, another upward impulse towards recent highs at 1.3520 may be launched. Source: xStation5
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