Daily summary: Europe finish higher while US tech sell-off continues

• European stocks finish higher on Wednesday
• Investors resume selling US tech shares
• Gold price approaching 6-week lows on stronger USD

 

European indices finished today's session higher despite the fact that September's PMI data pointed to stagnation across the Eurozone private sector as fresh lockdown measures to contain the pandemic led to a contraction in service activity. Meanwhile, ECB board member Mersch told Bloomberg that the Eurozone economy and inflation have not deteriorated since the last ECB meeting. During today's session DAX 30 rose 0.5% The FTSE 100 advanced 1.3%; the CAC 40 gained 0.8%; the IBEX 35 rose 0.4%; and the FTSE MIB climbed 0.3%.

US indices are trading lower, with tech shares sliding once again. Stocks of Amazon, Netflix, Alphabet, Microsoft and Apple are down over 1%. Meanwhile, Tesla stocks are down more than 10% as investors were disappointed with its big battery which took place yesterday. Also concerns about the pace of the global economic recovery and rising COVID-19 infections weighed on market sentiment. Data from IHS Markit showed gains at factories were offset by a retreat at services industries in September, suggesting a loss of momentum in the economy as the third quarter draws to a close. Meanwhile total number of deaths caused by the COVID-19 in the US surpassed 205k. President Donald Trump said the U.S. would not be implementing a second round of lockdowns as the U.K. began imposing stricter measures. “The U.K. just shut down again. They just announced that they’re going to do a shutdown, and we’re not going to be doing that,” Trump said. Investors also digested remarks from Fed officials that point to a slow economic recovery and the need for further fiscal stimulus. At the same time, the House approved a bill to keep the government funded through December and avoid a shutdown before the election. Dow Jones erased earlier gains and fell 0.4%. The S&P 500 slid 0.8% and the Nasdaq Composite pulled back by 1.3%.

 

Precious metals took a hit today. Spot gold extended losses and tested level of $1,865 per ounce for the first time since August 12th, while silver continues to decline for a fifth straight session and is approaching two-month low at $23.06, weighed down by a stronger dollar which hit a two-month high. WTI crude and Brent crude prices rose more than 1% after latest data from the EIA showed crude oil stockpiles in the US dropped by 1.639 million barrels last week. Meanwhile Libya’s National Oil Company said it expects oil output to rise to more than 250,000 bpd by next week.

EURUSD - Euro touched a two-month low during the session and continues to trade around the major support level at 1.1673. Should a break below it occur, downward move toward 1.1578 may accelerate. However, if buyers manage to halt decline here, then upward impulse may be on the cards.  Source: xStation5

16 October 2025, 7:05 pm

Breaking: crude oil inventories above expectations 📌

16 October 2025, 5:36 pm

BREAKING: NATGAS declines after EIA data 📌

16 October 2025, 2:49 pm

DE40: Europe moves sideways, Nestle gains

16 October 2025, 12:07 pm

BREAKING: Eurozone trade balance mixed 💶

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