• Final debate between Trump and Biden
• Pelosi said stimulus deal is close
European indices finished today's session in mixed moods as investors remain concerned that new restrictions implemented to contain the spread of the pandemic will negatively impact on Europe's economic recovery, after France and Spain became the first Western European countries to exceed 1 million infections. On the earnings front, electrical equipment group Schneider Electric SE, consumer group Unilever, Swedish bank SEB, Norway's DNB, and biofuel producer and oil refiner Neste all posted upbeat quarterly figures while Swedish hygiene products group Essity disappointed. During today's session DAX 30 fell 0.12%, both the CAC 40 and FTSE MIB dropped 0.5%; and the IBEX 35 lost 0.22%. Meanwhile, the FTSE 100 rose 0.16%.
The Dow Jones and the S&P 500 are swinging between gains and losses, while the Nasdaq fell 0.6%, after House Speaker Pelosi announced that stimulus deal is “just about there” but warned that it could take “a while” for Congress to actually write and vote on relief legislation. Today market attention will turn to the final debate between Donald Trump and Joe Biden, amid news that Iran is taking steps to interfere in the U.S. presidential election, and Russia has obtained American voter information. Meanwhile the number of Americans filing for state unemployment benefits last week dropped more than expected to 787,000 – its lowest level of the pandemic. But it is still nearly four times higher than pre-pandemic levels. On the corporate front, Tesla reported its fifth straight quarter of profits, The company had already reported that it delivered a record number of 139,300 vehicles during the quarter. Coca-Cola posted a stronger-than-forecast profit for the previous quarter. CSX, Dow Inc and AT&T stocks also rose on the back of better-than-expected earnings. Meanwhile Chipotle Mexican Grill shares fell 6.4% after company confirmed that shift to delivery orders increased costs and led to reduced drink sales in the third quarter. Intel is due to report today after markets close.
U.S. crude futures rose 2% higher, while the international benchmark Brent contract climbed 1.8 % attempting to recover from yesterday’s session sharp losses. Meanwhile Libyan oil exports are quickly accelerating into October as loading restarts following the easing of a blockade by eastern forces. Elsewhere, gold futures fell 1.2% to $1,900/oz, while silver is trading 2.0% lower around $24.50/oz amid stronger US dollar.
Silver – price bounced off the major resistance at $25.00/oz and is heading towards lower limit of the tringle pattern. Should break below occur, then downward move may accelerate towards next support at $22.15/oz. Source: xStation5The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
