• Mixed set of economic data from the US
• WTI oil plunged over 5%
European indices finished today's session in mixed moods. Ifo data pointed that the ongoing pandemic is affecting industrial companies’ earnings, while September's PMI survey confirmed the Eurozone manufacturing sector grew the most for over two years. The European Union launched a legal case against the United Kingdom on Thursday for undercutting their earlier divorce deal. Meanwhile senior UK minister Michael Gove said differences remained in talks on a post-Brexit trade agreement but that London would work hard for a deal.
On the corporate front, pharmaceutical giant Bayer stock plunged 13% as the company revised down its guidance, and announced plans for more cost cuts and impairment charges.During today’s session DAX 30 fell 0.3%, while both CAC40 and FTSE100 finished 0.2% higher.
On the corporate front Fiat Chrysler’s sales fell 10% from a year ago, but they soared 38% from the second to third quarter with 140,265 more vehicles sold from July through September than the previous three months. GM announced its sales during the third quarter dropped 9.9% from a year ago but improved sequentially each month, showing continued signs of a recovery. Boeing is planning to consolidate its 787 Dreamliner production at its South Carolina facility next year, in order to reduce costs amid weak demand, marking a blow for its Seattle-area production hub. Tomorrow investors’ attention will focus on NFP report which is expected to show a sharp decline compare to last month reading.
Gold managed to break above $1,900 an ounce, having hit an over one-week high of $1,909 during the session, while silver is trading above $24.0 an ounce amid weaker US dollar.
WTI crude (OIL.WTI) is under severe pressure during today’s session. Price swiftly broke below the support at $38.50 per barrel and declines continue to deepen. Should downbeat moods prevail, next resistance at $37.11 per barrel may come into play. Source: xStation5
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