Daily summary: Powell is pushing the dollar higher. Now it’s time for Big Tech earnings. 📄

The Fed decided to cut interest rates by 25 basis points to a range of 3.75–4.00%, in line with market expectations.

During the press conference, Powell indicated that the December decision is not certain, and FOMC members remain strongly divided. Following his comments, EURUSD fell below 1.1600.

Market attention now shifts back to Wall Street, where Alphabet, Microsoft, and Meta Platforms will report their quarterly earnings after the cash session closes.

The Trump administration committed to spending over $80 billion on the purchase of Westinghouse nuclear reactors. The U.S. government may obtain about 8% ownership in the company once certain profit thresholds are met, and an IPO could take place if its valuation exceeds $30 billion by 2029.

Cameco (CCJ.US), the world’s second-largest uranium producer, has gained over 20% in two sessions. The company holds 49% of Westinghouse, while the remaining 51% is owned by Brookfield Asset Management and Brookfield Renewable Partners.

After the announcement, shares of U.S.-listed uranium companies broadly rallied — Denison Mines, Uranium Energy Corp, Ur-Energy, and Uranium Royalty Corp gained between 5% and 20%.

Nvidia gains 2.70% to $206 per share, with its market capitalization surpassing $5 trillion for the first time in history — making it the first company ever to cross this symbolic threshold.

U.S. oil inventories fell by 6.858 million barrels, compared to expectations for a 1.2 million increase and a 0.961 million decrease previously. The sharp drop reflects a significant decline in imports (down nearly 1 million barrels per day) alongside a slight rebound in exports.

The Bank of Canada decided to cut rates to 2.25%, matching market expectations. Governor Tiff Macklem noted that tariff-related risks to economic growth are materializing in the real economy.

Meta Platforms (META.US) will release its Q3 FY2025 earnings report today. The company’s advertising business remains its main growth engine. The market expects double-digit growth in both volume and revenue, with FactSet and Bloomberg consensus pointing to $49.5 billion in quarterly revenue.

Alphabet will also report earnings after the close. Forecasts suggest revenue between $99.5–99.7 billion, representing ~13% year-over-year growth.

For Microsoft, markets expect revenue around $75.5 billion, up ~14% y/y, with EPS at $3.66. The performance of Copilot and cloud services will be key.

Boeing (BA.US) falls 3.40% after disappointing quarterly results. The improvement was weaker than expected, though it doesn’t signal operational deterioration. Performance remains uneven, but a solid production base and order backlog provide grounds for cautious optimism. The main negative highlight was a $4.9 billion loss linked to delays in the 777X aircraft program.

Australia’s inflation rose to 3.5% from 3.0%, above expectations of 3.1% y/y. The increase reduces the likelihood of further RBA rate cuts. AUDUSD traded above 0.6600 today.

Sweden’s Q3 GDP beat expectations at +2.4% y/y (vs. 1.6% expected, 1.4% prior).

Spain’s Q3 GDP grew 2.8% y/y, below expectations of 3.0%, compared to 3.1% previously, confirming signs of a slowdown, also reflected in retail sales.

U.S. oil inventories fell sharply by 6.86 million barrels last week, far exceeding expectations for a minor drop. Refined product inventories also declined notably — the largest total drawdown since January 2024 — driven by lower imports and reduced refinery throughput.

WTI crude is up 0.7% today, though gains briefly exceeded 1% after the inventory report.

A strong rebound is also visible in gold and silver. Gold rises 1.0%, hovering just below $4,000, while silver gains over 1.3%, trading just under $48. The rally has been partly trimmed following the Fed press conference.

Since yesterday, silver has shown notable strength, potentially linked to record-high copper prices, which exceeded $11,000 due to global mining disruptions. It’s worth noting that silver is often extracted as a byproduct of copper mining.

The meeting between U.S. President Trump and President Xi is scheduled for 11:00 a.m. local time in Korea (3:00 a.m. CET). It is expected to last up to four hours — a shorter meeting could imply a disappointing outcome or the formal signing of pre-agreed matters. However, given ongoing structural trade imbalances, a brief meeting appears unlikely to deliver a lasting resolution.