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Market sentiment during the European session was mixed. The DAX gained 0.2% despite weak results from Mercedes-Benz. The German Ifo Business Climate Index slightly exceeded expectations. The FTSE and French CAC40 declined slightly. Auto parts maker Valeo lowered its annual sales forecast, causing shares to drop over 10%, while Swedish company Electrolux fell more than 16% after disappointing financial results.
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In the U.S., indices pared early gains, closing with mixed sentiment. The US100 index, which initially saw a rise of nearly 1.60%, ended up with only a 0.60% gain, while the US500 and US2000 indices closed down by 0.20% and 0.50%, respectively.
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The dollar resumed gains after an early session dip, with the USDIDX index now up more than 0.20%, reaching 104.1000 points. The British pound (GBP) and Swiss franc (CHF) also remained strong among G10 currencies, each rising by 0.2-0.3%.
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The yield on 10-year Treasury bonds rose nearly 2 basis points to over 4.21%, while the yield on 2-year bonds fell slightly to 4.08%.
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In the U.S., durable goods orders for September fell by -0.8% month-over-month, compared to a forecast of -1.1% and previous data of 0%. This decline was mainly due to a 3.1% drop in transportation equipment orders, although defense sector orders rose by 6.4% month-over-month.
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The University of Michigan report showed improved sentiment among U.S. consumers, with the final index reading at 70, surpassing both the forecast of 69 and the previous reading of 68.9. Expectations rose to 74.1 versus the forecast of 73, and one-year inflation expectations decreased to 2.7% from the forecasted 2.9% and previous 2.9%.
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Gold and silver saw minimal volatility. Wheat futures declined by more than 2%, while cotton extended yesterday's sell-off by another 1.3%, reaching 70.7 USD per bale. Palladium gained over 3% and may remain sensitive to news of a potential diplomatic escalation with Russia, as the G7 is considering a ban on Russian resources. U.S. intelligence sources reported that North Korea might have sent more than 3,000 troops to Russia.
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Cryptocurrency market sentiment also weakened after early gains, with Bitcoin down 1.30% to 67,200 USD and Ethereum down 1.20%, testing the 2,500 USD level.
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Shares of fashion holding Tapestry (TPR.US) gained 17%, while Capri Holdings (CPRI.US) plunged over 47% after a federal court blocked Capri’s acquisition by a competitor, citing potential negative effects on consumers.
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