- European indices finished today's session in mixed moods, with Dax adding 0.24% as preliminary figures showed the German economy unexpectedly grew in Q3 while inflation continued to accelerate in October. On the weekly basis, bourses from the Old-Continent rose about 3.5%, the best performance since mid-March.
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Major Wall Street indices rose over 2.0% on Friday as the PCE price index showed that annual core inflation came slightly weaker than expected and lifted hopes for a FED dovish turn.
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Commerce Department report showed that consumer spending in the US rose above expectations in September.
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Apple stock rose over 8% after the tech giant beat analysts' estimates for revenue and profit, however iPhone sales came in below expectations.
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Amazon shares plunged nearly 10% on disappointing Q4 sales outlook.
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Tesla CEO Elon Musk is now in charge of Twitter (TWTR.US) according to CNBC. Twitter CEO Parag Agrawal and finance chief Ned Segal have left the company’s San Francisco headquarters.
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The Dow and S&P are poised to end the week higher by roughly 5% and 3.5%, respectively, while the Nasdaq is on track to close 1.5% higher.
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Next week market attention will turn to the Federal Reserve, which is expected to deliver another 75 bps rate hike, however investors will focus on Powell comments regarding future rate path.
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During today's session we observed the appreciation of the USD. The dollar gained the strongest against the yen, while the British pound showed some resilience. Currently GBP and USD are the best performing major currencies while AUD and JPY lag the most.
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A stronger dollar weighs the precious metals market. Silver and palladium plunged 2%, while gold and platinum were losing more than 1%. Silver fell today to $ 19.00 level, while gold briefly dropped below $ 1640.
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Crude oil prices also fell sharply, with both Brent and WTI losing around 2.0% in the evening as weaker data and persistent coronavirus-induced restrictions in top crude importer China raise demand concerns.
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Major cryptocurrencies erased early losses and are trading higher. Bitcoin jumped to $20,700. while Ethereum is testing $1570 level. Among smaller projects Dogecoin is one of the top performers with gains over 10.0%.
Dogecoin rises strongly for the third session in a row. Technically looking at the daily chart, the price is approaching the key resistance zone at 0.0890. Should break higher occur, the upward movement may accelerate towards the next Fibonacci retracements at 38.2% and 50%. On the other hand, if sellers regain control, then earlier broken EMA100 should act as the first line of support. Source: xStation5
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