- Mixed moods in Europe
- S&P 500 and Nasdaq hit fresh ATH's
- Disappointing quarterly figures from Amazon and Apple
European indices finished today's session in mixed moods, with the German DAX lower 0.1%, CAC 40 rose 0.38% and FTSE 100 fell 0.16% On the earnings side, German carmaker Daimler posted a higher quarterly profit despite a 30% drop in Mercedes-Benz sales due to the chip crisis, while French aerospace group Safran raised its full-year guidance. On the data front, Eurozone inflation soared to a new 13-year high, while GDP figures in France and Italy topped analysts’ estimates, while the German and Spanish economies disappointed.
US indices managed to erase early losses and are trading slightly higher with both the S&P 500 and the Nasdaq hitting fresh highs even despite weak quarterly figures from Amazon and Apple. On the positive side, Caterpillar and Microsoft were two of the best performers in the Dow, helping the 30-stock average outperform. Microsoft surpassed Apple to be the largest listed company in the world by market cap. Also the major oil companies posted better than expected quarterly figures. On the data front, PCE price index including food and energy surged 4.4% from a year earlier in September, the most since January 1991. The University of Michigan's consumer sentiment for the US was revised slightly higher to 71.7 in October from a preliminary of 71.4, however inflation expectations remain elevated. Despite the weak performance of the Big Tech sector, about half of the companies listed on the S&P 500 have reported quarterly results and more than 80% of them beat earnings estimates. Meanwhile for the October month, all major averages are on track to book solid gains. The Dow Jones is up more than 5% so far and both the S&P 500 and the Nasdaq added more than 6% each.
US natural gas futures retreated further to $5.5 per million British thermal units at the end of October, erasing roughly 10% in the past couple of sessions, pressured by higher domestic output prospects and falling European gas prices, following the announcement by Russian President Vladimir Putin that Gazprom would start refilling its European gas-storage facilities from November 8th.
WTI oil consolidated above $83 per barrel in the last session of October, close to a seven-year high of $85.41 hit on Monday, while Brent rose slightly to $84 per barrel as market sentiment calmed ahead of the OPEC+ meeting next week. For the month, oil prices are expected to seal an over 10% jump.
Elsewhere gold fell more than 1% and tested $1,770 level, moving away from a 6-week high of $1,807 hit on October 25th, while silver is trading 0.80% lower around $23.85 as the dollar index rebounded from a 1-month low and Treasury yields rose slightly to 1.56%.
Bitcoin price is hovering just above $62,000 after a brief dip below $60,000 on October 27. MicroStrategy has added nearly 9,000 Bitcoins to its holdings in the third quarter of 2021, taking its total holdings of the leading cryptocurrency to $7 billion and is ready to buy even more in the future. Also most altcoins recorded small gains today.
GOLD – buyers failed to keep the price above $ 1800 and a strong pullback occurred. Price broke below the upward trendline and 50 SMA (green line) and tested major support at $1770 which is strengthened by 200 SMA ( red line) and 61.8% Fibonacci retracement of the upward wave launched in March. As long as the price sits above, a resumption of an upward move may be on the cards. On the other hand, should break lower occur, next support at $1730 may be at risk. Source: xStation5
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