Daily summary: European stocks decline for 2nd day, Wall Street mixed

• European stocks extended losses
• Mixed moods on Wall Street
• US 7-day average Covid-19 cases hit fresh record

European stocks finished the day lower as investors remain concerned that a surging number of new COVID-19 infections across Europe will hamper economic recovery. Germany is considering new rules in order to contain the spread of the pandemic, while Spain and Italy both extended restrictions recently. Also lack of progress on a Brexit trade deal continued to weigh on sentiment. On the earnings front, Novartis, HSBC Holdings, Santander, BP, Capgemini and Covestro posted better-than-expected quarterly figures. During today’s session Dax fell almost 1%, CAC 40 dropped 1.8 % and FTSE finished 1.09 % lower.

US indices are trading mixed. The Dow Jones is trading 0.21% lower, extending yesterday losses, while the S&P 500 rose 0.29% and the Nasdaq added almost 1%. Investors digest weak CB consumer confidence reading, upbeat quarterly results and ever-increasing COVID-19 infections. Market sentiment damped after the White House announced a potential deal on COVID-19 relief could come in "weeks." Meanwhile Senate Majority Leader adjourned the Senate until November 9th. This means that US stimulus bill will not be passed before the presidential elections. On the coronavirus front more than 20 states reported record numbers of new cases recently. The seven-day average daily coronavirus cases hit a new record and the death toll surpassed 231K. California is the first state in which the number of confirmed cases surpassed 900k. On the corporate front, quarterly figures from 3M, Caterpillar, Merck & Co, Pfizer surprised on the upside while Eli Lilly came in below market expectations. Microsoft is set to report after the closing bell.

U.S. crude futures rose over 2.7%, while the international benchmark Brent contract added 2.0 % as energy companies in the US Gulf Coast shut approximately 16% of oil output as Hurricane Zeta approaches the region. Traders now await the API report due later in the day. Elsewhere, gold futures are trading 0.47% higher at $1,910/oz, while silver rose 0.67% and is trading around $24.48/ oz.

GBPUSD – during today’s session pair bounced off the major support at 1.30, which is additionally strengthened by 50 SMA (green line) and the upward trendline. Should upbeat moods prevail, resistance at 1.3238 may come into play. Source: xStation5

17 October 2025, 10:01

BREAKING: Final inflation reading matches expectations. Core HICP inflation marginally higher

17 October 2025, 07:47

Economic calendar: Eurozone inflation at the week’s close

17 October 2025, 07:10

BREAKING: Sweden's Unemployment Rate Slightly Decreases

17 October 2025, 06:48

Morning wrap (17.10.2025)

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Daily summary: European stocks decline for 2nd day, Wall Street mixed

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