Daily summary: Wall Street falls as election results remain unclear

• European indices finished today's session in mixed moods, with DAX down  0.16%, while both IBEX 35 and FTSE MIB added 0.52% and 0.36% respectively. Travel and leisure stocks were the worst performers, falling by over 2%, while utilities and healthcare companies rose slightly. 

• Germany’s second-biggest bank Commerzbank shares plunged almost 7% as the lender expects higher costs in 2024. 

• The Russian Defense Ministry Shoigu ordered soldiers to be pulled from the city of Kherson. However Ukrainians view this a ruse before a counter-attack and Russia destroying the dam which is located further up the river.

• Three major US indices fell over 1.0% during today's session amid uncertainty from the midterm elections. The odds are still favoring Republicans to win the US House, but the Senate control still hangs in the balance as a red wave expected by analysts did not materialize. 

• Results from these 3 states will be crucial: Nevada, where the Republicans have a slight advantage, Arizona, where the vote counting machine broke down, and at the moment the Democrats are winning, and Georgia, where the Democrats have an advantage, but runoffs will be held in December.  Republicans need to win in all of these states in order to secure victory.

• Tomorrow attention will focus on the release of the US CPI inflation report, given its potential impact on the Fed's policy path.

• Oil extends losses for a third consecutive session as renewed COVID-19 outbreaks in China and higher than inventory build in the US put pressure on prices. EIA data showed that US crude stockpiles jumped by about 3.925 million barrels last week, beating analysts’ estimates of 1.360 million barrel rise. 

• The dollar index bounced off a seven-week low at 109.4 and jumped above 110 mark. Greenback strengthened over 1.7% against the British pound and more than 1.20% against antipodean currencies.

• Precious metals erased early gains and are trading lower amid rising treasury yields and a stronger dollar. Gold pulled back from recent highs at $1720 to $1705.00, while silver is moving towards support at $21.00. 

• Crypto sell-off accelerated after a recent report by Coindesk suggests that Binance will not take over the rival exchange after an initial analysis of the FTX financial documents. Bitcoin fell below $ 17,000, while Ethereum plunged below $1200.

OIL.WTI price fell over 3.0% during today's session and is approaching key resistance at $85.50 which is marked with previous price reactions. Should a break lower occur, downward move may deepen sharply. Source: xStation5