- European indices managed to close higher after a volatile session, with the German DAX rising 0.94% boosted by a slew of better-than-expected earnings reports. SAP shares soared more than 6% after the company reported faster-than-expected revenue growth for the third quarter. Additionally, the Ifo Business Climate indicator for Germany edged lower to 84.3 in October, the weakest since May of 2020 but above market estimates of 83.3.
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US indices launched today’s session in mixed moods, however sentiment improved later in the session as disappointing CB Consumer Confidence Index and Richmond FED Manufacturing index lifted hopes that US central bank will limit the pace of interest rates hikes.
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Elon Musk reportedly informed debt bankers that he intends to close the Twitter deal on Friday. Both Tesla and Twitter stocks are trading higher on Tuesday.
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On the earnings front, Coca-Cola, UPS and General Motors posted upbeat quarterly results. Microsoft and Google-parent Alphabet are due to release their earnings results today after the bell, while Apple, Meta, and Amazon.com report later in the week.
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Oil is swinging between gains and losses while speculation grows that OPEC will further intervene in markets to shore up prices. Saudi energy minister Prince Abdulaziz bin Salman warned that using emergency inventories to manipulate markets may be painful in the months ahead.
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Gold and silver are trading higher amid weaker dollar and lower bond yields. The yield on the 10-year Treasury note was down by around 15 bps to 4.08%. Meanwhile, Britain's 10-year gilt fell for a 2nd session to 3.6% as markets hoped new PM Sunak could offer more predictability and stability.
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The dollar index weakened below the 111 mark as investors were hoping that the impact of high-interest rates on economic growth will force central banks to slow down monetary tightening. Currently GBP and AUD are the best performing major currencies while USD and CHF lag the most.
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Major cryptocurrencies rose sharply on Tuesday. Bitcoin jumped above $20000, while Ethereum surged nearly 10.0% and is testing $1475 level. Cardano is one of the top performers with 16.0% gain.
Ethereum jumped to the highest level since mid- September as risk appetite returns. Source: xStation5
The upward movement in the US stock market is gaining momentum. US500 broke above the key resistance level at 3820 pts. Next resistance to watch lies at 3,913 pts and is marked with the upper limit of the local ascending channel, which coincides with the 50% Fibonacci retracement of the last downward wave. Source: xStation5
