- U.S. indices end the week's trading under clear downward pressure. The Nasdaq 100 index is currently losing more than 2.3%, while the S&P500 is down 1.35% and the Russell 2000 is down 1.5%.
- Pressure is also evident in European markets. Germany's DAX closed the session with a loss of 0.3%, France's CAC40 is losing 0.6%, Italy's FTSE MIB is trading down 0.5% and the UK's FTSE 100 is gently under the dash (-0.05%).
- U.S. retail sales data showed an improvement in U.S. consumer sentiment. The reading for October showed growth above expectations (+0.4% m/m; forecast: 0.3%; previous: 0.8%). The underlying reading, on the other hand, came in slightly below forecasts (0.1%; forecast: 0.3%; previous: 1%).
- Also slightly positive were industrial production data, which fell weaker than expected in October (-0.3% m/m; forecast: -0.4%; previous: -0.3%), supported by a rise in the NY Empire State Manufacturing index (31.2; forecast: -0.7; previous: -11.9).
- Boston Fed chief Susan M. Collins said she sees no downward pressure on US interest rates, but in a bid to keep the US economy healthy, she does not rule out another cut in December. According to Collins, the U.S. labor market appears to be at full employment.
- A slower pace of cuts was also supported by Chicago Fed chief Austan Goolsbee, who indicated that there is no consensus on a neutral interest rate level.
- In the forex market, the Japanese yen is the best performer today, losing 1.4% to the US dollar. Overall, it is the USD that is subject to the most downward pressure.
- The cryptocurrency market is trying to regain ground after yesterday's tumble. Bitcoin is currently gaining 2.4% and is trading near $90,000. Particularly good sentiment is seen continuously in the altcoin sector, with projects such as Algorand and Cardano gaining 20.5% and 14.3%, respectively.
- Relatively good sentiment is also evident in the precious metals market. Gold has bucked the strong downtrend and ends the session with a token gain of 0.05%. Platinum contracts are trading 0.1% higher, while palladium is doing best (+0.8%). Losses, however, are observed in silver (-0.3%).
- In the commodities market, oil and WTI crude are losing (2.1% and 2.4%, respectively), while NATGAS is gaining (+1.2%).
