- European stocks close higher on earnings reports
- Wall Street recovers early losses
- Palladium hits fresh record high
European indices finished today's session higher thanks to upbeat quarterly results from ASML, Heineken, Kering, and Roche. German fashion giant Hugo Boss stock reached a one-year high following news of takeover interest in the company. Meanwhile, Juventus stock fell more than 13% after breakaway European Super League founder and Juventus chairman Andrea Agnelli said the league can no longer go ahead. Still concerns regarding the increasing number of COVID cases and new lockdowns in parts of the world continued to weigh on sentiment.
US indices managed to erase early losses as gains in mega-cap stocks more than offset declines in Netflix following disappointing subscriber growth. Verizon and NextEra Energy earnings beat forecasts, and Chipotle Mexican Grill will report their quarterly figures after the market closes. More than 70 S&P 500 companies have reported so far, and they posted a 23% upside to analysts’ earnings expectations on average, according to CNBC calculations.
WTI crude fell more than 2.0% and is trading around $61.30 a barrel, while Brent is trading 1.8% lower around $65.30 a barrel amid concerns over the fuel demand outlook as rising COVID-19 cases in major consumer India forced many local governments to impose lockdowns to curb the spread of the pandemic. Meanwhile, EIA reported an unexpected build in US crude oil stocks and a smaller-than-expected rise in gasoline inventories. Elsewhere, gold rose nearly 0.90% to $ 1,793.00 / oz, while silver is trading 2.40 % higher, around $ 26.50 / oz helped by broad dollar weakness and lower US Treasury yields.
Palladium price jumped to a new all-time high of $2,892.1, up almost 10% so far this month, basking in the afterglow of Nornickel’s lackluster output numbers and continued strong demand from tightening emissions standards. It seems that investors believe that rebounding demand from automakers will exacerbate a supply shortfall. Source: xStation5
