- Sentiments on the European stock market session were mixed today. The DAX declined by 0.2%, while the FTSE gained 0.2%. France’s CAC40 was the worst performer, falling by 0.7%. SAP shares dropped 1.5%, while Henkel gained over 2% following a new recommendation from J.P. Morgan analysts.
- The S&P 500 and Nasdaq 100 are down by 0.4%, and the DJIA slipped 0.3%. Nasdaq futures fell over 1%, driven by a selloff in tech stocks, particularly in the semiconductor and software sectors. Nvidia shares dropped nearly 3%, and CrowdStrike slid more than 6% after issuing quarterly guidance below Wall Street expectations.
- Dell shares also fell following a surprising 9% decline in quarterly AI server revenues, missing revenue projections. While earnings per share exceeded market expectations, they failed to boost sentiment. Dell expects the rollout of Blackwell AI chips this quarter and attributed part of its quarterly weakness to delays in their delivery.
- The US dollar weakened significantly today, with bond yields retreating by 7 basis points to 4.23%, and the EUR/USD rising over 0.8%. US housing sales data surprised positively with a 2% increase (expected: -2%), following a 7% rise in the previous month. Key US macroeconomic data today:
- Initial jobless claims: 213,000 (forecast: 215,000; previous: 213,000)
- Durable goods orders: +0.2% m/m (forecast: +0.5% m/m; previous: -0.8% m/m)
- GDP (Q3): +2.8% q/q (forecast: +2.8% q/q; previous: +3.0% q/q)
- GDP price index (Q3): +1.9% q/q (forecast: +1.8% q/q; previous: +2.5% q/q)
- PCE inflation (October): +2.3% y/y (forecast: +2.3% y/y; previous: +2.1% y/y)
- Core PCE inflation:
- Monthly: +0.3% m/m (forecast: +0.3% m/m; previous: +0.3% m/m)
- Yearly: +2.8% y/y (forecast: +2.8% y/y; previous: +2.7% y/y)
- American households income: +0.6% m/m (forecast: +0.3% m/m; previous: +0.3% m/m)
- American households spending: +0.4% m/m (forecast: +0.3% m/m; previous: +0.5% m/m)
- Oil prices fell nearly 1% today:
DOE crude inventories: -1.8 million barrels (forecast: -1.0 million barrels; previous: +0.5 million barrels)
Gasoline inventories: +3.3 million barrels (forecast: -0.1 million barrels; previous: +2.0 million barrels)
Distillate inventories: +0.4 million barrels (forecast: +0.05 million barrels; previous: -0.1 million barrels)
- Natural gas fell nearly 8%, with last week’s inventories declining by just 2 bcf, missing the forecast of 3 bcf. However, a winter storm is expected to hit the Midwest and East Coast in early December.
- Cryptocurrencies rebounded; Bitcoin: Up nearly 5%, trading at $96,500 and Ethereum: Gained almost 8%, reaching $3,600.
- The Head of German Foreign Intelligence announced that Russia has begun using kinetic measures against the West, including sabotage of infrastructure. Germany anticipates further escalation of the situation.
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