• US indices finished yesterday’s session lower, with tech shares underperforming the most as disappointing earnings from Microsoft and Alphabet dented moods towards the sector. S&P 500 dropped 0.74%, Dow Jones finished flat while Nasdaq slumped 2.04%. Russell 2000 bucked the trend and gained 0.46%
  • Meta Platforms plunged almost 20% in the after-hours trading after the release of the Q3 earnings report. Company reported EPS of $1.64 (exp. $1.89) and revenue at $27.71 billion (exp. $27.38 billion), marking a second straight quarter of declining revenue. On top of that, the company reported a $3.67 billion loss in its metaverse division. Meta Platforms also said that it expects operating losses in metaverse division to increase significantly in 2023
  • Indices from Asia-Pacific traded mixed today. Nikkei dropped 0.3%, S&P/ASX 200 gained 0.5%, Kospi added 1.8% while indices from China traded slightly lower
  • DAX futures point to a more or less flat opening of the European cash session today
  • Chinese President Xi Jinping said that his country wants to have a good relationship with the United States
  • RBNZ Governor Orr said that inflation remains way too high and that monetary policy will be review in mid-November
  • According to Telegraph report, new UK Prime Minister Sunak is reconsidering whether tax hikes are needed as he believes economic outlook will improve going further
  • Media reports surfaced saying that the United States will rework plans on Russian oil price cap but no details were offered
  • Chinese industrial profits dropped 2.3% YoY in the first 9 months of 2022
  • Energy commodities are trading a touch lower with Brent and WTI being 0.1% down at press time
  • Precious metals gain – gold and silver trade 0.2% higher while palladium rallies 0.8%. Platinum is an exception with a 0.3% drop
  • JPY and NZD are the best performing major currencies while EUR and USD lag the most

While EUR is one of the worst performing major currencies today, so is the US dollar. As a result, EURUSD holds above 1.00 handle. A key event for the pair will come at 1:15 pm BST today – rate decision from ECB (exp. +75 bp).

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