31/10/2024 Evening Reports
Oil prices fluctuated around $69 a barrel after a drop in US crude inventories. Market concerns linger due to potential Middle East tensions and a weaker equities outlook. Prices have partially recovered following Israel’s strike on Iran, with traders wary ahead of the US elections and an OPEC+ output decision for December.
What factors do you believe are most influential in determining oil market stability?
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Eurozone Inflation Surges! What This Means for Rate Cuts and Economic Stability
Inflation Hits 2%: Eurozone consumer prices rose by 2% in October, higher than the expected 1.9%, mainly due to smaller declines in energy costs.
Core Inflation Holds at 2.7%: Despite rising food prices, core inflation remained steady, suggesting ongoing pressure on household budgets.
ECB’s Cautious Path on Rates: A gradual approach to rate cuts is favored, with a potential 25 basis-point reduction in December—yet some policymakers are pushing for even larger cuts.
German Inflation Jumps: Germany saw a significant inflation rise from 1.8% to 2.4%, reigniting caution among ECB officials about faster rate adjustments.
Unemployment Remains Low: Eurozone unemployment hit a record low of 6.3% in September, easing fears of labor market strain as inflationary pressures linger.
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Tech Earnings Disappoint as Stocks Dip; Dollar Strengthens Amid Fed Uncertainty
Stocks continued to fall on Wednesday, driven by declines in Microsoft and Meta after both companies reported disappointing earnings amid concerns about AI and cloud investment costs.
Futures on the Nasdaq 100 dropped over 1% before stabilizing, with Microsoft and Meta’s combined losses accounting for about half of the Nasdaq’s dip.
Additional reports from Amazon and Apple are anticipated later today, which could further impact market sentiment.
Meanwhile, the US dollar slipped but remained strong, buoyed by recent robust economic data.
This has led investors to question the likelihood of near-term Fed rate cuts. Treasury yields held steady, while oil prices edged higher and gold eased after a brief surge.
In Europe, the Stoxx 600 declined for a third consecutive day due to mixed earnings reports from major banks, as euro-area inflation rose above expectations.
