- Wall Street index futures at daily lows.
- The yen falls while the DXY rises.
- Metals and oil with relative stability.
Stocks are falling on Friday, with doubts returning to continue raising rates to tackle inflation. Oil and metals are shown without major changes. The yen continues to collapse and does not find a floor.
Indices at multi-day lows
In Europe the main European markets are falling by around 1%. The S&P futures fall 0.40%, and are at four-day lows; while those of the Dow Jones yield 0.40% and those of the Nasdaq lose 0.73%.
On Thursday, a new drop in existing sales was known in September, the eighth consecutive drop, making the alarm bells in the real estate sector sound louder. Analysts warn that from being a driver of the economy, it is becoming a weight.
The actions of Twitter fall 7% in the previous one, after the information that Elon Musk he wanted to get rid of 75% of the employees and after learning that the Biden administration is discussing whether some of Musk’s investments should be reviewed for national security issues. Among the companies that will present results on Friday are American Express Y Verizon.
The yen is tumbling again with USD/JPY above 151.50. Part of this advance is driven by these hours due to the rise in the yields of the Treasury bonds and also in the European ones. The 10-year tranche of the US bond is at 4.27% and the 2-year tranche at 4.60%, maximums since 2008.
The pound is among the weakest after the resignation of Liz Truss. The race for the succession could be defined early next week and one of the candidates is Boris Johnson. Lower-than-expected retail sales data for September were released. GBP/USD heads lower on track to test 1.1100, while EUR/GBP breaks above 0.8770.
The metals continue with a negative bias. Gold hit a one-month low, very close to the 2022 bottom, and is trading at $1623. Silver continues to find support above $18.00 but fails to sustain rebounds. Cryptocurrencies are on mixed ground, with the Bitcoin below $19,000 and ethereum at $1,275. Oil prices operate in mixed terrain, without major changes. The barrel of WTI is below $85.00.
Technical levels
Source: Fx Street
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