- Wall Street points to a negative opening.
- Elections in the US: still without definition in the Senate, Republicans would get a majority in the lower house.
- The dollar rises after three days with significant declines.
Markets are trading largely unchanged after the US mid-term elections. Oil continues to slide while metals slightly correct after Tuesday’s spike. The dollar rises, moderately, after three days of falls.
Markets like elections: still without definition
European markets are with mixed results. The FTSE 100 fell 0.27%, while the DAX lost 0.56%, the CAC 40 fell 0.26% and the FTSE MIB rose 0.12%. S&P 500 futures fall 0.32%, while those of the Nasdaq yield 0.34%. The elections have not had a significant impact on the market, as there have been no major surprises in the results so far.
The midterm elections in the US do not yet have a final result. The Republicans are on track to have control of the House of Representatives but with fewer seats than expected. The Senate definition might have to wait until the second round for the Georgia bench.
Meta Platformsthe owner of Facebook, cut 11,000 jobs, 13%. The biggest cut, in the face of falling revenues and more competition. Shares rise 4.10% in premarket. waltdisney falls more than 7% after announcing that it plans to make cuts in certain areas. Tesla rises 1.35% after learning that Elon Musk he sold $4 billion worth of company stock. Among the companies that will present results today are Roblox, RivianWynn Resorts, Wendy’s and Bumble.
Regarding economic data, for these hours there will be no impact. Tom Barkin, president of the Richmond Federal Reserve, will speak publicly. Thursday will be the key day with the US retail inflation report for October. The market consensus points to the Consumer Price Index rising 0.7% in the month and 8% from a year ago.
The dollar is rising in the market, recovering after three consecutive days with significant falls, but continues with a negative tone. EURUSD remains above 1.0000 and GBPUSD falls towards 1.1400. Among the G10 currencies, the worst performers on Wednesday are the Kiwi (NZD) and the Pound (GBP). EURGBP climbed to four-week high,
The cryptocurrencies still under pressure after the problems with the FXT platform. Bitcoin It falls almost 5% and trades at $17,700, approaching Tuesday’s lows. ethereum loses 8.80% and approaches $1,200. The sharp decline comes even as equity markets rise and the dollar falls, factors that generally favor cryptocurrencies.
The metals they are falling moderately after Tuesday’s big spike. The Prayed remains above $1,700, while silver remains above $21.00. Oil prices are moving in the opposite direction and continue downhill. The barrel of WTI loses more than 1% and is at a minimum in a week due to concerns about future demand.
Technical levels
Source: Fx Street
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