Financial News

The Company Outlook Index has slightly improved from -17.5 to -17.1.

Currency movements will be driven by central bank actions, economic data, and market sentiment in the coming days.

BTC-ETF market news fueled demand for cryptos. However, XRP trailed amidst fear of the SEC appealing the Programmatic Sales ruling.

The pullback in Consumer Sentiment was driven by higher-income consumers and those with sizable stock holdings.

In September 2023, US personal income rose $77.8 billion (0.3%), spending surged by $138.7 billion (0.7%), and Core PCE inflation held steady at 0.3%.

The report exceeded analyst expectations, providing additional support to U.S. dollar.

In Q3 2023, GDP surged to 4.9% driven by consumer spending, though personal savings saw a decline, hinting at future financial concerns.

Oil markets remained under pressure as traders focused on rising inventories, weak economic data from Europe, and Israel-Hamas conflict.

Germany’s IFO Index and Current Economic Assessment beat forecasts at 86.9 and 89.2, pointing to a favorable outlook for the German economy and Euro.

Manufacturing PMI rebounded to 50 as operating conditions stabilized.

October’s PMI shows UK contraction led by manufacturing; declining orders, staffing worsen bearish outlook amid rising costs, weak exports.

Despite minor improvements in manufacturing, the bearish outlook for the German economy persists, driven by widespread issues across sectors.

The UK unemployment rate fell in August while wage growth remained elevated. Private sector PMIs for October are out next.

The global economy remains sensitive to key indicators, including services PMIs, labor reports, and central bank actions, as investors navigate market risks.

The big story of the week was the SEC dropping the charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

Unavoidable spending by EU States is limiting funds needed for defence and green investment, testing NATO targets and climate goals. Shifting spending to the supranational level and carbon taxes could help.

Existing home sales dropped to a 13-year low as high mortgage rates hurt buyers.

The Tusk coalition will have beaten the odds if it secures a parliamentary majority. The change of government supports the country’s credit standing, despite potential governance and budgetary challenges.

Jobless claims fell 13,000, hinting at a strong labor market amid inflation, while Philly Fed’s activity index stays negative.

The EIA report is bullish but traders are mostly focused on rising tensions in the Middle East.