Daily Digest: Wednesday 23rd October
Europe
UK listed equities extended declines for a third consecutive session as performances are slowed by increased discourse regarding Labour’s Autumn budget, set to release on the 30th October. The budget is the first of the new labour governments and should therefore yield some of the greater shifts in terms of taxation and fiscal spending policy. The FTSE 100 (FTSE) fell 47.9 points (0.58%) to 8,258.64 while in Europe, the STOXX 600 (STOXX) also headed lower, falling 1.56 points (0.3%) to 518.84.
USA
US sentiment was far clearer as all three indexes traded lower, the S&P 500 and Dow both extending losses from Tuesday’s session. Despite trading higher through the start of the week, the Nasdaq 100 ($NDX) saw the sharpest pivot in price, falling 316.69 points (1.55%) to 20,066.96. Meanwhile, the S&P 500 ($SPX) fell 53.78 points (0.92%) to 5,797.42, and the Dow ($INDU) fell 409.94 points (0.96%) to 42,514.95. The headline earnings call of Wednesday was that of US electric car manufacturer Tesla ($TSLA), with Q3 figures reported at the close. Data shows that Tesla’s EPS came in above analyst expectations of $0.59 at $0.72 marking a near 10% jump in business revenues, despite the firm facing recent headwinds a key indicator of robustness.
Rest of the World
Japanese traders failed to buck the weeks downward trend as domestic equity sell offs continued. The nation’s benchmark index, the Nikkei 225 (¥N225), fell 307.1 points (0.80%) to 38.104.86, taking the indexes losses over the last five sessions to 1,158.96 points (2.95%). As highlighted yesterday, the situation in China appears stronger as positive momentum continues to build following the nation’s recent economic stimulus efforts. The Shanghai Composite (¥SSE), a benchmark of domestic equity performance rose a further 16.94 points (0.52%) to 3,302.80, extending weekly gains to 2.55%.
What to Watch Tomorrow
Eurozone Flash Manufacturing PMI
Eurozone Flash Services PMI
UK Flash Manufacturing PMI
UK Flash Services PMI
US Flash Manufacturing PMI
US Flash Services PMI
US Earnings:
S&P Global ($SPGI)
Union Pacific ($UNP)
KKR & Co ($KKR)
Sources:
https://uk.finance.yahoo.com/world-indices/
https://uk.finance.yahoo.com/commodities
https://www.londonstockexchange.com/indices/ftse-100
https://www.binance.com/en-GB/price/bitcoin
https://www.binance.com/en-GB/price/ethereum
https://qontigo.com/index/sxxp/
Stock Market Activity Today & Latest Stock Market Trends | Nasdaq
https://coinmarketcap.com/charts/#market-cap
https://www.forexfactory.com
Definitions:
YoY - Year on Year, or, Year over Year
MoM - Month on Month, or, Month over Month
QoQ - Quarter on Quarter, or, Quarter over Quarter
ECB - European Central Bank
BOJ - Bank of Japan
Fed - Federal Reserve
BOE - Bank of England
SNB - Swiss National Bank
DOJ - Department of Justice