Morgan Stanley shares fall 5% as wealth management results disappoint
Morgan Stanley shares fell even as the bank posted better-than-expected profits.
Adidas shares climb after boost from Yeezy sales, guidance raise
Adidas on Tuesday hiked its full-year guidance and posted stronger-than-expected third-quarter earnings, aided by sales of its Yeezy inventory.
‚Phantom hacker‘ scams that target seniors‘ savings are on the rise, FBI says
„Phantom hacker“ scams are an evolution of tech support scams. Victims over 60 years old have accounted for 66% of total financial losses in 2023, the FBI said.
Morgan Stanley shares fall 5% as wealth management results disappoint
Morgan Stanley shares fell even as the bank posted better-than-expected profits.
Procter & Gamble tops earnings, revenue estimates even as higher prices drive some consumers away
Procter & Gamble’s shares have fallen 3.7% this year, dragging its market value down to $344 billion.
Adidas shares climb after boost from Yeezy sales, guidance raise
Adidas on Tuesday hiked its full-year guidance and posted stronger-than-expected third-quarter earnings, aided by sales of its Yeezy inventory.
Shares of critical chip firm ASML drop 4% after new U.S. curbs, outlook warning
ASML reported a decline a profit decline in the third quarter but beat estimates as it forecast 2024 revenue to be flat.
United Airlines says pricier fuel, war in Middle East will weigh on profits
United Airlines said higher fuel costs and its halt of service to and from Tel Aviv will cut into its bottom line in the last three months of the year.
ForexLive European FX news wrap: Gold and oil continue to shine, FX muted
Headlines:
- Gold ratchets higher, seeks break of key technical levels
- US president Biden arrives in Israel
- Biden: US will make sure Israel has what it needs to defend itself
- OPEC+ not planning extraordinary meeting after Iran calls for Israel oil embargo – report
- Xi-Putin meeting: Close political coordination is necessary in current difficult times
- Fed’s Harker: Pause on rate hikes should be extended
- ECB’s Visco: Inflation not yet consistent with monetary, price stability
- UK September CPI +6.7% vs +6.6% y/y expected
- Eurozone September final CPI +4.3% vs +4.3% y/y prelim
- US MBA mortgage applications w.e. 13 October -6.9% vs +0.6% prior
- Japan tourism recovers to near pre-Covid levels
- Nomura revises China 2023 GDP growth forecast slightly higher
- Citi raises China 2023 GDP growth forecast to 5.3% from 5.0% previously
- UBS, Morgan Stanley join the chorus in raising China GDP growth forecast for the year
Markets:
- CHF leads, EUR lags on the day
- European equities lower; S&P 500 futures down 0.4%
- US 10-year yields down 3 bps to 4.817%
- Gold up 1.1% to $1,945.52
- WTI crude up 2.7% to $89.02
- Bitcoin down 0.2% to $28,405
The arrival of US president Biden is Israel is not really relieving tensions in the region, at least not yet, as commodities continue to respond to the heightened uncertainty. Gold is shooting higher as it climbs to a four-week high of $1,947 after a solid jump higher since Asia trading.
Oil is the other key beneficiary with WTI crude up nearly 3% on the day to $89, also building on gains since Asia trading.
But outside of the commodities space, the market moves were more measured. Equities are feeling heavy again with US futures down 0.4% while European indices are dragged down as well, not helped by ASML’s poor showing after its earnings report earlier.
That comes despite a moderation in Treasury yields, with 10-year yields nudging back down to 4.817% after hovering around 4.866% at the highs earlier in the session.
In FX, major currencies are looking more muted. The pound caught a mild bid after more signs of stubborn UK inflation, with GBP/USD moving up from 1.2185 to 1.2210 before keeping around 1.2190 levels now.
The dollar in general is steadier across the board as it trades little changed against the rest of the major currencies bloc, as sentiment is still underpinned from higher yields and a stronger US economy for the time being.
This article was written by Justin Low at www.forexlive.com.