📆 Tuesday, October 29
► European stocks remain steady, with the Stoxx 600 near flat (+0.15%), amid some positive earnings reports and anticipation surrounding the upcoming US election. Notable moves included Novartis, which raised its annual profit guidance for the third consecutive quarter, boosted by strong sales in psoriasis and cancer treatments. BP reported Q3 results but saw shares dip 2.3% following lower-than-expected revenue and flat guidance. HSBC (+ 4.5%) also announced a fresh multibillion-dollar stock buyback. The GfK Consumer Climate Indicator in Germany improved to still very poor -18.3 ahead of November showing that consumers continue to see many economic risks that will lead to a continued tense economic situation.
► US futures are near flat as Wall Street entered its busiest week for earnings, with tech giants like Alphabet (today), Apple, Microsoft, and Meta set to report throughout the week. Investors remain focused on the potential impact of election outcomes, with Trump seen as supportive of U.S. equities and Bitcoin, while a Harris presidency is expected to slightly ease housing costs. SmartTrader Chief Analyst Robert Lindner expects Trump to win, but political analysts remain divided. Treasury yields dipped after recent highs, as the market anticipates US economic resilience data and temporary jobs growth slowdown just ahead of the Fed's policy meeting. Tech stocks like Nvidia continue to draw interest, benefiting from rising AI investments and upcoming major earnings releases.
Subscribe to see more
