📆 Wednesday, October 30
► European stocks trended lower, mirroring the cautious tone from Asia as traders await major economic reports and the UK budget. The Stoxx 600 fell sharply (-0.8%) with losses in markets like London (-0.35%), Frankfurt (-0.55%), Paris (-1.1%). Spain's GDP expanded by 0.8% in Q3, while inflation rose to 1.8% YoY. France’s GDP also grew 1.3% in Q3, though other indicators were mixed: Norway saw retail sales decline by 0.3% in September, while the Netherlands reported lower business confidence. Volkswagen’s Q3 earnings showed a 64% YoY drop, putting additional pressure on the automotive sector in Europe.
► US equity futures are little changed as investors digested Alphabet’s strong earnings, which saw shares climb over 5%, contrasting with AMD’s 8% decline due to lackluster revenue guidance. The Nasdaq reached a record close despite mixed data and analyst caution around tech earnings volatility. Markets await the release of earnings reports from Microsoft and Meta later today. Treasuries saw yields dip, with the 10-year Treasury yield down 5 basis points to 4.22%, while attention shifts to upcoming GDP and job reports that are expected to reveal continued resilience in the economy.
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