🗓 Thursday, October 23, 2025
► Europe mixed – strong earnings offset oil surge & valuation worries
European equities advanced modestly as earnings strength outweighed renewed inflation and valuation concerns. Stoxx 600 +0.2%, DAX -0.2%, CAC 40 +0.3%, FTSE 100 +0.6%, FTSE MIB +0.4%, IBEX +0.1%. EUR/USD 1.160 (-0.1%), GBP/USD 1.334 (-0.1%), USD/JPY 152.6 (+0.4%). Energy stocks (strongly represented in the FTSE 100) outperformed after the US and EU imposed sanctions on Russian giants Rosneft and Lukoil, lifting Brent above $65 (+ 4.3%). Kering +10% after strong Gucci sales, Nokia +10% on AI-driven demand, Roche and Unilever beat forecasts, while SAP (-1.5%) and Dassault Systèmes (-3%) disappointed. Broader sentiment remained firm, supported by resilient earnings despite stretched valuations and higher commodity prices.
► Wall Street lower – Oil spike & high valuations limit upside
US markets trade slightly lower in pre-market trading. S&P 500 -0.2%, Nasdaq 100 -0.4%, Dow -0.2%. Tesla -3.5% after mixed Q3 results; IBM -7%, Moderna -6% after weak updates; Intuitive Surgical extended gains. Energy shares led on soaring oil (+4.7%), with WTI above $61. Crude jumped after new US sanctions on Russia, dampening risk sentiment and reviving inflation concerns ahead of Friday’s CPI report. The dollar strengthened slightly (DXY +0.1), US 10Y +3.98% (+3bps). Despite mild consolidation, markets remain supported by overall robust earnings and optimism for Fed rate cuts later this year.
► Asia mixed – US-China trade tension & oil rally weigh on sentiment
Asian markets were uneven as investors digested the surge in oil prices and renewed trade concerns. Nikkei -1.4%, Kospi -1.0%, Taiwan -0.4%, Hang Seng +0.7%, Shanghai +0.2%, Shenzhen +0.2%, ASX flat, Nifty +0.1%. USD/JPY 152.6 (+0.4%). Chinese tech stocks recovered slightly after a three-day decline, while Japan lagged as stronger oil prices pressured energy-importing economies. Reports of possible new US export curbs on China software exports kept risk appetite subdued ahead of the Trump-Xi talks.
► Commodities & Crypto – oil spikes; gold rebounds; crypto firmer
Oil rallied sharply after US sanctions on Russian energy giants, with Brent $65.3 (+4.3%) and WTI $61.3 (+4.7%; spot $61.2). Gold $4,120 (+0.4%) recovers cautiously after two days of selling, as traders sought protection against inflation and geopolitical risk. Silver +1.4%, Copper +1.9%, NatGas +0.3%. Bitcoin $109K (+1.2%) and Ether $3,855 (+1.2%) stabilized after recent declines.
Key events in today's economic calendar:
(times in UTC+0; one hour before British Summer Time)
🔸 🇫🇷 Business Confidence – 06:45 (reported: 🟢)
🔸 🇪🇸 Balance of Trade – 08:00 (reported: 🔴)
🔸 🇬🇧 CBI Business Optimism Index – 10:00 (reported: 🔴)
🔸 🇬🇧 CBI Industrial Trends Orders – 10:00 (reported: 🔴)
🔸 🇨🇦 Retail Sales Ex Autos MoM – 12:30 (reported: 🔴)
🔸 🇨🇦 Retail Sales Final Aug – 12:30 (reported: 🟡)
🔸 🇨🇦 Retail Sales MoM Prel Sep – 12:30 (reported: 🔴)
🔸 🇪🇺 Consumer Confidence Flash – 14:00
🔸 🇺🇸 Existing Home Sales (MoM/YoY) – 14:00
🔸 🇺🇸 Fed Balance Sheet – 20:30
🔸 🇺🇸 Initial Jobless Claims – 20:30 (POSTPONED) ❌
🔸 🇺🇸 Continuing Jobless Claims – 20:30 (POSTPONED) ❌
🔸 = Event of medium/high importance
♦️ = Event of very high importance
🔴 = Data worse than analysts' expectations
🟡 = Data in-line with analysts' expectations
🟢 = Data better than analysts' expectations
Key Earnings Reports:
(ordered by market capitalization)
☀️ Roche Holding (RHHBY) 🇨🇭 (reported: 🔴)
☀️ T-Mobile US (TMUS) 🇺🇸 (reported: 🟡)
☀️ Blackstone (BX) 🇺🇸 (reported: 🔴)
☀️ Unilever (UL) 🇬🇧
☀️ Union Pacific (UNP) 🇺🇸 (reported: 🔴)
☀️ Honeywell (HON) 🇺🇸 (reported: 🟢)
🌙 Newmont Goldcorp (NEM) 🇺🇸
☀️ Relx (RELX) 🇬🇧
☀️ Vinci (VCISY) 🇫🇷
☀️ Atlas Copco (ATLCY) 🇸🇪
☀️ Lloyds Banking (LYG) 🇬🇧 (reported: 🟢)
🌙 Norfolk Southern (NSC) 🇺🇸
☀️ London Stock Exchange (LNSTY) 🇬🇧 (reported: 🟢)
🌙 Digital Realty (DLR) 🇺🇸
☀️ Freeport-McMoran (FCX) 🇺🇸 (reported: 🟢)
☀️ Roper Technologies (ROP) 🇺🇸 (reported: 🔴)
☀️ Valero Energy (VLO) 🇺🇸 (reported: 🟢)
🌙 Ford Motor (F) 🇺🇸
☀️ DSV (DSDVY) 🇩🇰
☀️ CBRE Group (CBRE) 🇺🇸 (reported: 🟢)
☀️ Dassault Systemes (DASTY) 🇫🇷 (reported: 🔴)
🌙 Baker Hughes (BKR) 🇺🇸
☀️ Orange (ORANY) 🇫🇷
☀️ PG&E (PCG) 🇺🇸
☀️ Antofagasta (ANFGF) 🇨🇱
☀️ Swedbank (SWDBY) 🇸🇪
☀️ Nokia (NOK) 🇫🇮 (reported: 🟢)
☀️ Kenvue (KVUE) 🇺🇸
☀️ Tractor Supply (TSCO) 🇺🇸
🌙 Comfort Systems (FIX) 🇺🇸
☀️ ASE Industrial (ASX) 🇹🇼
☀️ STMicroelectronics (STM) 🇫🇷 (reported: 🔴)
☀️ CenterPoint Energy (CNP) 🇺🇸 (reported: 🟢)
☀️ Beiersdorf (BDRFY) 🇩🇪
🌙 VeriSign (VRSN) 🇺🇸
SmartTrader™ Analyst team & Robert Lindner
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