📆 Tuesday, October 15
► European stocks are slightly lower after a positive session with Stoxx 600 0.2% lower as advances were limited by a decline in oil stocks. Shares in TotalEnergies and BP dropped 4.2% and 3.5% respectively, as Brent crude fell below $75/barrel (WTI to ~$70.00 spot price) after reports suggested Israel would not target Iranian oil facilities – as already predicted by our Chief Analyst. Meanwhile, economic data showed a 1.5% drop in Spain’s September inflation, its lowest since March 2021, and France’s inflation rate fell to 1.1% for the same month. UK wage inflation cooled down to 4.9% from 5.1% while labor market data improved.
► US equity futures were steady after the S&P 500 hit its 46th record high this year, driven by gains in Nvidia, which climbed more than 2.4% yesterday (now -0.8% in pre-market trading), followed by Apple and Tesla. Treasury yields are litle changed but the USD strengthened against most G-10 currencies. Investors are closely watching key earnings reports from major banks like Citigroup, Goldman Sachs, and Bank of America later today. Despite lower profit forecasts, analysts remain optimistic for positive surprises, as third-quarter results are expected to reflect resilience in corporate profit growth.
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