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[TRIAL] 🇬🇧 SmartTrader™ - Fundamental Trading Signals; Consistently Profitable & 100% Transparent

19 Nov 2024 12:15

📊 SmartTrader Insights: Tuesday Markets Wrap 🗒

📆 Tuesday, November 19

❗️ Stocks dip as worries over latest escalation in Russia-Ukraine war concerns markets

► European stocks slipped with the Stoxx Europe 600 down 1%, as investors are concerned about further escalations in the Russia-Ukraine along further cautious sentiment about Trump’s cabinet appointments. The decline reflects a pause in the broader rally seen in recent sessions (although the Trump boost was anyways very short-lived for stocks in Europe and Asia and quickly turned to headwinds instead), with sectors like financials and industrials underperforming. Eurozone inflation confirmed preliminary data and was reported at 2.0% in-line with expectations.

► US stock futures also fell, following Monday’s surprise rally (not for us - we had expected the rally and traded it excellently) driven by technology stocks. The S&P 500 and Nasdaq are around 0.3% lower in early trading, following gains of 0.4% and 0.7%, respectively, in the prior session. Optimism around Tesla’s 5.6% jump on reports of regulatory easing for self-driving vehicles contributed to tech sector strength. Treasury yields declined, reflecting investor confidence in the Fed’s measured approach to rate cuts but likely even more by today's flight to safety as the Russia-Ukraine war rattles traders. Market participants are closely watching Trump’s transition plans, including key cabinet picks, which are expected to shape fiscal and regulatory policies. Focus will also be on earnings report (including retail giants Walmart and Lowe's) that will be released before today's NYSE opening. Lowe's already reported with a solid growth in same store sales.

► Asian markets presented a mixed, slightly positive picture, reflecting varied regional dynamics. Japan’s Nikkei rose 0.45%, supported by heavyweight financial stocks and a strengthening JPY, as authorities issued warnings against excessive currency volatility. Meanwhile, China’s SHCOMP increased 0.67%, as investors remained cautious ahead of the PBOC’s Loan Prime Rate decision. Hong Kong’s Hang Seng rose 0.44%, with attention centered on an investment summit where top policymakers discussed initiatives to bolster Hong Kong’s competitiveness.

► Commodities showed mixed momentum, with WTI crude oil trading near $69/barrel thus being little changed for now supported by geopolitical tensions. However, concerns about future demand continue to limit further upside. Gold extended its rally above $2,630/oz, benefiting from easing Treasury yields and the current flight to safety following after Putin pushed ahead with the nuclear doctrine that allows Russia to expand use of atomic weapons. Bitcoin reached new heights, approaching $92,000, as market participants celebrated its deepening integration into U.S. markets, supported by Trump’s favorable stance on cryptocurrencies.