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Wall Street is making gains in the new week. The leading indexes, the Nasdaq 100 and the SP500 are up more than 1%.
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The better sentiment comes ahead of Wednesday's Fed decision on interest rates. The market is almost 100% certain about Fed keeping rates at the current level.
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The gains in equities are accompanied by a decline in the dollar, which is the weakest performing currency. EURUSD is gaining more than 0.50% today.
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The euro appreciation is also accelerated by the hawkish comments from ECB members Kazimir and Simkus, as well as a slightly better-than-expected German GDP report for Q3 2023.
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USDJPY loses 0.50% on speculation of a change in the 10-year bond yield policy by the Bank of Japan (BoJ) a day before the interest rate decision.
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CPI inflation in Germany came in well below expectations. In fact, data for October came in at 3.8% y/y vs. expectations of 4.0% y/y and 4.5% y/y a month earlier.
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Tesla (TSLA.US) is losing more than 5.0%. Investors are concerned about a slowdown in the EV sector. The declines were accelerated after a report from ON Semiconductors (ON.US) showed a much worse outlook for the market in the coming quarters.
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Siemens Energy (ENR.DE) was one of the best performing companies on the DAX index, gaining more than 5% today. The company's CEO assured that the company does not need money from the state. The comments came as some concerns recently emerged about loss-making turbine manufacturers that may need state aid.
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Crude oil (OIL) is losing more than 2% in its first trading session this week and is trading below the $87 per barrel. Investors are more optimistic after the Israeli offensive turned out to be less aggressive than initially expected, spoiling the mood in the "black gold" market.
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The crypto market is also seeing downward pressure. Bitcoin is losing nearly 1.2% on an intraday basis, and Ethereum is losing 0.4%.In contrast, we are seeing large increases on Solan and Ripple (6.2% and 3.5%, respectively).
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