Daily Summary: market rebounds at week's start

Wall Street is making gains in the new week. The leading indexes, the Nasdaq 100 and the SP500 are up more than 1%.

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.

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.

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.

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.

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.

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.

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.

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.

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).