Enter your details to join our mobile app waitlist and receive early access to the Bell Direct App.
The US markets rebounded on Tuesday to close higher across the key indices following the release of US producer price index data that measures wholesale inflation, for October showing an increase of just 0.2% which was below market expectations and is another sign inflation is slowing in the region. The tech-heavy Nasdaq led the gains adding 1.27% on Tuesday, while the Dow Jones and S&P500 also each lifted 0.02% and 0.7% respectively. Over in the US it has been a turbulent time for technology stocks of late with interest rates rising meaning financing growth becomes more expensive. As a result, we have seen mass lay-offs from tech giants including Twitter cutting around 3700 jobs, Amazon reportedly releasing 10,000 employees, Stripe axing 14% of its staff and Meta cutting 11,000 jobs in the biggest tech layoff of 2022, so today’s rally on the Nasdaq will bring a brief relief for tech stocks.
Over in Europe, markets advanced on the back of that US producer price index data being released, with the STOXX 600 adding 0.2%, while Germany’s DAX and the French CAC each added almost 0.5%. In the UK, the FTSE100 bucked the trend, closing the day down 0.21%, amid UK property data indicating new homebuyer enquiries plunged in October to the lowest level since the 2008 GFC, according to the latest RICS housing surveyors report for the last week, adding to further fears of a deep recession to come.
What to watch today:
Trading Ideas: