Tech Surge Lifts Stocks as Oil Drops 1.1 Percent on Iran Easing
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MENAFNU.S. President Donald Trump said he sees little chance of an attack on Iran, easing risk sentiment and pushing January-delivery Brent crude down 1.1% to $91.5 a barrel.
Officials at the Federal Reserve warned that services inflation remains a problem even as the labor market holds steady, with layoffs still limited and the economy still growing. They urged caution ahead of the October inflation release. U.S. consumers’ short-, medium- and long-term inflation expectations were unchanged at 3.9%, 3.3% and 3%, respectively.
The 10-year U.S. Treasury yield was flat at 4.87%, and the dollar index also held steady at 101.6 on Tuesday. Gold slipped 0.6% to $4,114 an ounce over the same period, on expectations of tighter monetary policy.
Wall Street
The New York Stock Exchange closed higher Monday, led by technology shares. Apple gained 2.4%, Microsoft rose 2.8%, Alphabet added about 1%, Amazon advanced 3% and Meta jumped 5.1%. Shares of Tesla and SpaceX, companies led by trillionaire Elon Musk, rose nearly 6%, recovering part of last week’s losses.
Chipmakers surged. AMD climbed 13.3%, Broadcom gained 8.8%, Micron rose 6.3% and Intel added 5.5%. Nvidia was the exception, falling 4.3% after the chip giant opened an independent probe following reports that founder and CEO Jensen Huang had been targeted by foreign intelligence.
Europe
European bourses ended Monday higher as the tech rally spread to other sectors and several companies reported earnings that beat forecasts.
Eurogroup President Kiryakos Pierrakakis said Spanish and Dutch candidates for the presidency of the European Central Bank will be presented at an upcoming meeting, as ECB President Christine Lagarde’s term nears its end.
Eurozone investor confidence fell 0.3 points in November to 2.4 points, missing market estimates.
Italian lender UniCredit posted third-quarter earnings and revenue above expectations, sending its shares up 6.3%.
On Monday, Germany’s DAX 40 rose 1.73%, the UK’s FTSE 100 gained 1.02%, France’s CAC 40 climbed 1.16% and Italy’s FTSE MIB 30 jumped 2.69%. European indexes opened Tuesday higher.
Asia
Risk appetite strengthened in Asian equity markets near Tuesday’s close as tech stocks rallied. SK Hynix gained 6.5%, Samsung Electronics and LG Innotek each rose 4.5%, Kioxia jumped 7.5% and Murata added 6%.
China’s October exports grew 35.2%, short of estimates, on strong demand for artificial intelligence (AI) and tech products. Imports surged 41.6%, beating forecasts. Export growth cooled from September on an estimated slowdown in AI development, while import growth accelerated.
China’s trade surplus narrowed to $105.3 billion in October from $133.5 billion in September, missing the $125.8 billion estimate, as a stronger yuan and higher oil imports weighed on the balance.
Near the close, Japan’s Nikkei 225 gained 2.5%, South Korea’s Kospi rose 3.8%, China’s Shanghai Composite edged up 0.1% and Hong Kong’s Hang Seng added 0.3%.
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