European and U.S. Markets Begin Well Deserved Consolidation
European markets moved lower for a second consecutive session on Tuesday, while still remaining within close distance of their annual highs reached last week. Investors were digesting a string of mostly disappointing European corporate earnings reports, such as those of AnlgoGerman semiconductor manufacturer Dialog and German ecommerce giant Zalando. On the other hand, the energy sector made solid gains. France’s CAC 40 lost 0.42% to close at 5,484.12, while the benchmark EuroStoxx 50 index retreated by 0.52% to hit 3,663.05.
Euro zone retail sales increased by 0.7% in September from a month earlier, beating analysts’ projections for a 0.6% rise. August’s figure was revised to a 0.1% downtick from a previously estimated 0.5% slide. Yearoveryear, retail sales climbed 3.7% in September after a 2.3% increase in August, whose figure was revised from a previously estimated 1.2% gain. Analysts had expected a 2.7% rise. In Germany, industrial production declined by 1.6% in September, after a 2.6% gain the previous month and compared to expectations for a 0.8% slip. Around 5:45 PM, the EUR/USD was down 0.35% at 1.1570.
On the other side of the Atlantic, the Dow eased up 0.04%, the S&P500 was little changed and the Nasdaq was 0.27% lower. Wall Street was weighed by losses in the financial sector, but U.S. markets had erased almost all of the their losses by the end of the day and closed little changed, except for the Nasdaq.
Investors are especially worried that future corporate tax cuts in the United States will be less impressive than they had hoped.
The Dow Jones 30 index ended 0.04% or 8,81 higher at 23,557.23. The benchmark SPX 500 index was unable to hold onto gains and it ended the session down 0.49 points or 0.02% at 2,590.64. On the other hand, the techheavy Nasdaq Composite lost 18.653 points or 0.27% and closed at 6,767.783.
Indices Closing Prices
CAC 40: 0.48%
DAX: 0.66%
DOW JONES: +0.04%
NASDAQ: 0.27%
NIKKEI 225: 0.22%
Economic Calendar
Technical Analyses
Gold –
According to above graph: point pivot : 1276
 Option 1 : above P.P, possible rise to 1280.5, then 1285
 Option 2 : under P.P, possible decline to 1271.5, then 1267
According to above graph: point pivot :57.1
 Option 1 : above P.P, possible rise to 57.30, then 57.40
 Option 2: under P.P, possible decline to 57, then 56.80
According to above graph: point pivot : 1.1586
 Option 1 : above P.P, possible rise to 1.1619, then 1.1647
 Option 2 : below P.P, possible decline to 1.557, then 1.1525
According to above graph: point pivot : 7069
 Option 1 : above P.P, possible rise to 7199, then 7373
 Option 2 : below P.P, possible decline to 6895, then 6765
According to above graph: point pivot : 2587
 Option 1 : above P.P, possible rise to 2593, then 2599.5
 Option 2 : below P.P, possible decline to 2580, then 2574
According to above graph: point pivot : 13408.5
 Option 1 : above P.P, possible rise to 13483, then 13604
 Option 2 : below P.P, possible decline to 13288, then 13213
According to above graph: point pivot : 5489

 Option 1 : above P.P, possible rise to 5513.5, then 5548
 Option 2 : below P.P, possible decline to 5454.5, then 5430
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