U.S. jobless claims rise, surprising the market
After consecutive weeks of reduced jobless claims in the U.S., the number of Americans seeking unemployment benefits rose for the first time since March.
In data released today by the U.S. Labor Department, new applications for benefits, rose to 1.41 million, higher than an expected 1.30 million.
Gold reacted strongly on the news as it neared $1,900. The metal rallied to a 9 year high of $1,898 as it closing in on its all time high.
The news was cushioned by better than expected tech earnings that helped soften the blow to markets.
Twitter / Tesla earnings come in strong
Twitter and Tesla both saw gains at the market open today, as the tech giants posted better than expected revenue numbers during their earnings calls last night.
Although advertising revenue was down due to the COVID-19 pandemic, Twitter shares rose by over 5% as it reported record growth in daily users
This number increased by 34% to 186 million , above expectations of 176 million.
The year of Tesla continues, with the car maker reporting revenue of $6.04 billion vs. an expectation of $5.37 billion.
FTSE and DAX fall amid Brexit uncertainty
The Dax fell to its lowest level this week, with the FTSE 100 close behind it, as both indices dropped on the news the UK and EU continue to fail in cementing a post-Brexit trade deal.
Talks held today provided more tension, as both parties failed to compromise on new trading agreements needed before the transition period runs out at the end of this year.
A failure to reach an agreement will see the UK leave the EU with no deal in place.
Quote of the day: . “Every trader has strengths and weaknesses. Some are good holders of winners but may hold their losers a little too long. Others may cut their winners a little short but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.”Michael Marcus
XAUUSD: Gold yet again refuses to slow down, as the bulls continue to push the metal within touching distance of its 2011 all time high. Prices reached a high of $1,898
GDAXI (futures): The Dax fell to its lowest level this week as news broke that hostilities are growing between the UK and EU as they scramble to agree on a post-Brexit trade deal.