{"id":115421,"date":"2017-10-26T07:10:11","date_gmt":"2017-10-26T11:10:11","guid":{"rendered":"http:\/\/countingpips.com\/?p=115421"},"modified":"2018-06-01T15:53:38","modified_gmt":"2018-06-01T15:53:38","slug":"european-central-bank-meeting-in-focus","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/european-central-bank-meeting-in-focus\/","title":{"rendered":"European Central Bank meeting in focus"},"content":{"rendered":"
October 26, 2017<\/div>
\r\n<\/div><\/div>

By IFCMarkets<\/a><\/p>\n

\n
\n

Downbeat earnings reports weigh on US indices<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0closed lower on Wednesday as a string of corporate reports missed expectations. The dollar weakened: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, slipped 0.3% to 93.618. The\u00a0S&P 500<\/a>\u00a0fell 0.5% to 2557.15 led by telecom and industrial shares. All 11 main sectors ended lower. The\u00a0Dow Jones\u00a0<\/em>dropped 0.5% to 23329.\u00a0Nasdaq\u00a0<\/em>composite lost 0.5% to 6563.89.<\/p>\n

\n
\n

Indexes pulled back despite majority of companies which have reported quarterly results so far beat expectations. Markets shrugged off good economic data too: durable goods orders rose 2.2% in September, above a 1% forecast. Capital goods orders remained steady at 1.3%. New home sales jumped 18.9% over month and 17% on year in September.<\/p>\n<\/div>\n<\/div>\n

\n
\n

European stocks extend losses<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>continued the retreat on Wednesday as traders were cautious ahead of the European Central Bank meeting. The\u00a0euro\u00a0<\/em>accelerated gains against the dollar and\u00a0British Pound\u00a0<\/em>ended higher against the greenback erasing all of previous day losses. The Stoxx Europe 600 index fell 0.6%. Germany\u2019s\u00a0DAX 30\u00a0<\/em>lost 0.5% to 12953.41. France\u2019s\u00a0CAC 40\u00a0<\/a>slipped 0.4% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>dropped 1.1% to 7447.21. Indices opened mixed today.<\/p>\n

\n
\n

German stock index fell despite the Ifo think tank\u2019s report German business sentiment surged to a record high in October. Pound rose after surprise acceleration of Q3 GDP to 0.4% on quarter from 0.3% in second quarter raised chances of a Bank of England interest rate increase on November 2. At the ECB meeting today the central bank is expected to announce about reducing its 60 billion euros monthly bond purchases. However, there have been suggestions the ECB may extend the bond purchases program as it reduces the size of monthly purchases in light of persistent low inflation. A more dovish statement than expected may weigh on euro. The ECB conference starts at 14:30 CET today.<\/p>\n

\"EU<\/p>\n<\/div>\n<\/div>\n

\n
\n

Asian indices advance<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly higher.\u00a0Nikkei\u00a0<\/em>rose 0.2% to 21755 supported by strong earnings and resumed yen weakness against the dollar. Chinese stocks are mixed: the\u00a0Shanghai Composite Index\u00a0<\/em>is 0.3% higher while Hong Kong\u2019sHang Seng Index\u00a0<\/em>is down 0.3%. Australia\u2019s All Ordinaries Index added 0.2% as Australian dollar added to previous day\u2019s sharp losses following a weaker than expected inflation report.<\/p>\n

\n
\n

Oil slips as US crude inventories rise<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are edging lower today. Prices ended higher yesterday despite US Energy Information Administration report domestic crude supplies rose by 856 thousand barrels last week. That was above the 519 million barrel build reported by the American Petroleum Institute late Tuesday. At the same time US crude oil output rebounded 1.1 million barrel per day (bpd) to 9.5 million bpd. Brent crude rose 0.2% to $58.44 a barrel on Wednesday.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Downbeat earnings reports weigh on US indices US stocks\u00a0closed lower on Wednesday as a string of corporate reports missed expectations. The dollar weakened: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, slipped 0.3% to 93.618. The\u00a0S&P 500\u00a0fell 0.5% to […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-115421","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=115421"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115421\/revisions"}],"predecessor-version":[{"id":115430,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115421\/revisions\/115430"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}