The Australian dollar (AUD) led major currencies on Friday, while the Swiss franc (CHF) lagged as North American markets opened. The U.S. dollar (USD) showed mixed performance, appreciating against the CHF and depreciating against the AUD.
US stocks exhibited volatility with the Dow turning negative after an initial rise and the Nasdaq gaining over 1%. Despite strong Q3 earnings that resulted in a 5.55% and 7.47% boost in shares for Amazon (NASDAQ:AMZN) and Intel (NASDAQ:INTC) respectively, broader market indices struggled.
The release of strong Q3 GDP data has injected uncertainty into the Federal Reserve's December meeting. Market participants are keenly awaiting the upcoming release of PCE inflation data, which is expected to show a 3.4% YoY increase and a 0.3% monthly rise. Excluding fuel and energy prices, core PCE is predicted to reflect a 3.7% annual increase and a 0.3% monthly rise.
Commodity markets showed mixed trends as well. Crude oil traded higher at $84.67, while spot gold and silver dropped slightly to $1982.82 and $22.72 respectively. Bitcoin was trading at $34,012.
Mixed trends were also seen in US stock market indices with Dow futures indicating a decline of -92 points, S&P futures suggesting an 8.75 points gain, and NASDAQ futures pointing towards a 104 points rise.
European equity markets were mostly down with Germany's DAX, France's CAC, UK's FTSE 100, Spain's Ibex, and Italy's FTSE MIB all recording losses.
Asia Pacific markets ended the week mostly lower despite gains on the final trading day. Japan's Nikkei index fell -0.86%, China's Shanghai Composite Index rose 1.61%, Hong Kong's Hang Seng index rose 1.32%, and Australia's S&P/ASX index fell -1.1%.
In the debt market, US yields were slightly up, with the spreads between the short-term and long-term yields narrowing slightly. European debt market benchmark 10-year yields remained steady.
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