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Amazon shares slump on poor Q4 outlook while Twitter sale completed

Amazon shares have fallen 20% on a poor outlook for the fourth quarter.

Indices overview

Europe is expected to open down as concerns about the economy return.

Currencies

USD/JPY is little moved at recent lows as the Bank of Japan (BoJ ) maintained both its ultra-low interest rates today and its dovish guidance, cementing its status as an outlier among global central banks tightening monetary policy, as recession fears dampen prospects for a solid recovery.

The BoJ did, however, revise up its price forecasts through 2024 and warned that risks were skewed to the upside, nodding to recent signs that inflationary pressure was broadening.

EUR/USD is meanwhile back below parity after the Euopean Central Bank (ECB) kept printing money. The ECB yesterday doubled its deposit rate to 1.5% to fight inflation and said that further policy tightening is necessary. Policymaker Gediminas Simkus said the ECB may need to raise its inflation projections further in December, adding that the looming discussion on winding down the ECB's asset purchase programme should focus on the possible start date and amounts by which the scheme would be reduced.

The French economy grew 0.2% in the third quarter (Q3), beating estimates. Economists polled by The Wall Street Journal had forecast France's Q3 gross domestic product (GDP) growth at 0.1% on quarter. Year-on-year (YoY), the economy expanded by 1.0% in the third quarter. Domestic demand contributed 0.4% to GDP growth, while trade was a drag for growth.

German GDP data is expected at 9am UK.

Equities

Twitter has finally been sold as Tesla CEO, Elon Mush has concluded the $44 billion deal. Following the acquisition, Musk immediately fired top executives, including the CEO, while providing little clarity over how he will achieve the lofty ambitions he has outlined for the social media platform.

Earnings overview

Several companies report earnings today, among them IAG, NatWest, Air France, AAR Corp, Volkswagen, Chevron, and Exxon Mobil.

Amazon is meanwhile down 20% on poor outlook. Apple is down 3% while Intel is up 1%.

Commodities

Gold is holding recent gains while platinum is about to break to a five-month high.

Iron ore is nearing 11-month lows, while oil is little changed.


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