Friday brings another sell-off in the markets

It seems that this is one of the worst weeks for stock markets since the March disaster. On Friday. major indices were down another 1% and were trading at fresh weekly lows.

Yesterday’s barrage of earning’ reports failed to stop the selling, despite most of the large tech companies reporting stellar earnings. 

Moreover, at its yesterday’s meeting, the European Central Bank noted that the economic outlook had deteriorated more than expected. The ECB seems to ready to provide additional stimulus at its next meeting in December.

In FX, the EURUSD pair fell below the short-term trend line, and it also dropped below previous lows of 1.17, which triggered stop-losses, leading to another slide of 40 pips. On Friday, it was seen trading near 1.1670.

Metals were sold-off hard yesterday, only to fully recover until the end of the day, and both gold and silver were rising today, ignoring the USD strength. 

Later in the day, the EU GDP for the third quarter is expected to show a 9.4% increase QoQ, while the yearly change should print -7%, better than -14.7% in the previous quarter. 

During the US session, personal spending and income numbers are due, along with the PCE indices. 

Source: https://www.axiory.com/market-news/friday-brings-another-sell-off-in-the-markets