FTSE 100 higher but European cousins outperform

Chris Beauchamp IG

It has been a day for luxury stocks in Europe, while US earnings have also aided the general rebound in risk appetite, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 lags behind as luxury stocks rally

The rebound in risk appetite has continued across the board today, shrugging off any further spat between the US and China, this time over cooking oil. But save for Burberry the FTSE 100 is feeling the absence of any luxury names in its ranks. Buying French political turmoil has been one of the standout winners of late, as the CAC40 soars towards a new high despite the ongoing governmental troubles.

Nvidia upgrade and bank earnings lift Wall Street

Bank earnings continue to provide proof of the strength of the US economy, with the IMF expecting more growth next year despite worries about the employment situation. Meanwhile, an upgrade for Nvidia has helped sentiment too, while investors took heart from ASML's earnings despite worries about China demand.

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Chris Beauchamp

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.

Gold plunges on sudden US Dollar demand

Gold drops markedly on Thursday, challenging the $4,900 mark per troy ounce following a firm bounce in the US Dollar and amid a steep sell-off on Wall Street, with losses led by the tech and housing sectors.

Ripple collaborates with Aviva Investors to tokenize funds as XRP interest declines

Ripple (XRP) exhibits subtle recovery signs, trading slightly above $1.40 at the time of writing on Thursday, as crypto prices broadly edge higher. Despite the metered uptick, risk-off sentiment remains a concern across the crypto market, as retail and institutional interest dwindle.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.