The euro steadied Tuesday following the decision by Fitch to revise France's credit outlook to negative from stable, citing worsening debt dynamics.
While Eurozone manufacturing remained resilient in October, growth moderated due to softer demand for new orders alongside escalating costs and supply chain bottlenecks that pressured profit margins.
The eurozone economy grew quicker than predicted last quarter as AI, defence and infrastructure boosted investment and robust foreign demand helped households kept on spending.
Following a consistent wave of positive growth adjustments, consensus estimates have risen above 1% for the current year, with momentum building into 2027.
Treasury yields were mixed Monday, while French government bonds outperformed after Moody's Ratings left its credit rating on France unchanged.
Next week, the US will mediate trilateral peace talks between Moscow and Kyiv in Abu Dhabi. Aimed at ending the war in Ukraine, the meeting marks the first time all three nations have gathered since February.
EBC Financial Group analyst says the euro has shown a clear Double Bottom chart patter. A bounce here confirms a continuation of the bullish structure toward $1.1214.
Asset Recap
As of market close on 2 November, among EBC major products, Sherwin-Williams shares led gains as investors react to recent corporate updates and upcoming index adjustments.
Marvell Technology said it would buy Lumentum Holdings, in an all-stock deal worth $115 billion. Marvell's sharp sell-off dragged down the implied dollar value of the payout for Lumentum shares.
Crude oil prices plummeted following signals from the US and Iranian presidents that they are receptive to a diplomatic resolution, potentially ending an eight-month conflict that has severely disrupted energy markets.
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