Gold prices experienced a sharp drop, with a 2.5% decline in London trading following a 5% dive on Tuesday, pushing it back towards $4,000 an ounce. Equity markets remained strong despite gold’s struggles, with European stocks inching higher and most large Asian bourses ending lower. Geopolitical uncertainties, such as doubts surrounding a planned summit between U.S. President Trump and Russian President Putin, added to market volatility. Investors also reacted to UK inflation data, leading to expectations of a rate cut by the Bank of England in December.

Oil prices rose by about 2% for a second day, driven by hopes of progress in U.S. trade deals with China and India. Japanese Prime Minister Sanae Takaichi is preparing an economic stimulus package exceeding last year’s amount. Netflix shares dropped nearly 6% after missing third-quarter earnings targets, while General Motors’ stock surged 15% after raising its profit outlook. The dollar was on track for a fourth day of modest gains, with the yen ticking up after the stimulus report. The Bank of Japan and the U.S. Federal Reserve are expected to hold rates steady in upcoming meetings.

Read more at 1. “Stocks Surge as Tech Companies Lead the Way” – CNBC
2. “Unemployment Rate Drops to 4.2%, Lowest Since Start of Pandemic” – Reuters
3. “Tesla Reports Record Quarterly Revenue of $13.8 Billion” – Wall Street Journal
4. “Federal Reserve Raises Interest Rates to Combat Inflation” – Barchart
5. “Amazon Announces Plans to Acquire MGM Studios for $8.45 Billion” – CBS MarketWatch: Gold slide continues, stocks keep calm