Australian Market

Australia’s S&P/ASX 200 benchmark index closed 1.7% higher, driven by strength in technology stocks. Nearly all sectors finished in the green, with energy the only sector to finish in the red. Tech stocks rose 4.2%.

US Market 

U.S. stock indexes rose, rallying for a second day as a combination of better-than-expected earnings and an easing of turmoil in U.K. markets lifted investors’ confidence. The S&P 500 and the Dow Jones Industrial Average climbed 1.1%, while the technology-heavy Nasdaq Composite Index moved ahead 0.9%. Even with some runs higher, all three indexes remain in a bear market.

Goldman Sachs said profits fell in the recent quarter but remained above targets. Lockheed Martin said its profit rose and maintained its full-year guidance. Global markets also got a boost after the U.K. government walked back an unpopular package of tax cuts and government borrowing.

Commodities

Gold finished lower, with precious metals prices anchored near their September lows despite relative softness in the U.S. dollar over the past two weeks. December gold fell 0.5% to settle at $1,655.80 per ounce on Comex, with prices losing more than half of the 0.9% gain they saw a day earlier.

The path of least resistance for gold “points south” with Federal Reserve rate-increase expectations and rising Treasury yields capping upside gains, said Lukman Otunuga, manager, market analysis, at FXTM.

Oil Futures

Oil futures ended lower as talk of another release of crude from the U.S. Strategic Petroleum Reserve, combined with ongoing fears of a recession that could slow energy demand, pushed prices to their lowest settlement in more than two weeks.

West Texas Intermediate crude for November delivery was down 3.1% to settle at $82.82 a barrel on the New York Mercantile Exchange, with the contract ending at its lowest level since Sept. 30, according to Dow Jones Market Data. December Brent crude, the global benchmark, declined by 1.7% to $90.03 a barrel on ICE Futures Europe.

Forex

Major currencies were mixed against the US dollar in European and US trade. The Euro rose from lows near US$0.9812 to highs near US$0.9872 and was near US$0.9855 at the US close. But the
Aussie dollar fell from highs near US63.39 cents to lows near US62.68 cents and was near US63.10 cents at the US close. And the Japanese yen eased from 148.77 yen per US dollar to JPY149.28
and was near JPY149.20 at the US close.

European Markets

European sharemarkets rose for a fourth straight session on Tuesday, driven by Britain’s reversal of its fiscal plan and anticipated new EU measures to tackle elevated energy prices. The continentwide FTSEurofirst 300 index gained 0.3%. Avanza Bank shares climbed 12% after the Swedish financial group posted strong third quarter operating profit and revenue. The UK FTSE 100 index added 0.2%, lifting to an 11-day high, amid reports that Prime Minister Liz Truss was battling to hold on to her leadership position. But gains were capped after it became clear that the Bank of England would not be delaying its plans to start selling UK government bonds again.

Asian Markets

Earlier, in Asia, Japan’s Nikkei Stock Average ended 1.4% higher, led by gains in tech and electronics stocks as hopes grew for slower policy tightening by major central banks. Chinese shares ended mixed, as property developers and software companies weakened, while pharma stocks rallied further.

Market conditions are set to recover as supportive policies are implemented and stable economic growth is still the government’s priority, Dongguan Securities said in a note. The Shanghai Composite Index slipped 0.1%, the Shenzhen Composite Index added 0.4%, and the ChiNext Price Index rose 0.5%.