FxNews—On Tuesday, the STOXX 50 index rose by 0.4%, and the STOXX 600 increased by 0.2%, building on Monday’s gains. This occurred as the market processed several new earnings reports.
HSBC Stocks Surge 3.9% with Record Profits
HSBC’s stock value rose significantly by 3.9% following earnings that surpassed expectations in both profits and revenues. Moreover, the largest bank in Europe announced a $3 million plan to buy back shares. Adidas’s stock value increased by 2.6% after reporting a 71% boost in net profits for the third quarter, with sales in China also climbing.
Conversely, Novartis saw its shares drop by 3.7% even though it upgraded its profit forecast for the year for the third time. BP’s shares fell roughly 1% after it recorded its lowest quarterly earnings in almost four years.
Banco Santander Shares Drop 3.7% on Poor Earnings
Banco Santander’s shares declined by nearly 3.7% due to disappointing quarterly results. Additionally, Lufthansa’s stock decreased by 3% after the airline announced a profit decrease. In other news, Germany’s GfK Consumer Climate Indicator showed a higher-than-expected increase.
EURJPY Technical Analysis – 29-October-2024
The EUR/JPY currency pair trades bullish because the price is above the 50- and 100-period simple moving averages. The uptrend resumed after the price dipped and tested the Fair Value Gap area at 165 immediate support.
From a technical standpoint, the uptrend will likely resume if EUR/JPY holds above the 165.0 mark. In this scenario, the next bullish target could be the 167.5 mark.
Please note that if the EUR/JPY price falls below the immediate support (165.0), a new consolidation phase will start, which could drag the price toward the 50-period SMA at approximately 163.0.
EURJPY Support and Resistance Levels – 29-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 165.0 / 163.6 / 162.0
- Resistance: 166.0 / 167.50
