Market Turmoil Amid U.S. Elections and Economic Data Uncertainty

Global markets faced volatility owing to uncertainty surrounding the U.S. election, with gold reaching new highs. Investors are also focusing on upcoming economic data from the U.S. and Europe, impacting currencies and commodities. U.S. tech earnings also remain a focal point amid these fluctuations.

Global stock markets experienced turbulence as uncertainty around the U.S. election weighed heavily on investor sentiment. European and Asian shares dipped, with the Euro STOXX 600 dropping 0.6% amid anticipation of third-quarter GDP data.

Gold soared to an unprecedented $2,784.82 per ounce, reflecting investor caution, while the U.S. dollar remained strong. British stocks fell in advance of a critical budget announcement, mirroring the volatility in government bond yields and highlighting concerns over upcoming tax increases.

Bitcoin emerged as a rare gainer, approaching its all-time high, as discussions on a potential Republican victory fuel interest in cryptocurrencies. Meanwhile, Big Tech earnings are under scrutiny, with companies like Meta, Microsoft, Apple, and Amazon revealing their financial results soon.

(With inputs from agencies.)