- European markets fell as traders processed a flurry of big earnings reports and got ready for another massive rate hike by the European Central Bank, while US futures shook ahead of important economic data later on Thursday.
- While NASDAQ 100 futures declined, contracts on the s&p 500 varied ahead of a report that would show the US economy recovered in the third quarter. Shares of Meta Platforms fell as much as 21% in premarket trading as the parent company of Facebook provided a dismal revenue projection and pleaded with investors for endurance as costs rose.
- As it tackles record Euro-zone inflation, the ECB plans to look past growing recession fears by raising its main interest rate by 75 basis points to the highest level in more than ten years. According to experts, the rate of rise would probably slow in December to 50 basis points. On Wednesday, the Bank of Canada raised interest rates by less than anticipated, supporting theories that the Federal Reserve is also getting ready to change gears.
