- U.S. indices are continuing their upward trend today. The S&P 500 is up by 0.7%, the Nasdaq 100 is gaining 0.5%, and the Dow Jones is rising by 1.2%. The best-performing index is the Russell 2000, composed of smaller companies, which is up approximately 2%.
- European stock market closed in positive territory. Leading the gains was Poland's WIG20, posting a 1.55% increase. Other major indices also rose: the UK’s FTSE 100 (+0.8%), Germany’s DAX (+0.74%), France’s CAC 40, Italy’s FTSE MIB, and Spain’s IBEX 35 (each +0.2%).
- Following yesterday’s results, Nvidia’s stock experienced elevated volatility, initially losing more than 3.5% during the session. However, bullish sentiment prevailed later, and the stock is now up modestly by 0.6%.
- Alphabet shares are down over 5% after the U.S. Department of Justice pushed the company to sell Google Chrome as part of antitrust efforts related to its dominance in search engines.
- Snowflake surprised positively with its Q3 results and raised guidance for Q4 and the 2024/25 fiscal year. The stock has surged over 33%, reaching its highest value since February 2023.
- Bond markets: U.S. 10-year Treasury yields remain steady above 4.42%, German bond yields fell to 2.32%, Japanese 10-year yields increased by 0.022 percentage points to 1.09%.
- Canada's Producer Price Index (PPI) came in higher than expected at 1.2% (forecast: 0.9%; previous: 0.6%), strengthening the Canadian dollar against a basket of currencies.
- U.S. Jobless Claims dropped unexpectedly to 213,000 last week (forecast: 220,000; previous: 219,000), marking a 7-month low. This supports the Fed's narrative that the labor market remains robust, reducing the urgency for further rate cuts.
- Philadelphia Fed Index also fell unexpectedly to -5.5 (forecast: 7.9; previous: 10.3), signaling contraction in industrial activity in November.
- Crypto market is showing strong bullish momentum. Bitcoin is up 3.9%, now just 2% shy of the $100,000 milestone. Ethereum (+9%) and Solana (+8.5%) are also experiencing significant gains.
- Precious metals posted moderate gains: Gold (+0.8%), silver (+0.2%), platinum (+0.35%), and palladium (+1%), the latter benefiting from ongoing sanctions against Russia.
- FX market: the Japanese yen is the strongest performer, appreciating by 0.5% against the U.S. dollar after comments from BoJ Governor Kazuo Ueda emphasizing the importance of upcoming data for December’s rate decision. EURUSD pair dropped to its lowest level since October 2023, with declines also seen in the British pound and Swiss franc.
- Energy commodities are also rising, led by natural gas (NATGAS) up 3%, after a surprising decline in U.S. natural gas inventories reported by the EIA. Oil prices (Brent and WTI) both rose by 1.2%.
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