- The trading session on European markets was mostly weak. The DAX lost 1%, with the FTSE and CAC40 around 0.6-0.7%. Losers included airline Lufthansa and aircraft parts manufacturer Airbus.
- French game maker Ubisoft closed the session nearly 14% lower; surprisingly lower sales forecasts surprised the market in the context of upcoming major launches of Star Wars or Assasin's Creed titles
- Once again, expectations for 2024 were lowered by Sartorius, whose shares fell -15% today and wiped out completely the increases lasting from 2020
- In the morning hours of the European session, Crowdstrike's Falcon software and Microsoft's Windows software crashed at a number of companies around the world, paralysing some industries
- The biggest problems were in the airline industry - American planes of United Airlines, Delta Airlines or American Airlines were grounded. Many European airports also had problems, and low-cost carriers in Europe had very long delays due to non-functioning reservation systems
- The U.S. airline index fell more than 4% at the opening, but the declines were later somewhat neutralized. Crowdstrike shares lost more than 12% at the opening, while Microsoft's is losing 1% now
- Semiconductors are having another weak session, with declines led by Intel shares, which are losing -5%, and Taiwanese conglomerate TSMC, which was not helped by excellent results and forecasts released yesterday
- CBOT wheat futures are rebounding from their lowest levels since March, trading up nearly 3.5% in response to stronger importer demand; record purchases from Algeria and Egypt. Commodity funds, however, maintain dominant net short positions,
- WTI crude oil lost about 1.5% today, although counting the roll-off, the loss was 4%. The roll-off was about $1.6 per barrel, indicating very high short-term demand. The oil market continues to see bacwardation, which means high spot prices and lower futures prices
- Precious metals are trading today under pressure from the US dollar. Gold is losing almost -1.9%, and silver is losing almost -3%. At the same time, yields on 10-year U.S. Treasury bonds are trading up 5 basis points today to 4.23%.
- The reason for the weakness in the commodities market is the strengthening U.S. dollar, which is recovering against the euro and other currencies. Previously, the loss on the dollar was dictated by the increasing probability of a rate cut by the Fed in September. On the other hand, the probability of Trump winning remains above 60%, and theoretically Trump's policies could mean keeping inflation higher for a longer period of time
- Canadian retail sales fell by 0.8% m/m for May, while preliminary sales for June fell by 0.3% m/m. Next week's BoC decision. Many economists are pointing to the possibility of another cut, although almost 100% are pricing in a cut as late as September
- Japan's inflation held at 2.8% y/y for June, but core inflation rose to 2.6% y/y from 2.5% y/y, with a rebound to 2.7% y/y expected
- Bitcoin gains 4%, crossing the $66,000 level. Ethereum crosses the $3500 level. Ethereum ETFs are expected to begin trading next week, boosting demand for cryptocurrencies.
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