Daily summary: a flat session on Wall Street; Oil surges by 2.65% 🔔

18:47 3 December 2024
  • North American indices are showing mixed performance, with Mexican and Brazilian markets leading gains while US indices display divergent trends. MEXComp is up 0.64% to 50889, and BRAComp advances 0.29% to 126204.

  • The US100 shows modest gains of 0.11% to 21232.67. However, other US indices are in negative territory, with US500 down 0.04% to 6059.5, US30 declining 0.08% to 44841, and US2000 showing the largest decline of 0.68% to 2428.0.

  • European markets are broadly positive, with AUT20 leading gains up 1.26% to 3549, followed by SPA35 rising 1.11% to 11881. Other notable gainers include ITA40 (+0.88% to 33885), EU50 (+0.56% to 4889.6), DE40 (+0.49% to 20058.1), UK100 (+0.35% to 8372.0), and FRA40 (+0.17% to 7264.7). The NED25 shows minimal gains of 0.08% to 892.28, while SUI20 (-0.14% to 11830) and W20 (-0.44% to 2241.6) are the only decliners in the European session.

  • A strong jobs report could lead the Fed to take a cautious stance on cutting interest rates. Job Openings for October came in at: actual 7.744M; forecast 7.510M; previous 7.372M

  • Swiss inflation for November came in line with analysts' expectations. The reading pointed to a growth rate of 0.7% y/y for the headline reading and 0.9% y/y in core terms. 

  • Credo Technologies gained 47% after reporting a 64% year-over-year revenue increase in FQ2 and issuing a bullish FQ3 forecast. The company expects revenue of $115M-$125M for FQ3, far exceeding the $86.04M consensus, with adjusted gross margins of 61%-63%.

  • One of the largest US-based steel producers, US Steel shares are down almost 8% today, because Trump reaffirmed plans of stopping acquisition of the company by the Japanese steel giant, Nippon Steel

  • Oil is gaining more than 2.3% today, as markets await the OPEC+ decision on Thursday. It is likely that OPEC+ will extend the latest round of oil production cuts until the end of the first quarter, next year. 

  • The Japanese yen is one of the worst performing G10 currencies today, nevertheless the USDJPY pair continues to struggle to get back above the key 150.00 yen per dollar zone, which from a technical point of view can be considered a key point defining the overall trend on the pair.

  • South Korean financial markets face significant pressure as President Yoon's declaration of martial law triggered a sharp decline in the Korean won against the USD, prompting the central bank to prepare market stabilization measures.

  • GOLD, along with other precious metals, has rebounded slightly. Today, GOLD is recording gains of almost 0.25%, trading at USD 2,645 per ounce. Even higher gains can be seen in silver, which is up by 1.70%, trading at USD 30.90 per ounce.

  • Cryptocurrencies trade mostly lower today. Bitcoin is down by 0.10%, trading at $95,700 USD, while Ethereum has experienced a larger sell-off of almost 2.00%, trading at $3,570 USD.

  • In the second half of the day, interest in altcoins began shifting toward projects related to the Bitcoin ecosystem. Double-digit gains can be observed in Ordi and Sats projects. XRP and Hedera also remain among the top gainers.

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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