- Sentiment in the US remains weak today, with investors taking profits after a powerful rally. The US100 index loses nearly 1.74%, the US500 loses more than 0.8% and the US2000 is down more than 0.3%.
- Among technology companies, we see continued weak sentiment around Tesla shares (-3.5% intraday). The company's car factory near Berlin was the target of a likely attack by activists who cut its power supply, paralysing production.
- iPhone sales in China fell 24% y-o-y, with the manufacturer overshadowed by market share gainer Huawei, putting a question mark over business improvement prospects and valuation multiples. Apple shares are losing more than 2.5% in today's session.
- Gold (GOLD) futures are trading close to 0.7 per cent higher today, and although they have already retreated more than $10 from their intraday peak at $2142, we can still talk about a great session. The metal today almost broke through its historic peaks.
- The focus, however, was on cryptocurrencies. The most popular cryptocurrency broke out above the $69,000 zone, thus reaching its historic ATH. After Bitcoin broke out sharply above this barrier, however, the cryptocurrency initiated a deeper downward correction. BTC is currently trading at $64,400.
- Friday's weaker-than-expected ISM data for US manufacturing was supported by today's ISM reading for services, which also came in weaker than expected. The slowdown was evident in the sub-indices of employment, new orders and, most importantly, prices, which, in the context of PCE inflation in line with forecasts, could represent a 'dovish signal' for the Fed.
- The HCOB Eurozone Composite PMI indicates that the eurozone economy was close to stabilising in February, with modest growth in the services sector offsetting a continued decline in manufacturing.
- This week, China hosts the annual meetings of the two sessions of the National People's Congress and the Chinese People's Political Consultative Conference. In them, the Chinese establishment presented its new economic forecasts for 2024.
- On the currency market, the Japanese yen is currently performing best. Large declines are seen especially in the New Zealand dollar.
- WTI crude oil is losing more than 1.1% during today's session, with NATGAS gaining 0.5%.
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