- The European session was mostly positive, despite a weak opening on Wall Street. The British FTSE closed the session slightly higher, the German DAX flat, and the French CAC40 fell by almost 0.5%
- The sentiment on the US stock market is weak, with the US500 remaining below 6,000 points. However, futures are trying to recover in the evening, with the VIX volatility index falling by more than 5% from its daily highs. The US100 is the weakest performer, losing 1.4%.
- US 10-year bond yields are down by almost 9 basis points, with the US dollar losing; the USDIDX is down almost 0.4%, and the EURUSD is up 0.4%.
- As reported by the Financial Times, Kyiv has agreed with Washington on the detailed terms of a commodity deal that Ukrainian officials hope will improve relations with the Trump administration and pave the way for long-term US involvement in Ukraine's national security.
- US CB Consumer Confidence for February: 98.3 vs. 102.5 forecasts and 104.1. The Consumer Board's annual inflation expectations rose from 5.2% to 6% in February, likely due to the expected impact of tariffs on the US economy and higher prices for basic goods. The monthly decline in CB sentiment in February was the largest since November 2021.
- The Canadian dollar and the New Zealand dollar are currently the weakest on the broad FX market. On the other hand, the Swiss franc and the Japanese yen are performing better.
- Gold is down more than 1.5% today, largely due to profit-taking after the strong gains seen in recent weeks. At the same time, US bonds are gaining value, showing that the market is no longer concerned about too much pressure to maintain the Fed's hawkish policy. Higher inflation expectations were balanced by a decline in consumer sentiment and uncertainty about the state of the US economy.
- WTI crude oil is also doing very poorly, currently down nearly 2.9%. One of the key factors driving the sell-off is concern about the growth of global oil production, while uncertainty about the condition of the global US economy is growing. Iraq also announced on Saturday that the country is preparing to end the period of sanctions on oil exports, which could increase global production by 185,000 barrels per day.
- Bitcoin is losing another 5.75% to $87,000, extending the declines from the end of yesterday. The declines are occurring without a clear catalyst and are probably the result of several factors, including breaking through the important support level ‘on-chain’, i.e. the average purchase of BTC by short-term addresses, which is around $92,500
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