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Sentiment on Wall Street remains weak, with indices struggling to recover from yesterday's steep declines. Despite slight gains at the opening of the cash session, most profits have now been pared back. The US500 and US100 are up 1.45% due to overnight contract rollovers, but spot contract changes are much smaller, at 0.35% and 0.00%, respectively.
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Accenture leads gains (+6.7%) on Wall Street following better-than-expected Q1 FY2025 results. The company's net profit reached nearly $2.3 billion (vs. $1.98 billion expected), and its 2025 forecasts were raised, driven by anticipated demand growth for AI solutions.
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Tripadvisor is up 8% after announcing a $435 million acquisition of Liberty TripAdvisor Holdings, aimed at simplifying its capital structure through debt repayment, share issuance, and cash payments.
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European indices closed in the red: German DAX (-1.35%), French CAC 40 (-1.22%), British FTSE 100 (-1.14%), Italian FTSE MIB (-1.78%), Spanish IBEX 35 (-1.53%), and Swiss SMI (-1.93%).
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In the US, Q3 2024 GDP growth exceeded expectations (3.1% vs. 2.8% forecast, previously 3%). The US GDP reading supports the FOMC's stance and Jerome Powell's remarks at yesterday's Fed conference, highlighting stronger-than-expected growth and slightly higher core inflation pressures.
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The December Philadelphia Manufacturing Index indicates a decline in manufacturing activity in the region, with the current activity indicator remaining negative. Despite this, firms reported increases in employment and prices.
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As expected, the Bank of England kept interest rates unchanged at 4.75%. However, the vote split is notable, with 6 MPC members voting to hold rates and 3 advocating for a cut, signaling continued pressure for rate reductions in the UK. The pound weakened following the decision.
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Norway’s interest rate also remained unchanged at 4.50%, in line with market expectations. The Norwegian krone remained stable.
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Among G10 currencies, the Swedish krona (SEK Spot: +0.95%) appreciated the most, followed by the Canadian and Australian dollars (each up ~0.5%). The USD continued its strength (+0.3%), while the Japanese yen weakened sharply (-1.83%) after the Bank of Japan expressed uncertainty over further rate hikes.
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Bitcoin is down 2.00%, falling below the 100k USD barrier. The decline continues despite yesterday’s sharp sell-off following the FOMC decision.
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El Salvador signed an agreement with the IMF, committing to significant restrictions on its pro-cryptocurrency policies. The agreement includes a $1.4 billion loan.
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