- US indices are all in the green on Monday. Nasdaq 100 leads with bullish gain of 1.23%, followed by Russell 2000 (+0.83%), and S&P500 (+0.53%). Dow Jones trades flat at the moment.
- Nasdaq 100 announced major index changes effective December 23, with MicroStrategy (MSTR.US), Palantir Technologies (PLTR.US) and Axon Enterprise (AXON.US) joining the index. The additions will replace Moderna (MRNA.US), Super Micro Computer (SMCI.US), and Illumina (ILMN.US), with Bloomberg Intelligence estimating at least $22 billion in ETF-related trading activity. Broadcom Inc. (AVGO) continues to rally and gains more than 10% today.
- PMIs for the US came in mixed, providing some support for the EURUSD prior to the FOMC rate decision. According to S&P Global, the services sector grew significantly in December (58.5, expected: 55.7, prior: 56.1), achieving a 3 years high. PMI Manufacturing, on the other hand, contracted slightly (48.3, expected: 49.4, previously: 49.7), postponing the hopes for the rebound in the sector. NY Empire State Manufacturing Index for November came lower than expected:actual 0.2; forecast 10; previous 31.2
- European markets closed in deep red, following lower-than-expected retail sales in China and not impressing PMI readings. French CAC40 loses the most (-0.71%), followed by British FTSE 100 (-0.46%), German DAX (-0.45) and Italian FTSE MIB (-0.43%). Swiss SMI trades flat, whilst Spanish IBX35 remains the only visible gainer (+0.23%).
- Cocoa futures (COCOA: +3.7%) are at the new record highs as the uncertainty around future production grows. The 2023/2024 harvest season brought the largest deficit in history due to a sharp decline in production in West African countries.
- Commodities trend lower today, with NATGAS losing 2.5% as US inventory levels sustained clearly above the 5-year average. Oil WTI is trading around $70.31 with Brent at $73.95
- Eurozone services PMI rose to 51.4 (expected & previously: 49.5), driven by a surprising rebound in the sector in Germany. Manufacturing remains sluggish, keeping at the previously disappointing level of 45.2.
- The British Pound (GBP) emerges as the strongest performing currency with consistent gains of around 0.5-0.7% across multiple currency pairs, while the Japanese Yen (JPY) stands out as the weakest currency, showing consistent losses of approximately -0.5% against its major counterparts. The US Dollar (USD) is showing mixed performance but generally appears to be slightly negative, while the Euro (EUR) is relatively stable with small positive movements around 0.1-0.2%, positioning it in the middle of the pack between the strong GBP and weak JPY.
- Cryptocurrencies rally on Monday, with Bitcoin reaching above an unprecedented 107K mark (+4.6%). Ethereum gains 5.15%, Chainlink is up 3.8% and Dogecoin adds 2.3% Asked directly about a strategic Bitcoin reserve in the U.S., Trump said he thought one would be established. Currently, national governments hold about 2.2% of all BTC; of these, the United States holds the most, with more than 200,000.
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