- American indices are bullishly recovering losses from last days of 2024. The Nasdaq leads the way (+1.7%), followed by the S&P 500 (+1.25%), Russell 2000 (+1.15%), and Dow Jones (+0.6%).
- The ISM Manufacturing Index in the U.S. unexpectedly rose to 49.3 (forecast: 48.2, previous: 48.5). The ISM report aligns with yesterday’s positive S&P Global PMI reading, offering hope for a return to expansion in American manufacturing.
- President Joe Biden blocked the long-negotiated acquisition of U.S. Steel by Japan’s Nippon Steel. In a statement, Biden emphasized that U.S. Steel will remain an American company, managed by American union workers. Nippon Steel announced it will file a lawsuit against the U.S. government in response.
- Investor sentiment in Europe is cautious, contrary to historical seasonality, yet European indices remain above key support levels. In Western Europe, attention is once again focused on fashion and automotive companies, which have suffered significant losses this week due to investor skepticism over a quick economic recovery in China, a critical market for both sectors. Shares of Kering, which owns brands like Gucci and YSL, are down 5.7% this week, while Volkswagen shares have dropped 3.2%.
- On the currency market, the British pound is performing best today, while the Canadian dollar is the weakest. The U.S. dollar is also under pressure, losing 0.35% against the euro.
- Natural gas inventories in the continental U.S. remain near the one-standard-deviation range of the 5-year average, potentially limiting excessive price increases for the commodity. The latest EIA data showed a weekly drawdown of 116 bcf, less than the expected 127 bcf decline. Following this news, NATGAS is down over 8% today.
- A rebound is visible in the cryptocurrency market, with Bitcoin up 1.7% and Ethereum gaining 5.2%. MicroStrategy's stock surged nearly 12%.
- Gold experienced a 0.6% pullback today, while other precious metals closed in positive territory: platinum gained the most (+1.7%), followed by palladium (+1.2%), with silver also edging higher (+0.25%).
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