- U.S. indexes are seeing limited volatility today and are trading slightly higher, although data from U.S. unemployment claims came out favorably for the stock market. The US500 gains 0.06%, the US100 is trading flat and the US30 is up 0.15%.
- Indexes in Europe today scored a correction after yesterday's gains. This may have been related to hawkish comments from the ECB, which indicate that rate cuts in 2024 are not a foregone conclusion. The DE30 lost 0.31%, while the CAC40 was down 0.62%.
- Chinese indices rebounded strongly and gained more than 2% today. Chinese indices have been among the world's worst performers all year due to the lack of the expected recovery from the Covid pandemic.
- Nearly 90% of foreign investments in China, most of which opened at the beginning of the year, decided to realize losses. Overseas purchases of Chinese stocks fell to levels not seen in 8 years, and the rebound appears to be due in part to the scale of the sell-off and an expected possible repositioning in the new year
- US jobless claims came in higher than expected. The reading indicated 217,000 versus 210,000 forecast and 206,000 previously. The number of continuing applications turned out to be in line with the consensus. However, the data turned out to be only slightly weaker than expected and supported the narrative around a soft landing and expected Fed policy easing
- Despite a larger-than-expected drop in oil inventories according to the DoE report, crude is extending declines. Brent is trading down more than 2%. Natural gas gains 5% after the EIA report indicated a larger-than-expected drop in inventories, in line with colder weather and temperature forecasts in the US.
- Gold is down today to $2070 per ounce, after earlier testing levels around $2090 per ounce. Gold lost 0.26% today, while on the other hand we had a 1.5% rise in platinum prices.
- The US dollar is one of the strongest currencies today. The dollar index (USDIDX) rebounded from around the psychological support at 100 points and is trading almost 0.4% higher
- Cryptocurrencies are trading down, in anticipation of the all-time record expiration of Bitcoin and Ethereum positions in the Deribit options market. The options expiring tomorrow will be worth about $11 billion, and investors will reopen positions, in anticipation of the SEC's decision on spot ETFs for Bitcoin (January 10, 2024)
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