Daily Summary: crypto market gains in anticipation of a historic decision on ETFs

10:03 pm 10 January 2024

  • Wall Street indices return to growth after an uncertain start to the cash session. US500 gains 0.40% and returns above the 4800 point level, while US100 gains 0.50%, staying around 16950 points.

  • The dollar remains in consolidation today without a clear direction. Among the strongest G10 currencies are the euro and the Australian dollar. On the other side is the Japanese yen, which has another weak session in a row. USDJPY gains almost 0.90%, returning to around 145,600.

  • Disappointing wage data in Japan weaken expectations for inflation growth in Japan and undermine the possibility of upcoming monetary policy tightening by the BoJ. However, the "winner" of the weaker macro data was the Nikkei index, which led the APAC markets, recording over 2% intraday gains.

  • SAP company has been accused by the American SEC of violating the Foreign Corrupt Practices Act in bribery programs in South Africa, Malawi, Kenya, Tanzania. The financial penalty has been set at 100 million dollars.

  • EchoStar, a leading provider of technology and connectivity solutions, recorded a more than 38% increase in its shares today after announcing the completion of the merger with DISH Network Corporation.

  • In the energy commodities market, declines prevail. NATGAS loses over 5.50%, and oil over 1.35%.

  • The EIA report showed an increase in oil inventories, clearly above analysts' expectations. As a result, OIL quotes lose even 1.30% today. Details of the report:

    • Crude oil inventories. Currently: 1.34 mb. Expectation: -0.7 mb (API: -5.21 mb)
    • Gasoline inventories. Currently: 8.03 mb. Expected: +2.5 mb (API: +4.89 mb)
    • Distillate inventories. Currently: 6.53 mb. Expected: +2.4 mb (API: +6.87 mb)
  • Today, the cryptocurrency market is focused on one decision, namely the final decision by the SEC on ETFs. The decision is to be announced between 9:00 and 11:00 PM GMT.

  • Before the decision, the cryptocurrency market returns to growth in hopes of accepting the applications. Bitcoin is quoted above 46000 USD, gaining over 0.50%, interestingly Ethereum also improves statistics, gaining over 4.0% to the level of 2450 USD.

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