- Wall Street indices trade mostly lower today - S&P 500 drops 0.3%, Dow Jones is down 0.1% and Nasdaq trades flat. Small-cap Russell 2000 slumps over 1%
- European stock market indices traded mixed today - UK FTSE 100 dropped 1%, French CAC40 gained 0.3%, Dutch AEX moved 0.4% higher and Spanish Ibex dropped 0.7%. German DAX traded flat
- ECB Muller said that markets are optimistic if they are expecting rate cuts in the first half of 2024
- Fed Williams said that it is premature to be thinking about a March rate cut and rate cut altogether at this point as uncertainty around economy and inflation is still there
- Fed Bostic said that US economy is still ways from Fed's 2% inflation target but progress has been faster than he expected. Bostic expects PCE inflation to be at 2.4% by the end of next year
- EPFR data showed 20th consecutive week of emerging debt outflows, the longest such streak since January 2009. EPFR data also showed the first weekly outflow from cash in eight weeks
- Russia will cut oil export duty to zero, starting from January 1, 2024
- Flash US manufacturing PMI dropped from 49.4 to 48.2 in December (exp. 49.1) while services PMI moved higher from 50.8 to 51.3 (exp. 50.5)
- Flash German manufacturing PMI moved from 42.6 to 43.1 in December (exp. 43.4) while services PMI dropped from 49.6 to 48.4 (exp. 49.8)
- Flash French manufacturing PMI dropped from 42.9 to 42.0 in December (exp. 43.2) while services PMI dropped from 45.4 to 44.3 (exp. 46.0)
- Flash euro area manufacturing PMI stayed unchanged at 44.2 in December (exp. 44.5) while services PMI dropped from 48.7 to 48.1 (exp. 49.0)
- Flash UK manufacturing PMI dropped from 47.2 to 46.4 in December (exp. 47.5) while services PMI climbed from 50.9 to 52.7 (exp. 51.0)
- Canadian annualized housing starts for November came in at 212.6k (exp. 260k)
- US industrial production increased 0.2% MoM in November (exp. 0.3% MoM) while manufacturing output was 0.3% MoM higher (exp. 0.5% MoM). Capacity utilization ticked lower from 78.9 to 78.8% (exp. 79.1%)
- New York Fed manufacturing index slumped from +9.1 to -14.5 in December (exp. 1.9)
- Cryptocurrencies traded lower today - Bitcoin dropped 2.5%, Ethereum and Dogecoin traded 3.2% lower while Ripple declined 1.7%
- Energy commodities trade mixed - oil trades flat while US natural gas prices rally 5%
- Precious metals pull back amid USD strengthening - gold drops 0.7%, silver declines 1.3% while platinum plunges 1.9%
- CAD and USD are the best performing G10 currencies, while EUR and GBP lag the most
EURUSD bulls failed to hold onto recent gains and the pair experienced a quick reversal after failing to break above the 1.10 resistance zone. The main currency pair is testing the 1.09 area today. Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
