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European indices ended today's trading higher. The German DAX gained 0.89% intraday, the French CAC40 added 0.87%, and the Polish WIG20 rose by 0.47%. The best performer was the Dutch AEX (+1.88%), while the worst was the Belgian BEL 20 (-0.25%).
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On Wall Street, sentiments are even better, largely due to another record session for Nvidia, which hit a new all-time high above $1200. Nasdaq is currently down 1.65%, the Russell 2000 is up 1.27%, and the S&P500 is up 0.9%.
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As expected, the Bank of Canada cut interest rates to 4.75%. Previously, the rate was 5.0%. However, clear signals indicating further cuts led to a moderate weakening of the Canadian dollar.
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Employment change in May, according to ADP data, was slower due to a sharp decline in the manufacturing sector. Weaker employment dynamics were also noted in the recreation and hospitality sector. The reading was 152,000 compared to the expected 175,000.
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ISM data, compared to ADP, were more ambiguous. The main reading surprised on the upside, but its impact on the market was somewhat neutralized by lower price sub-index data. Overall, it seems the data still appear relatively hawkish.
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Incoming PMI data from major European economies were mixed. Negative surprises came from France and Italy, leading to weaker readings for the entire eurozone. On the other hand, data from Germany and Spain were positive. UK data also surprised slightly to the upside.
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In the FX market, the New Zealand dollar and the British pound are currently performing the best. Elevated downward pressure is observed on the Japanese yen and the Swiss franc.
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The market recovery also supports gold prices, which gained 1.20% today to $2350 per ounce. Slightly larger gains are also seen in silver, which is up 1.70% and trying to return above $30.
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Oil is recovering some of the recent losses, gaining 1.61% intraday. In the energy commodities sector, it's also worth mentioning natural gas, which is up 4.5%.
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Yesterday, 10 US spot ETFs based on Bitcoin recorded one of the largest net inflows in history, amounting to $886.8 million, which helped the largest cryptocurrency break above the $71,000 barrier today.
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