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Wall Street finished the session positively, with the PCE inflation report matching expectations acting as a catalyst for today's gains. The US500 gained 0.45% to 5092 points, and the US100 increased by 1.00%, surpassing 18,000 points.
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European indices had a mixed session, but the DAX rose 0.55% to 17,700 points.
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The PCE report met market expectations, easing investor fears of negative surprises similar to recent CPI readings, improving sentiments and weakening the dollar. Detailed data include:
- Headline Inflation: 2.4% vs. 2.4% forecast vs. 2.6% previously (0.3% month-over-month vs. 0.3% forecast and 0.1% previously)
- Core Inflation: 2.8% vs. 2.8% forecast and 2.9% previously (0.4% month-over-month vs. 0.4% forecast and 0.2% previously)
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Unemployment claims were slightly higher than analysts' expectations but remain low, indicating a strong US job market. The actual data showed 215,000 new claims last week compared to 210,000 forecasts and 201,000 previously.
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The dollar recovered some of its earlier session losses and is now trading with little change. EURUSD fell 0.30% to 1.0803.
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German footwear manufacturer Birkenstock (BIRK.US) exceeded analysts' revenue forecasts for the holiday quarter but couldn't sustain Wall Street's optimism, losing 8% post-quarterly results.
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C3.ai (AI.US) saw its market capitalization surge over 24% after reporting better-than-expected financial results for the third quarter and an optimistic revenue forecast. C3.ai revised its full-year fiscal 2024 revenue forecast to between $306 million and $310 million, up from earlier estimates of $295 million.
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The EIA's natural gas inventory report showed a larger-than-expected decline, indicating a decrease of -96 bcf compared to -86 bcf forecasted and -60 bcf previously.
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Cryptocurrencies remain high due to positive capital inflows into ETF funds. However, at the time of publication, Bitcoin has lost 3.00%, dropping to $60,600. Ethereum sees smaller declines, and altcoins collectively gain just over 2.00% in market capitalization.
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Among smaller projects, Solana stands out, initially recording a 15% increase, now reduced to 7% at $127.
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