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Wall Street, after initial gains at the beginning of the session, ended the day in losses. The sharper declines were not caused by any specific information that could surprise the markets.
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Currently, the S&P 500 (US500) is down 0.20%, and the Nasdaq 100 (US100) is experiencing a 1.0% drop, breaking below the 15,000 point level.
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FED Dallas: current -23.2, expected: -20.0, previous: -29.1 - the reading turned out slightly lower than expected but higher than previous readings. The negative value still indicates a contraction in the manufacturing sector in Texas.
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Shares of the global pharmaceutical company Pfizer (PFE.US) are declining by nearly 4% during today's session due to the discontinuation of work on an experimental drug (lotiglipron) for obesity. The company reported that the clinical trials showed elevated levels of an important enzyme, which could pose a risk to liver diseases.
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IBM (IBM.US) announced the acquisition of the software company Apptio for $4.6 billion.
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Ifo Index: Business Climate: 88.4 compared to expected 90.8 and previous 91.7.
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Economists at the Ifo Institute noted that business demand is weak, and the order book is shrinking. Industrial expectations regarding exports have declined due to the hawkish monetary policy worldwide, which is limiting credit availability and resulting in lower demand.
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The Bank for International Settlements (BIS) issued a warning that the global tightening cycle is entering a challenging phase, indicating that interest rates may remain higher for an extended period.
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Silver is up 1.7% today, reaching its highest levels since June 21.
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Precious metals are rebounding after hawkish announcements from leading central banks last week. Palladium is the biggest gainer at 2.2%, followed by silver at 1.7%, platinum at 1.1%, and gold at 0.2%.
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NATGAS has moved up significantly after rolling over last week and is currently trading around $2.8/MMBTU, suggesting that the seasonal rebound has already begun.
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Other energy commodities are also gaining up to 1.0%. Currently, crude oil (OIL.WTI) is up 0.9%, and GASOLINE is up 0.9%.
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Cryptocurrencies are consolidating around their highs. Despite today's slight correction, BTC remains above the $30,000 level, while ETH is falling towards $1,850.
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