- Stock indices on Wall Street continue to climb as trade negotiations between China and the US progress. As of 6 PM GMT, the US500 is up 0.4%, with the US100 posting similar gains. Apple shares recover from yesterday loses
- US Commerce Secretary Howard Lutnick stated a few hours ago that the talks are "moving in a good direction." However, discussions have been temporarily paused and are scheduled to resume at 9:00 PM Polish time in London.
- According to the Wall Street Journal, China holds a strong negotiating position due to the resilience of its economy. Meanwhile, The Telegraph warns of the risk of the slowest global economic growth since the 1960s.
- Oil prices remain strong despite OPEC+ continuing its policy of increasing production. WTI crude tested $66 per barrel today but pulled back toward $65 by the end of the session.
- The EIA’s short-term outlook projects lower oil prices in the coming years and anticipates that US oil production will decline next year — for the first time since 2021.
- Natural gas futures dropped over 2.5%, falling to $3.51 per MMBtu, continuing a downward move that began last Friday from levels near $3.82.
- The US dollar is showing minimal volatility, with EUR/USD flat around 1.142, even as Eurozone business sentiment (Sentix) came in above expectations.
- In the US, the NFIB Small Business Sentiment Index surprised to the upside, climbing to nearly 99 points, compared to forecasts of 96 and just under 96 in April. This unexpected improvement in sentiment boosted market optimism.
- Bitcoin is retreating slightly, from around $110,000 to $108,800, though the overall sentiment remains decisively bullish, driven by growing risk appetite and the global expansion of M2 money supply. Precious metals markets show limited volatility, with declines prevailing.
- Cocoa futures are down nearly 6%, trading at $9,600 per tonne, as heavy rainfall in West Africa eases supply concerns. ICE cocoa stockpiles have hit their highest level in over eight months.
- Fed Chair Jerome Powell is set to finish his term in May next year. His likely successors include current Treasury Secretary Scott Besent or former Fed member Kevin Warsh.
- OpenAI, backed by Microsoft, announced a major deal with Google Cloud to secure AI computing power — a surprising move considering the intense competition between the two in artificial intelligence (with Google’s Gemini and OpenAI’s ChatGPT both in direct rivalry). Alphabet shares are up 2.0% today.
- Walt Disney (DIS) shares rose after the company finalized its full acquisition of streaming platform Hulu from Comcast for $438.7 million. Disney stock is up 2.7%.
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