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The rising US dollar and higher yields put pressure on the sentiment of investors from the global stock market. The USDIDX index rose by over 0.8%, and the yields of 10-year US Treasury bonds increased by 0.08 to 3.94%.
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Wall Street indices are trading lower today, with technology company stocks losing the most. In contrast, the medical sector looks excellent, where Pfizer is up 4%, and Moderna is up 14% after a higher recommendation from Oppenheimer analysts.
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The dollar index (USDIDX) rebounds from a key support level around 100 points. The dynamic rebound makes the USD the strongest currency among the G10 currencies today. The EURUSD rate loses 0.80%, thereby returning below the 1.10 level.
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US macro data fell below expectations. The final reading of the Manufacturing PMI indicated 47.9 versus the forecast of 48.4 and previously 48.2. Construction spending increased by 0.4% in November compared to the 0.5% expectations and 0.6% previously.
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Final readings of the manufacturing sector from the eurozone were slightly above forecasts, at 44.4 vs. 44.2 in the first publication. PMI for the manufacturing sector in Germany and France slightly positively surprised.
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Futures contracts on Chinese benchmarks recorded a decline of over 2.5% today, driven by a lower-than-forecast PMI reading, weak service data, and the lowest factory activity in 6 months.
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Oil erases gains from the first part of the day and is currently losing 0.50%. The main catalysts for the declines are weaker macro data from the US economy and weaker PMI from China, signaling potentially lower global demand.
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OPEC+ delegates informed that an additional 'monitoring' meeting will take place at the beginning of February, which markets may interpret as a warning signal before the uncertain situation on the demand side.
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The world's largest global shipping operator, Maersk, has decided to maintain a ban on passage through the Gulf of Aden and the Red Sea due to repeated attacks by Houthi fighters. As a result, the market expects further increases in freight rates, and Maersk shares rose by 6% today, and ZIM records a 12% increase.
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The sentiment in the cryptocurrency market is very optimistic, and the gaining US dollar did not prevent Bitcoin from rebounding. Bitcoin is up over 6% today and is trading around USD 45,300, levels last seen in April 2022.
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Reuters sources indicate that approval for a spot ETF may be accepted even in the coming days (January 3,4). The US regulator must make a final decision regarding the applications of Ark Invest and 21 shares by January 10. So far, SEC representatives have not revealed what the final decision will be.
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