- Gold is reaching new historic highs above $2350 per ounce, but the gains were capped at the end of the session. Gold is up 0.5%. Silver also continues to rise, but does not permanently break through $28 per ounce. Palladium is the strongest gainer today (2.3%)
- US dollar index gains 0.5% and EURUSD loses 0.7% today. European session was dominated by sellers. The CAC40 lost 0.86%, and the German DAX posted a 1.32% drop
- A Goldman Sachs report pointed to high valuations of European defense sector companies, which led the declines on the Old Continent today. Rheinmetall lost more than 7%, and the sell-off also reached the values of Hensoldt, SAAB, Leonardo, and Dassault Aviation
- The U.S. Dow Jones, Nasdaq 100 and S&P 500 indexes lost between 0.4% and 0.15%, ahead of tomorrow's inflation data. The NFIB business sentiment index from the US came in marginally below forecasts (88.5 vs. 89.9 forecasts)
- Once again, semiconductor manufacturers' stocks had a better session than the broad market. TSMC shares erased some of the gains driven by the prospect of $6.6 billion in direct funding from the US government; in connection with the planned construction of a semiconductor hub, in Arizona.
- US copper producers as Freeport MacMoran gains over higher copper prices, as Trafigura expects higher copper demand due to AI and data centers trend
- Oil finally retreats at the end of the day, which may suggest a local peak has been reached. However, it is worth noting that oil has been driven by geopolitical concerns lately. On the other hand, there is speculation about a ceasefire between Israel and Hamas
- Wheat prices on the Chicago Stock Exchange are losing almost 1% today, ahead of an important USDA report to be released on Thursday at 7:00 p.m. More than 56% of the winter crop was rated as a very high or high quality crop, a multi-year record
- Cocoa prices are seeing further increases despite an increase in the purchase price from farmers in West Africa, which was expected to improve supply and prompt farmers to sell outside the spot market. Also, the prospect of increased cocoa supply in Brazil has not stopped the rally back above $10,000 per tonne
- Cryptocurrencies are trading under pressure. Bitcoin loses nearly 5% 11 days before halving and slipping below $70,000, leading to nearly $200 million in liquidation of bullish derivatives positions. Microstrategy loses almost 7%
- Today we did not learn any major macroeconomic readings, but tomorrow we will learn the CPI inflation reading for March from the US. Core inflation is expected to rebound to 3.4% y/y, but core inflation is expected to fall to 3.7% y/y
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