Key takeaways
- Most markets up amid good macroeconomic data
- Euro appreciates to most currencies
- Gold and Oil consolidate
- Intel grows at opening, but growth quickly falters
Key takeaways
- Most markets up amid good macroeconomic data
- Euro appreciates to most currencies
- Gold and Oil consolidate
- Intel grows at opening, but growth quickly falters
- Macroeconomic data and strong performance from most American companies have pushed U.S. index valuations to new highs. Nasdaq100 is up about 1%, S&P 500 is up 0.8%, and both Russell and Dow are up over 1%.
- In Europe, sentiment is mixed, but optimism prevails. Most stock exchanges on the old continent are seeing gains. The British FTSE 100 is experiencing the largest increase, at 0.6%. DAX and FTSE MIB end the sessions slightly positive. CAC40 and WIG20 are losing, by 0.2% and 0.3%, respectively.
- The accumulation of macroeconomic data sets the rhythm for trading during Friday's session. The CPI reading turned out to be lower than expected, both annually and monthly, which the market received very positively, hoping for accelerated rate cuts by the FED. Core CPI year-over-year was 3%, and month-to-month price growth was 0.3%.
- The PMI reading complemented the picture, showing a very strong reading — clearly above expectations. The services sector is particularly showing good condition. The market expected a slowdown, but the index indicated growth compared to the previous month.
- Today, the University of Michigan also published consumer sentiment data. Sentiment is clearly below expectations but still positive at 53.6. At the same time, consumer inflation expectations remain anchored at 4.6% annually.
- Important data also came from the UK. Retail sales increased by 1.5% annually and by as much as 0.5% month-to-month. The PMI reading also rose above expectations. The industry is clearly doing better but still remains in the negative sentiment range — with a reading of 49.6.
- PMI from the Eurozone also surprised positively. The industry again reached a value of 50, and services climbed to 52.6 — the highest in over a year.
- In the currency market, the Norwegian krone is clearly losing. The exchange rate against the dollar and Euro is down by over 0.5%. This may be related to reduced demand for Norwegian raw materials and discounting weaker macroeconomic readings.
- Good economic news from the Eurozone supports the valuation of the European currency. The Euro is moderately strengthening against most major currency pairs.
- The precious metals market is consolidating after correcting recent gains. Gold remains above the level of $4100 per ounce.
- The energy commodities market is also catching its breath. Oil is consolidating at the level of 61.5 after gains. NATGAS is down by 2%.
- Cattle futures are down by as much as 3%, which may be related to an agreement to import beef from Argentina to the USA.
- Positive sentiment from the stock market is spilling over into crypto exchanges. Most tokens are seeing gains, but these are concentrated around larger currencies. Bitcoin and Ethereum maintain growth below 1%.
- Intel has published results. Despite the company's difficulties, most market expectations were met. At the opening, the company is up over 6%, but as the session progresses, gains are reduced to almost zero. This may indicate weakness among buyers due to market exhaustion or profit-taking after the results.
- Alphabet is up 3% today, adding billions to its capitalization after announcing a deal with Anthropic.
- Tesla adds a new driving mode called "Mad Max," which openly disregards regulations and attracts the attention of regulators. The stock is down 2%.
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