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Today brought moderate gains on Wall Street, with US500 and US100 up by 0.25-0.35% amid a slight strengthening of the dollar. US500 is trading at 4580 points, just below this year's highs around 4630 points.
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European indices mostly ended the day with substantial gains. Germany's DAX and Italy's FTSE MiB both gained 1.30%, while Poland's WIG20 blue chip index lost 0.80%. In the forex market, the New Zealand dollar (NZD) and Swiss franc (CHF) stand out with gains.
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Fed member comments today are quite dovish:
- Fed's Bostic reflects a cautious but optimistic tone regarding the US economy. He emphasizes that achieving a 2% inflation rate will be challenging but possible, maintaining that the Fed is on the right track to effectively combat inflation.
- Fed's Barkin takes a more cautious stance. He notes a slowdown in consumer spending but does not see a significant downturn. Barkin warns that talks of interest rate cuts are premature and predicts that inflation may be more persistent than expected.
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The Reserve Bank of New Zealand decided to keep interest rates steady at 5.50%, as expected by the market. The NZD's strength was due to the RBNZ raising its interest rate forecasts and hawkish comments from RBNZ Governor Orr.
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Inflation in Spain came in significantly below expectations at 3.2% year-over-year, compared to the expected 3.7% and previous 3.5%, indicating that higher ECB rates are likely effective.
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Germany also saw a decrease in inflation. November's data shows a decline to 3.2% year-over-year, against expectations of a 3.5% drop and a previous level of 3.8%.
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US GDP (second reading) came in better than initial October data. The growth was 5.2% at an annualized rate, higher than the initially expected 4.9%. Lower inflation components and private consumption were also noted.
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Oil inventories according to the DOE increased less than before, but no increase was essentially expected. Inventories rose by 1.6 million barrels, with distillates and gasoline stocks increasing more significantly. Oil initially lost ground significantly but later returned to a daily gain.
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Cryptocurrencies are experiencing moderate declines. Although close to local highs, Bitcoin couldn't maintain above the 38,000 USD level. At the time of publication, BTC is down 0.40% to 37,700 USD.
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