Morning wrap (11.03.2025)

07:35 11 March 2025
  • Futures on U.S. indices are seeing a cautious rebound in pre-market trading following yesterday’s record declines, during which the Nasdaq 100 dropped 3.8%—its largest decline since the fall of 2022. Tesla shares fell nearly 15% and recorded another 3% decline in after-hours trading. Nvidia and Meta Platforms lost around 5%, while other AI-driven bull market stars like ServiceNow and Palantir also suffered losses.
  • Futures on Chinese indices are gaining over 1.5%, following a Wall Street Journal report suggesting a potential Trump-Xi summit in June this year. Meanwhile, reports emerged about a new Chinese artificial intelligence model, "Manus AI," which is said to be delivering impressive results.
  • Agricultural commodity futures are declining, with wheat on CBOT leading the losses, falling nearly 1%. Natural gas is up by almost 0.7%, while oil is slightly higher, though Brent remains below $70 per barrel.
  • Precious metals are gaining, with gold rising 0.5% and climbing back above $2,900 per ounce. Silver is also up 0.5%. The U.S. dollar (USDIDX) is down 0.17%, while EUR/USD is up 0.24% to 1.086.
  • Bitcoin is posting modest gains, rising from around $77,000 to $80,400. Cardano is up nearly 5%, while other altcoins are seeing slight increases.
  • BlackRock CEO Larry Fink stated that the U.S. and the global economy are likely entering a period of elevated inflation, driven by a broader shift toward national economies and potential labor shortages, which are fueling strong wage pressures. He noted that AI and robotics implementation could have a deflationary impact over time, but not before these factors exert upward price pressure.
  • Russia reported shooting down 91 Ukrainian drones targeting Moscow, along with more than 300 drones in total. Ukraine announced the downing of 79 Russian drones and one ballistic missile. Two airports in the Russian capital were temporarily closed.
  • US Secretary of State Rubio landed in Saudi Arabia ahead of talks with Ukraine on Russia. Meanwhile, Israel carried out strikes on weapon depots and military positions in northern Syria.

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