Morning wrap (15.05.2025)

06:50 15 May 2025
  • The recent rally on Wall Street stalled yesterday as the initial momentum from the China-U.S. negotiations faded and concerns about sticky inflation resurfaced (S&P500: +0.1%, Nasdaq: +0.7%, DJIA: -0.2%, Russell 2000: -0.88%).

  • However, the U.S. AI initiative in Saudi Arabia continued to fuel euphoria in tech stocks (NVDA.US: +4.7%, AMD.US: +4.7%), while Boeing shares were supported by a large order from Qatar Airways (BA.US: +0.7%).

  • According to Fed’s Philip Jefferson, tariffs may still slow growth and add to current inflation levels, highlighting persistent uncertainty and the well-positioned nature of current U.S. interest rates.

  • The fading of the negotiation narrative triggered the first correction in five sessions across Asia-Pacific markets. Japan's Nikkei 225 fell (-0.9%), South Korea's Kospi dropped (-0.8%), and China's HSCEI declined (-0.75%).

  • The exception was Australia's S&P/ASX 200, which rose 0.2% after strong April labor market data. Employment grew by 89,000 (forecast: 22.5k, previous: 36.4k), while the unemployment rate remained unchanged at 4.1%. The participation rate also rose (from 66.8% to 67.1%).

  • On the forex market: the dollar is retreating against most G10 currencies (USDIDX: -0.13%). Safe haven currencies are rebounding, particularly the yen (USDJPY: -0.5%) and the Swiss franc (USDCHF: -0.25%). Meanwhile, antipodean currencies are depreciating (AUDUSD: -0.05%, NZDUSD: -0.12%). EURUSD is up 0.15% to 1.119.

  • Gold continues to fall (-1.4% to $3,132 per ounce), as does silver (-1.3% to $31.80 per ounce).

  • Brent and WTI crude oil are down about 2.55% following reports that Iran is willing to abandon its nuclear program development in exchange for the lifting of U.S. sanctions.

  • In the cryptocurrency market, broad pessimism persists (Bitcoin: -1.16%, Ethereum: -1.17%, Trump: -3.7%, Polygon: -3%, Chainlink: -2.5%, Solana: -2%).

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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