- The market ends the week with a moderately positive sentiment, although the scale of gains in Friday's Wall Street session remains limited. The leader of the gains is the Russell 2000, whose contracts are rising by about 0.5%. Other indices are oscillating around a 0.1% increase.
- The earnings season for the financial sector is slowly coming to an end. It can be considered successful. Almost all major players in the industry were able to boast results above market expectations. However, there was a noticeable advantage on the side of funds and investment banks compared to retail and commercial banks. The leaders of growth in this sector during Friday's session turned out to be PNC Financial Services and State Street, while Regions Financial Corp disappointed investors. Next week, investors will be looking forward to BankCorp's results.
- Donald Trump stated that he would prefer Kevin Hasset to remain in his current position as director of the NEC. This significantly reduces his implied chances of becoming the chairman of the FED. Kevin Warsh is becoming the favorite in the race for the FED chairmanship.
- The US President also announces additional tariffs on countries that "will not cooperate" regarding the US acquisition of Greenland.
- Unexpectedly strong data from American industry. The market was surprised by the month-to-month growth in both industry and manufacturing. Capacity utilization also increased. However, the growth dynamics of production decreased on an annual basis.
- Canada signed a trade agreement with China. The agreement concerns significant tariff reductions on electric cars and canola.
- Venezuela is set to resume oil sales using dollars, reports Reuters.
- Investor sentiment from Europe at the end of the week was moderately pessimistic. Most indices closed with moderate declines. The largest declines were recorded by the French CAC40 at 0.65%. The SMI also fell by 0.5%, and the DAX by 0.3%. The situation looks better in contracts, which recovered some losses after the end of trading on underlying instruments. Spain stood out with growth, SPA35 contracts rising by as much as 0.7%.
- Germany and Italy reported its consumer inflation which was in-lane with expectations of 1,8% and 1,2% YoY respectively.
- Novo Nordisk reports an important victory in the battle for the weight loss market. According to prescription data from the USA, the Wegovy pill generated over 3,000 prescriptions to be filled. The company's shares are rising by over 6%.
- In the currency market, the Yen is clearly gaining, with the exchange rate reaching levels where the market expects BoJ intervention and begins to price it in. Slight declines in the Euro and Canadian dollar. The Swedish krona is also losing.
- In the commodity market, industrial metals are noticeably discounted. Large inventories and doubts about tariffs exert pressure on valuations. Nickel loses the most, by as much as 4%. Significant declines also in tin and copper, by 3% and 2.5%, respectively.
- Energy commodity prices are stabilizing. A barrel of WTI oil maintains a price of around $59. The market expects further de-escalation in the Persian Gulf.
- The precious metals market is also experiencing a correction. The largest declines are observed in platinum, over 4%. Silver falls by 3%. Palladium is discounted by 2%. Gold limits declines to below 1%.
- In the crypto market, negative sentiment dominates. Bitcoin loses about 0.5% and stops around $94,000. Ethereum falls by 0.8% and maintains a price above $3,250.
US OPEN: Bank and fund earnings support valuations.
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