- US markets showed mixed performance, with US1000 gaining 0.23% to 21,818.43 and US500 up 0.17% to 6,099.5, while US2000 declined 0.17%. Initial jobless claims came in higher than expected at 219K vs 214K forecast, suggesting potential labor market softening.
- European indices rallied after the potential peace treaty in Ukraine. Austrian ATX led gains (+3.3%), followed by Polish WIG20 (+2.7%). German DAX extends ATH, adding 1.47%. French CAC40 increased for the 4th consecutive day, also by 1.47%. British FTSE 100 gained 1.21%.
- Bank of England's first rate cut since the pandemic, lowering rates by 25bps to 4.5%. However, BoE dramatically cut UK growth forecasts to 0.75% from 1.5% and warned of 3.7% summer inflation peak.
- Ralph Lauren shares surged 13% to an all-time high of $289.33 after beating Q3 expectations with 11% sales growth and raising full-year guidance. The company reported better-than-expected holiday shopping season results with comparable store sales up 12%.
- Commodities showed divergent moves as precious metals weakened while industrial metals strengthened. Gold fell 0.55% to $2,851.19 and Palladium dropped 1.54% to $972.2, while Nickel jumped 2.22% to $15,804 and Zinc gained 1.22% to $2,820.
- Wheat futures hit three-month highs as severe drought affects 45 US states, with NOAA warning of challenging growing conditions ahead. Analysis suggests potential 34% price increase if Russian exports fall by 50%, with additional pressure from possible Ukrainian export disruptions.
- German economic data surprised to the upside with Factory Orders surging 6.9% month-over-month versus 1.9% forecast, though largely driven by one-off large-scale orders in transportation equipment. Annual figures still show a 3.0% decline in overall orders for 2024.
- On the FX market, JPY strengthens most significantly among G10 currencies (EURJPY: -0.8%, USDJPY: -0.7%, GBPJPYL: -1.1%). The US dollar sees little change compared to previous, highly volatile sessions (USDIDX: +0.08%), while GBP loses the most ground as traders bet on additional 59 bps interest rate cuts this year (GBPUSD: -0,05%, GBPJPY: -1,1%).
- Cryptocurrencies close sessions in the red, with a wide downtrend visible on the market. Bitcoin saw relatively little change (-0.03%), while Chainlink (-2.6%), Ethereum (-2.2%) and Ripple (-2.85%) see more considerate losses
- Trump Media announced plans to launch six new investment products, including Bitcoin and energy sector ETFs, partnering with Charles Schwab for separately managed accounts. The company's board approved investments of up to $250 million for the new Truth.Fi financial services brand.
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