Market wrap: Limited volatility and a strong dollar

Friday’s session is marked by mixed sentiment and limited volatility. In the European session, the balance between demand and supply tilts slightly in favor of sellers. SPA35 futures are down nearly 1%; W20, FRA40, and SUI20 are also lower. The top gainer is DE40, up 0.5%.
- Infineon Technologies won two patent disputes against InnoScience; the stock is up about 1.5%.
- Renault bought a 65% stake in “Flexis,” a company specializing in last-mile logistics; the shares are up 3%.
- The U.S. Department of Commerce warned Europe’s ASML that it suspects China may have one of the machines capable of extreme ultraviolet (EUV) lithography. Company representatives strongly denied this; the stock is down about 1%.
The talks scheduled for Friday between the U.S. and Iran, which were to take place in Geneva, have been canceled. Iran’s delegation said it is waiting for real signals that a peace agreement is being implemented before engaging in another round of negotiations. Concerns about the durability of peace are also fueled by a series of clashes in Lebanon. The broader market, however, remains optimistic about a conclusion to the conflict.
U.S. markets will be closed on Friday due to a holiday.
The release of economic data is limited, but Japan’s inflation data and the UK retail sales figures stand out.
- Retail sales in the UK rose to 3.2% y/y, well above expectations of 1.8%.
Higher volatility relative to equity indices can be observed in the FX market.
- Supported by strong economic data, the British pound is rising, strengthening by 0.2%–0.5% against major currency pairs.
- The hawkish stance of the new Fed chair supports the dollar, which is at multi-month highs.
Commodity markets are relatively calm.
- Oil remains around $79 per barrel.
- Among metals, precious metals are losing the most, continuing a trend driven by expectations of higher interest rates for longer.
A hawkish Fed is also pressuring cryptocurrency valuations; moderate declines can be seen across most tokens. Major cryptocurrencies are down about 0.5%.

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