MIDDAY WRAP: Mixed sentiment in Europe, declines on U.S. indices

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Market sentiment remains mixed in the afternoon hours. European indices are not moving in a single direction. Switzerland is leading the gains, with SUI20 contracts rising by 0.5%. The French CAC40 and Italian FTSE are performing moderately well, with their contracts limiting growth to 0.2%. Lagging behind are DAX and WIG20, with contracts experiencing declines of 0.4% and 0.9%, respectively.
We observe quite noticeable declines in contracts on American indices. The Dow Jones contract is retreating by 0.3%, Nasdaq 100 contracts are dropping by 0.5%, and S&P 500 contracts are losing 0.4%.
Many analysts point to increasing geopolitical tensions that may pose risks to European stocks and the commodities market. The dispute over Greenland adds additional pressure on the valuation of European assets, while protests in Iran may support oil and gas prices.
In sectoral terms, companies related to public services, healthcare, and mining (mainly precious and industrial metals) appear relatively strong today. Sectors such as media and real estate are performing worse.
In the commodities market, we observe clear increases in oil and industrial metals. Oil is rising by over 1% amid ongoing uncertainties related to possible U.S. intervention in Iran. Nickel is up by 2.5%. Much larger upward movements are seen in the precious metals market. Silver is gaining nearly 6% and, for the first time on the COMEX exchange, exceeds the level of 90 USD per ounce.
In Madrid, one of the ECB members, Luis de Guindos, spoke today. He pointed out the threats to growth in Europe due to companies delaying investments in the shadow of rising geopolitical risks.
In the U.S., another day of significant publications. PPI data turned out to be close to market expectations. PPI on an annual basis was 3%, month-to-month reading was 0.1%. Retail sales also slightly exceeded expectations, rising by 0.6% in November. On an annual basis, there was a decline from 3.47% to 3.3%.
Today, FED members Paulson, Williams, and Kashkari will also speak. Later in the day, we will learn the levels of oil inventories from the U.S.
In the currency market, we observe stabilization in the EURUSD pair around the level of 1.1650. The yen and pound are gaining the most against the dollar.
The earnings season is starting for American banks. Bank of America is slightly above consensus. Wells Fargo and CityGroup beat expectations regarding EPS but disappoint the market in terms of revenues. CityGroup notes slight increases before the start of trading in reaction to the results. Wells Fargo and BoA are losing about 2%.
BP shares are losing after announcing a write-off of up to 5 billion GBP in 4Q, mainly in businesses related to energy transformation.
Pharmaceutical company Novo Nordisk signals readiness for aggressive M&A in the obesity area after losing the bid for Metsera.
Chinese company Alibaba is gaining nearly 3% on expectations related to the Qwen event. In the background, strong growth in Asian technology companies.
Ryanair airlines are set to limit flights to Europe due to a new tax. The company also rejected Starlink's offer regarding providing internet on the company's aircraft.

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MIDDAY WRAP: Mixed sentiment in Europe, declines on U.S. indices

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