Morning wrap (12.02.2026)

U.S. index futures are extending cautious gains following yesterday's strong U.S. labour market data (US100: +0.1%; US500: +0.15%).

In January, the U.S. budget deficit was lower than a year earlier, partly due to higher tariff revenues. Customs duties totaled $30 billion in January and $124 billion fiscal year-to-date, up 304% from 2025. However, the awaited Supreme Court ruling on tariffs could halt collections, while rising debt servicing costs and the lack of a scenario for rapid rate cuts continue to weigh on public finances.

The U.S. House of Representatives voted to lift tariffs imposed by President Donald Trump on Canada, marking a rare bipartisan pushback against executive trade authority. However, the measure still requires approval from the U.S. Senate and Trump’s signature to take effect.

Optimism prevails across the Asia-Pacific region following yesterday’s strong U.S. NFP report. The MSCI Asia Pacific index reached a new all-time high. Japan’s Nikkei (+0.25%) and South Korea’s KOSPI (+2.8%) also hit records in early trading, driven by technology stocks. CHN.cash and HK.cash are up დაახლოებით 0.7% for the second consecutive day.

Mercedes-Benz reported a larger-than-expected 57% drop in 2025 operating profit to €5.8 billion, below the €6.6 billion forecast and down from €13.6 billion a year earlier. Revenue fell 9% to €132.2 billion. The company faces stiff competition in China, tariffs, and negative currency effects. Its passenger car margin stood at 5%. In the medium term, it targets margins of 8–10% through new models and cost reductions.

The dollar index (USDIDX) is rebounding 0.1%, snapping its recent losing streak on strong NFP print that reduces the need for further U.S. rate cuts. The overbought Australian dollar is seeing the largest pullback (AUDUSD: -0.15%). EURUSD is down დაახლოებით 0.1% to 1.186.

Brent and WTI crude are posting a slight correction (around -0.3%) after yesterday’s gains, remaining within the current uptrend. Natural gas is down დაახლოებით 1.2%.

Precious metals are retreating amid improved risk appetite and solid U.S. economic data. Gold is down 0.6% to $5,050 per ounce, while silver falls 1.2% to $83.40 per ounce.

Bitcoin is trading flat at $67,070, while Ethereum gains 1.2% to $1,976.