- Wall Street extends gains on the last day of this week. The US500 is up 0.40% to 5035 points, and the US100 gains 0.90%, breaking the 18,000 points level.
- European market sentiment wasn't as positive, yet most indices also gained. Exceptions were Germany, Austria, and the United Kingdom.
- No major movements observed in the forex market today. The Australian Dollar is the strongest among G10 currencies, with the Swiss Franc on the other end. The Dollar is trading with little change, USDIDX index loses 0.05%, and EURUSD gains 0.10%.
- The U.S. Bureau of Labor Statistics revised November and December 2023 inflation downwards. Consequently, today we observed a drop in yields, increased expectations for rate cuts in March, and a slightly weaker dollar. According to the latest data, U.S. CPI inflation in 2023 was:
- October: rose by 0.1% m/m, with the previous reading unchanged
- November: rose by 0.2% m/m from the previous 0.1% m/m
- December: rose by 0.2% m/m instead of 0.3% m/m
- Q4 annualized inflation remains at 3.3%
- Raphael Bostic from the Fed expressed satisfaction with the latest inflation readings but pointed out that real wage growth in the coming months poses a certain risk to price pressure.
- Canadian employment change for January was 37.3 thousand (expected 15 thousand; previously: 0.1 thousand). The unemployment rate fell to 5.7%, against expectations of rising to 5.9% and the previous reading of 5.8%.
- PepsiCo shares lose nearly 3%. The company recorded its first y/y sales decline since 2020, although earnings per share exceeded expectations. According to the management, consumers have become more cautious, and the first half of the year is likely to be weaker than the company expected.
- New York Community Bancorp gains nearly 13% today. Shares of the regional lender were boosted by news that the new CEO of the bank purchased 50,000 shares at an average price of $4.19.
- Precious metals market sentiment is weak. Gold loses 0.5%, platinum is down 1.6%, and palladium records over 3% losses.
- Similarly, industrial metals had a weak session today. Contracts for zinc (-1.6%) as well as copper and nickel are down.
- Bitcoin and other cryptocurrencies gain significantly. Bitcoin's price breaks $47,000, gaining over 5.50%, with the rise driven by good sentiment in the stock markets and uncertainty around the regional banking sector. Ethereum still lags behind the main cryptocurrency, with its gains today reaching 3.0% to $2500.
- Gains in the cryptocurrency market are also supported by the latest data on capital flows from ETFs, suggesting a slowdown in supply pressure from Grayscale and increased net inflows to other funds.
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