European stock markets started the day on a positive note, buoyed by a rebound in precious metals markets. By midday, however, the initial optimism had largely faded.
The DE40 contract erased all of its daily gains after briefly breaking above the upper limit of the recent consolidation area near 25,100 points. From a technical point of view, however, the instrument still maintains a short-term upward trend (50-day EMA, blue curve).
Source: xStation
As we mentioned earlier, today’s sector-specific highlights include significant gains in the mining/metallurgy and technology sectors. See the volatility heat map below.
Source: xStation
Improved sentiment in the global technology sector is driving today’s rally in risky assets. News of SpaceX and xAI merging to create a £1.25 trillion artificial intelligence and space exploration giant has boosted overall sentiment, with an initial public offering expected this year. Valued at $1.25 trillion, Musk’s new company would be worth more than Eli Lilly and more than three times as much as Palantir.
The sector is also being boosted by the rise in ASML’s share price.
Swatch (UHR.CH) is introducing AI-DADA, a tool that allows you to design your dream watch using artificial intelligence – without any artistic skills. Just enter a short description of the effect you want to achieve (maximum 300 characters) and the algorithm will generate a unique design in less than two minutes. Each proposal is unique, and the design process itself is intuitive and free of charge. The company’s shares are up 4% today following this announcement.
In the United States, futures on major indices suggest further price increases, with today’s session bringing a number of important reports – we are awaiting results from AMD, Pfizer, Merck, Mondelez and PepsiCo.
On Tuesday, the dollar is one of the weakest currencies in the G10 group, contributing to a revival in the precious metals market and improving overall investor sentiment. Only the Japanese yen and the British pound are performing worse. We are seeing gains in Antipodean currencies following the rebound in metals and the unexpected interest rate hike in Australia.
The main news this morning is the significant increase in the value of precious metals. The price of gold rose by over 5% today, and silver by 9%.
This week, the publication of economic data on the US economy has been delayed, and NFP data will not be released due to the government shutdown.
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