- Friday’s session proved unfavorable for risk and technology companies. Disappointing results from Oracle and Broadcom shook investor confidence. US100 contracts fell by about 2%, while declines in US500 and US2000 are limited to 1%. The Dow is performing better, with its contracts falling by less than 0.5%.
- Broadcom released its results, exceeding investor expectations regarding revenue and profits, but disappointed with sales forecasts in the AI sector, significantly devaluing the company.
- Oracle is losing due to news of delays in the construction of OpenAI data centers, and as the aftermath of lackluster earnings
- Donald Trump signed a law banning state AI regulations.
- The president’s administration is also loudly considering reducing regulations and taxes in the cannabis and gambling industries.
- FED member Goolsbee, in his speech, sets a new tone for his December vote. He claims that he “sees more cuts than the rest of the committee” and his vote was not “hawkish.”
- Weak results from American companies and poor macroeconomic data from the UK are also putting pressure on European indices. The French CAC40 is down 0.2%, DAX down 0.3%, FTSE100 down 0.5%. The exception is WIG20, which is up about 0.5%.
- Mixed economic data from Western Europe. CPI inflation is rising in Spain, decreasing in France and Germany. The British GDP is shrinking again on a monthly basis.
- Incidents involving tankers are becoming more frequent. Following the ignition of a tanker in Romania a few weeks ago, and a series of strikes on tankers in the Black Sea, tensions are rising with the US forcefully seizing a tanker off the coast of Venezuela and Russia striking a Turkish tanker off the coast of Ukraine.
- A correction can be observed in industrial metals. Copper and Zinc are losing over 2%, Aluminum is down almost 1%, with slight increases in Nickel.
- Mixed mood in the precious metals market. Significant increases in platinum by over 2%. Gold maintains its price. A significant decline in silver, by 3%.
- In the currency market, the pound is losing. Poor economic data is putting pressure on the BoE to lower rates despite inflation. The Yen is also declining. However, the leader of the declines is the Forint, which is losing over 0.5% against the Euro and the dollar.
- Negative sentiment in the technology market is affecting crypto. Most tokens are losing. Bitcoin is down 2%, holding at the edge of 90 thousand dollars. Ethereum is performing worse, losing over 4% and stopping at 3090 dollars.
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