Before the opening of the European markets (26.12.2023)

  • Today is the first trading session after Christmas, but not all markets are open. Some commodity markets remain closed and European traders are still on holiday.
  • As trading resumed in the forex market after the Christmas period, the dollar extended its losses, while US index futures rose and cryptocurrencies saw a slight reduction in their recent gains.
  • The US500 index is up 0.13%, while the US100 index is up 0.27%. Historical data generally indicates a rise in US indices on the first day after Christmas.
  • Precious metals benefit from the weak dollar. Gold rose 0.5%, while silver gained more than 1%.
  • Bitcoin falls more than 2% and remains below $43,000.
  • During the Asian trading session, the indices lost ground. The CH50 index (China 50) was down 0.35%, the JP225 index (Nikkei 225) was down 0.15% and the SG20 index (MSCI Singapore) was down 0.70%.
  • Oil is stable this morning, but Natgas is down almost 4%. The Christmas season in the United States was one of the hottest on record. On the other hand, the weather forecasts indicate a cooling in the coming weeks.
  • Some remarks by BOJ Director Hiroshi Ueda suggest that the central bank’s monetary policy will remain unchanged. Ueda noted that policy would only be adjusted if the positive wage inflation cycle strengthens. This means that any decision will depend on the outcome of the spring salary negotiations. The USDJPY rate is slightly lower but remains above the 142 level.
  • The only macroeconomic indicator released during the Asian trading session was Japan’s unemployment rate, which remained unchanged at 2.5%, in line with expectations. However, the ratio between job offers and job seekers fell slightly from 1.3 to 1.28.
  • A New York Times report published over the weekend suggests that Russian President Vladimir Putin is privately open to ceasefire talks. But the report also admitted that this could be a move to mislead the public, and a Kremlin official denied the veracity of the claim.
  • Today’s macroeconomic calendar is bright, with only two readings: US home prices and the Dallas manufacturing production index for December.

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