The morning market overview, compiled by Dow Jones Newswires:
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+++++ HOLIDAY NOTICE +++++
TUESDAY: There will be shortened trading in Singapore, Sydney and the US bond market due to New Year’s Eve. The stock exchanges in Seoul and Tokyo will remain closed for New Year’s Eve.
+++++ DAILY THEME +++++
In South Korea on Sunday, a passenger plane skidded off the runway, crashed into a concrete barrier and burst into flames. In one of the deadliest air disasters in years, 179 passengers died and there were only two survivors. Investigators were still trying to determine the cause of the South Korean airline Jeju Air plane’s crash landing, which occurred shortly after 9 a.m. local time. The aircraft was a Boeing 737-800. It had attempted to land at an airport in Muan district in the southwest of the country. Shortly before landing, the tower warned of a possible bird strike. The Jeju Air pilots made an emergency call. Aviation safety advisers said a severe bird strike could disable both engines as well as the mechanical systems that extend the landing gear. Videos showed the plane’s landing gear was not extended as it slid down the runway. In a briefing with reporters, Jeju Air CEO Kim E-bae apologized to the victims and their families. He said the plane had no history of accidents and that no abnormalities were found during pre-takeoff maintenance inspections. Boeing said it was in contact with Jeju Air and was ready to support the airline. Jeju Air shares fell 8.8 percent on the Seoul stock exchange.
+++++ ECONOMIC OUTLOOK +++++
-U.S
15:45 Index Purchasing Manager Chicago December
FORECAST: n/a
previously: 40.2
+++++ OVERVIEW INDICES +++++
INDEX level +/- %
E-Mini Future S&P 500 6,019.75 -0.1%
E-Mini Future Nsdq-100 21,680.75 -0.1%
Nikkei-225 39,894.54 -1.0%
Hang Seng Index 20,096.19 +0.0%
Kospi 2,399.49 -0.2%
Shanghai Composite 3,405.38 +0.2%
S&P/ASX 200 8,235.00 -0.3%
+++++ FINANCIAL MARKETS +++++
EAST ASIA (HISTORY)
The stock exchanges in East Asia and Australia are mostly showing charges at the beginning of the week. The high yields on US Treasury bonds would question stock valuations on Wall Street, it is said. At the end of the week, technology stocks in particular were under pressure. However, traders point to the thin sales just before the turn of the year. The Nikkei 225 fell 1.0 percent, extending the losses from early trading. The charges on the Chinese stock markets, on the other hand, are more moderate. There is caution ahead of the publication of the purchasing managers’ indices for the manufacturing and services sectors for December on Tuesday, it said. The purchasing manager index for the manufacturing sector in the USA for December follows on Friday. In addition, the hope of new economic stimulus from the Chinese government continues to support sentiment.
WALL STREET
INDEX last +/- % absolute +/- % YTD
DJIA 42,992.21 -0.8% -333.59 +14.1%
S&P 500 5,970.84 -1.1% -66.75 +25.2%
Nasdaq Comp. 19,722.03 -1.5% -298.33 +31.4%
Nasdaq-100 21,473.02 -1.4% -295.30 +27.6%
Friday Thursday
Turnover NYSE (stocks) 747 million 657 million
Winner 507 1,670
Losers 2,283 1,095
Unchanged 65 51
Weak – profit-taking caused losses on Wall Street at the end of the week. Technology stocks in particular fell. Here the shares of Nvidia, Apple, Amazon and Microsoft fell between 1.3 and 2.0 percent. However, the indices were able to recover somewhat from their daily lows. In addition, rising yields on the bond market had a negative impact. However, traders pointed to the low sales because many market participants are still on their Christmas break. The news situation was thin. There were neither important economic data nor company events on the agenda. Tesla shares again made gains, the shares fell for the second day in a row and lost a further 4.9 percent. The shares have risen 81 percent since November 6th, when they started a rally after the US presidential election. Biontech’s depositary receipts (ADR) gained 0.2 percent. The vaccine manufacturer has settled patent disputes in the USA with two settlements and is paying a total of almost 1.26 billion US dollars to the US health authority NIH and the University of Pennsylvania.
US BONDS
Term Yield Bp to VT Yield VT +/-Bp YTD
2 years 4.33 +0.4 4.32 -9.3
5 years 4.46 +2.0 4.44 45.9
7 years 4.54 +3.1 4.51 57.0
10 years 4.62 +4.5 4.58 74.2
30 years 4.81 +4.9 4.76 84.4
The yield on ten-year papers climbed to a multi-month high above the 4.60 percent mark. The dominant expectation here was that the US Federal Reserve would cut interest rates at a slower pace next year. Expectations had received new support on Thursday from the initial applications for unemployment assistance. These had risen less sharply in the previous week than expected, which shows that the employment situation remains good.
CURRENCY
FOREX last +/- % 0:00 Fri, 5:01 PM % YTD
EUR/USD 1.0429 -0.0% 1.0431 1.0424 -5.6%
EUR/JPY 164.73 +0.2% 164.48 164.25 +5.9%
EUR/CHF 0.9404 +0.0% 0.9402 0.9395 +1.4%
EUR/GBP 0.8287 -0.1% 0.8295 0.8287 -4.5%
USD/JPY 157.94 +0.2% 157.70 157.61 +12.1%
GBP/USD 1.2586 +0.1% 1.2575 1.2580 -1.1%
USD/CNH 7.3083 +0.1% 7.2995 7.2955 +2.6%
Bitcoin
BTC/USD 93,664.90 +0.8% 92,947.40 94,517.55 +115.1%
YTD based on the closing price of the previous day
The dollar rebounded slightly despite rising market interest rates; the dollar index fell by 0.1 percent. The euro recovered somewhat thanks to rising bond yields Eurozonebut was slowed down by the escalating French budget deficit, which, according to Swissquote, the new government is unlikely to be able to get under control.
++++ RAW MATERIALS +++++
OIL
CRUDE OIL most recently VT-Settlem. +/-% +/- USD% YTD
WTI/Nymex 70.61 70.6 +0.0% +0.01 +1.5%
Brent/ICE 74.23 74.17 +0.1% +0.06 +0.4%
YTD based on the closing price of the previous day
Oil prices were firmer. Brent and WTI prices rose by up to 0.8 percent. Participants pointed to the fifth consecutive weekly decline in U.S. inventory data. The actors also speculated on further economic stimulus from the Chinese government and a subsequent increase in Chinese oil demand, it was said.
METALS
METALS last day previous +/- % +/- USD % YTD
Gold (spot) 2,621.12 2,621.50 -0.0% -0.38 +27.1%
Silver (spot) 29.48 29.39 +0.3% +0.09 +24.0%
Platinum (spot) 917.38 916.03 +0.1% +1.35 -7.5%
Copper future 4.14 4.12 +0.5% +0.02 +4.7%
YTD based on the closing price of the previous day
The price of gold fell. The troy ounce lost 0.7 percent to $2,616. Pessimism about the prospect of significant US interest rate cuts in the new year continued to put pressure on gold prices in late December, reflecting comments from the US Federal Reserve and the inflationary nature of many of the measures planned by US President-elect Donald Trump, it said . Longer-term higher interest rates generally dampen the attractiveness of interest-free gold.
+++++ REPORTS SINCE FRIDAY, 8:00 PM +++++
USA
Former US President Jimmy Carter has died at the age of 100. “Our founder, former U.S. President Jimmy Carter, passed away this afternoon in Plains, Georgia,” the Carter Center announced on X Sunday.
OIL STORAGE DATA USA
U.S. crude oil inventories fell more than expected in the week ended December 20. This emerges from data from the Energy Information Administration (EIA). Commercial crude oil inventories excluding the Strategic Petroleum Reserve fell 4.2 million barrels in the week ended December 20. Analysts polled by the Wall Street Journal had predicted only a 1.1 million barrel drop in crude oil inventories.
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(END) Dow Jones Newswires
December 30, 2024 01:43 ET (06:43 GMT)