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Market Analysis

We are starting a new week of trading on financial markets.

Anna
January 6, 2025

We are starting a new week of trading on financial markets.

Asian markets are extending the declines initiated last week, even though the Caixin PMI data reading for services released today came in better than expected. However, juxtaposing the data with the industrial report, the overall picture of the economy for December deteriorates (Composite reading).

Sentiment also failed to be supported by Saturday’s statements from the PBoC, which unveiled new plans to stimulate the economy, including: increasing financial support for technological innovation and providing liquidity to the stock market.

The Canadian dollar is strengthening today after Reuters reported that current Prime Minister Trudeau will resign on Wednesday/Thursday.

European futures point to a slightly higher opening of the trading session Eurostoxx 50 contracts are currently gaining 0.25%.

USD/JPY rose slightly above 157.80 Today’s session was the first of the year for Japanese markets. Bank of Japan Governor Ueda spoke, but gave no clear indication of the timing of an interest rate hike. Japan’s Nikkei lost 1.65% today compared to the last session in 2024.

More than 8% gains were seen today in natural gas, which is once again benefiting from weather forecasts that call for significant cooling in the eastern part of the US.

Bitcoin has regained ground after the weekend’s trading and is back near the round $100,000 barrier.

Investors’ attention turns today to services PMI data from the world’s major economies. Inflation from Germany for December may also prove to be an important reading. In the opening hours of the Wall Street session, we will also learn readings on US durable goods orders.

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