On Tuesday, the Dow Jones (US30) rose by 0.16%, the S&P 500 (US500) gained 0.16%, and the Nasdaq (US100) closed 0.57% higher. The US equities saw a moderate decline on Wednesday after the S&P 500 hit a fresh all-time high the previous day, marking its fourth consecutive session of gains. Despite robust macro data, with US Q3 GDP growing at 4.3% YoY, its fastest pace in two years, driven by consumption, exports, and government spending, markets continue to price in Fed rate cuts for next year. Political pressure on the Fed intensified as National Economic Council Director Kevin Hassett stated the regulator is moving too slowly on easing, noting that the AI boom supports growth while simultaneously curbing inflation. The tech sector dominated again: Nvidia (+3%), Broadcom (+2.3%), and Amazon (+1.6%) extended their rallies, while Tesla corrected (-0.7%) after briefly hitting a new record. Trading activity is subdued due to the holiday schedule; US financial markets close early on Wednesday and will remain closed on Thursday and Friday for Christmas.

European equity markets mostly rose yesterday. The German DAX (DE40) climbed 0.23%, the French CAC 40 (FR40) dropped 0.21%, the Spanish IBEX 35 (ES35) rose by 0.14%, and the British FTSE 100 (UK100) closed up 0.24%. European stock markets opened without significant changes as the Christmas holidays began. Many platforms are operating on shortened schedules, and liquidity is noticeably decreasing. Investors are scaling back activity, and trading dynamics are expected to be driven by specific corporate news rather than macroeconomic factors. Most key regional exchanges will remain closed until Friday.
WTI prices rose to $58.6 per barrel on Wednesday, marking a sixth consecutive session of gains and reaching a two-week high fueled by geopolitical tensions. Prices were supported by US actions to intercept Venezuelan oil tankers and new strikes on energy infrastructure in the Black Sea region amid the Russia-Ukraine conflict. However, pressure remains from API data showing a 2.4 million barrel increase in crude inventories alongside builds in gasoline and distillates. Overall, oil remains influenced by expectations of a supply surplus next year, trending toward an annual decline of over 18%.

Silver (XAG) prices surpassed $72 per ounce on Wednesday, rising for a fourth straight session and hitting a new all-time high. The market is buoyed by expectations of US monetary easing and increased demand for safe-haven assets. Geopolitical tension added fuel to the rally after President Donald Trump ordered the blocking of Venezuelan oil tankers last week. Silver has gained approximately 149% year-to-date, supported by a structural supply deficit and its recent inclusion in the US critical minerals list.

Platinum (XPT) prices broke above $2,300 per ounce, marking a new historical peak amid supply shortages and high investment demand. This marks a ten-session winning streak, the longest since 2017. Year-to-date, the metal has soared over 150%, its best performance since the late 1980s. Key drivers include mining disruptions in South Africa, a third consecutive year of market deficit, anticipation of US Section 232 trade restrictions, and strong demand in China following the launch of platinum futures in Guangzhou.

Asian markets were predominantly higher yesterday. The Nikkei 225 (JP225) rose by 0.02%, the FTSE China A50 (CHA50) gained 0.69%, the Hang Seng (HK50) edged down 0.11%, and the ASX 200 (AU200) posted a strong gain of 1.10%.

The Hong Kong market saw moderate gains on Wednesday morning, supported by expectations of Chinese stimulus measures, including urban renewal plans and property market stabilization in the new 2026–2030 five-year plan. Gains were capped by local factors such as a narrowing current account surplus and inflation holding at 1.2%. Financials and developers outperformed, while consumer stocks traded cautiously ahead of the shortened session.

The “kiwi” strengthened to around $0.585, marking its third consecutive day of gains and reaching its highest level since late September. The rally is driven by expectations of a potential RBNZ rate hike in 2026, Q3 economic recovery data, and a weakening US dollar. RBNZ Governor Anna Breman signaled that rates will likely remain on hold for some time. Overall, the NZD is on track for an annual gain of over 4% in 2025.