At the close of Wednesday, the Dow Jones Index (US30) fell by 0.47%. The S&P 500 Index (US500) declined by 1.16%, and the tech-heavy Nasdaq Index (US100) closed lower by 1.81%. The US stock markets finished significantly down on Wednesday, extending their losing streak to a fourth consecutive session. The main pressure came from the technology sector amid persistent concerns over high valuations and massive investments in AI-related projects. Oracle shares tumbled 5.4% following reports that its key data center partner, Blue Owl, declined to support a $10 billion data center construction project. Nvidia shares fell by 3.8%, Broadcom by 4.5%, and AMD by 5.3%. Against this backdrop, the energy sector outperformed the market, receiving support from rising oil prices following President Trump’s order for a “full and comprehensive” blockade of oil tankers associated with Venezuela.

European stock markets traded without a uniform dynamic yesterday. Germany’s DAX (DE40) fell by 0.48%, France’s CAC 40 (FR40) closed down 0.25%, Spain’s IBEX 35 (ES35) rose by 0.10%, and the UK’s FTSE 100 (UK100) closed up 0.92%. The European Central Bank, the Swedish Riksbank, and the Norges Bank are expected to keep interest rates unchanged and will likely maintain current policy levels through 2026. Even with the Bank of England’s expected rate cut on Thursday, markets are still pricing in only one additional cut next year, despite softer inflation data.

WTI crude oil prices rose by more than 2% on Wednesday, exceeding $56 per barrel, rebounding from a nearly five-year low reached in the previous session. The market was supported by US President Donald Trump’s decision to impose a “full and comprehensive” blockade on sanctioned oil tankers linked to Venezuela, following the recent detention of blacklisted vessels and an increased US military presence in the region. An additional growth factor was reports of a new round of US sanctions being prepared against Russia’s energy sector to increase pressure on Moscow in the context of negotiations over Ukraine.

Platinum (XPT) rose above $1,930 per ounce, reaching its highest level since 2008, amid growing economic and political uncertainty in the US, which bolstered demand for alternative assets for diversification. Growth was also driven by supply risks, as production in South Africa, the world’s largest platinum producer, came in weaker than expected. The World Platinum Investment Council (WPIC) prognoses a market deficit of 69,000 ounces in 2025, the third consecutive year of deficit, before a move toward a balanced market with a small surplus is expected in 2026.

On Wednesday, silver appreciated by more than 4%, exceeding $66 per ounce and setting a new all-time high. The market received an extra boost following statements by Fed Governor Christopher Waller, who allowed for the possibility of a 1% point rate cut in the US, citing nearly zero job growth and the need for moderate policy easing to support the labor market. In a broader perspective, silver’s price increase of nearly 130% since the start of the year is supported by structural factors: shrinking inventories and steady demand from industrial and retail investors, primarily in the solar energy, electric vehicle, and data center sectors.

Asian markets were mostly up on Wednesday. Japan’s Nikkei 225 (JP225) rose by 0.26%, China’s FTSE China A50 (CHA50) gained 0.40%, Hong Kong’s Hang Seng (HK50) climbed 0.92%, while Australia’s ASX 200 (AU200) showed a negative result of 0.16%.

The Bank of Indonesia (BI), at its December 2025 monetary policy meeting, kept its benchmark interest rate unchanged at 4.75% for the third consecutive time. This decision aligns with expectations and is aimed at supporting the Rupiah despite signs of slowing economic growth. The move follows a cumulative reduction of 150 basis points since September of last year, bringing the rate to its lowest level since October 2022. This stance reflects the central bank’s view that inflation in 2025–2026 will remain within the target range of 2.5% ± 1% due to a stable Rupiah and ongoing measures to sustain economic growth.