📆 Friday, December 15
► In Europe, stocks saw gains with the Stoxx 600 up 0.5%. This comes despite rather hawkish comments from the Bank of England and the European Central Bank while keeping rates unchanged as wildly expected. The ECB also revised growth and inflation forecasts downward and plans to reduce its balance sheet. PMI numbers from the Eurozone were also released, where we see mixed results. Germany's Manufacturing PMI increased to 43.10 in December (up from 42.60 in November), indicating a slower contraction in factory activity – but remaining deep in contraction territory. Eurozone Manufacturing PMI remained unchanged (at 44.2) in December but composite data even worsened as services shrunk (to 47 from 47.6).
► In the US, equities saw a boost after the the Federal Reserve maintained its key interest rate along with the announcement for it's plans for future rate cuts. Nasdaq and S&P 500 futures saw a mixed session yesterday but are remain overall in a bullish momentum currently trading 0.2% higher despite overbought signals in the market. Goldman Sachs, Barclays, and JPMorgan predict earlier and more aggressive Fed rate cuts in 2024.
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