📆 Friday, December 13
► European stock market futures (DAX, CAC, FTSE 100) are trading slightly higher after a rather subdues opening following losses in Asia. Sentiment was weighed down by China’s Central Economic Work Conference, which disappointed traders by offering vague policy promises instead of concrete fiscal stimulus measures. Key sectors struggled, with political turmoil in France and Germany adding to investor caution. The UK economy contracted by 0.1% in October, its second consecutive monthly decline, dragging the pound lower. Despite Germany’s trade surplus of €13.4B and France’s inflation aligning with expectations at 1.3% in November, broader European equities remain mostly in sideways movement, reflecting concerns about stagnant growth and mounting geopolitical uncertainties.
► US markets showed mixed signals as investors digested Thursday’s economic data. Nasdaq 100 futures rose 0.6% in Friday's pre-market trading, buoyed by Broadcom’s (!) 14.5% after-hours surge following strong results. Broadcom's strong gains also boosted other chip stocks. However, the S&P 500 fell 0.5% in Thursday’s session, with nine consecutive days of more decliners than advancers, raising questions about the sustainability of the year’s 27% rally. Treasury yields edged lower, while the swaps market indicated a 95% confidence level for a December rate cut. Producer price data was mixed, with wholesale inflation rising in November, driven by egg prices, while jobless claims unexpectedly climbed, highlighting lingering economic uncertainties.
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