The first session of the week on the European stock market brought gains for most indices. The German DAX ended the session 0.58% higher, the French CAC40 0.1% higher and the British FTSE100 0.36% higher.
Sentiment on Wall Street is more mixed. The Nasdaq is currently gaining 0.09%, while the S&P500 is adding 0.22% and the Russell 2000 is down 0.28%.
Gold continued to rise, reaching new all-time highs at $2,630 an ounce. Gold gains are linked to expectations of further Fed rate cuts and gold purchases by ETFs
The Fed’s Goolsbee indicates that interest rates are “hundreds” of basis points above neutral, suggesting a cut of more than 200 basis points this cycle. Goolsbee indicates that the maintenance of current conditions should support many reductions in the coming months.
PMI indices in the US performed slightly better than expected (services and composite), but this is still a decline compared to previous levels. The PMI index for the industry is disappointing, falling to 47 points.
In Europe, we have learned the preliminary PMI indices. The data was terrible. The PMI index for the industry in Germany fell to 40.3 points, while a slight decline to 42.3 points was expected. In France, the biggest disappointment comes from the services sector, whose rating drops to 47.4 points from 53.1 points
As a result, we observed a drop in the EURUSD pair below 1.1100 today, but later some of the losses were reversed.
Natural gas is gaining strongly for another day in a row. The price is already violating 2.8 USD/MMBTU, gaining 4% today. This is related to a possible drop in production due to the approaching hurricane Helena in the Gulf of Mexico.
Oil is not reacting to the approaching hurricane, making a correction in relation to last week's increases. There was no escalation of the situation in the Middle East, and concerns about demand not only in China but also in Europe have emerged.
In the cryptocurrency market, we are seeing growth in most projects. Bitcoin is breaking above USD 63,000 and recording a 0.65% increase in daily terms, while the price of Ethereum is growing by 4.5% to USD 2,670.