Overnight, the CSI 300 is down 3%, marking a second straight week of losses. The index remains heavily correlated with the incoming Trump administration, with tech and electric vehicle-related shares among the biggest losers. Earnings from consumption bellwethers PDD Holdings Inc. and Baidu Inc. did little to boost confidence, with the latter’s shares briefly plunging 10% in Hong Kong following a revenue decline. The Hang Seng China gauge has now lost 17% since its October peak, and the CSI 300 is down more than 8%.
On a more positive note, Bitcoin hit a fresh high above $99,000, driven once again by President-elect Donald Trump’s support for crypto and expectations of a looser regulatory environment. A Fox Business News report suggested that Chris Giancarlo, a former chairman of the Commodity Futures Trading Commission—known as “Crypto Dad” for his early embrace of digital assets—is being considered as the first “crypto czar” under the incoming administration. Trump has also nominated former Florida Attorney General Pam Bondi to lead the U.S. Department of Justice after his initial pick, former Representative Matt Gaetz, withdrew from consideration. If confirmed, Bondi would head a department central to many of Trump’s key policy initiatives, including ramping up immigration enforcement and border security.
Domestically, retail sales figures were disappointing. Cable is testing the 1.2550 support after rallying above 1.2700 earlier in the week following the higher CPI print.
Market Update:
- Spot gold rose 0.8% to $2,691 an ounce.
- The yield on 10-year Treasuries was little changed at 4.41%.
- Ether rose 0.8% to $3,374.44.
Data Ahead:
Today’s agenda includes Eurozone HCOB Manufacturing & Services PMI and the U.S. University of Michigan Consumer Sentiment Index.
**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
