Happy New Year, and welcome to 2025! Unfortunately, the New Orleans truck attack has thrust US domestic security back into the spotlight. Poor PMI data has led to a risk-off attitude in the equity markets, with the CSI down 2.9%, the Hang Seng down 2.2%, and, domestically, Manchester experiencing severe flooding.
Overnight, data from Australia showed December’s final manufacturing PMI deteriorating for the eleventh straight month, coming in at 47.8 vs. 49.4 previously, as new orders contracted faster and exports fell. In China, December’s manufacturing PMI came in at 50.5, weaker than the expected 51.7 and prior 51.5. Singapore’s Q4 GDP growth slowed to 4.3% y/y from 5.4% previously, amid sluggish growth in its key market, China. In equity news, Alibaba agreed to sell its shares in Sun Art Retail Group to private equity firm DCP Capital at a significant discount as it seeks to retreat from the physical retail world.
Market-wise, Bitcoin rose 0.6% to $95,376.54, Ether increased by 1.2% to $3,402.01, the yield on 10-year Treasuries remained unchanged at 4.57%, West Texas Intermediate crude rose 0.3% to $71.97 a barrel, and spot gold climbed 0.4% to $2,634.04 an ounce. USDJPY opens the year at 156.70, EURUSD is looking heavy at 1.0370, and GBPUSD is at 1.2530.
On the data front, we have US construction spending, jobless claims, and manufacturing PMI later today. Let’s hope 2025 is both prosperous and healthy.
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