A better night for equities, with the Nikkei up 2%. In the broader market, Donald Trump is making headlines again, denying a report that he might moderate plans for across-the-board tariffs when he retakes the White House. Additionally, Prime Minister Justin Trudeau has resigned as head of the Liberal Party in Canada.
Overnight, the British Retail Consortium (BRC) reported that December retail sales rose 3.2% year-on-year, boosted by a big weekend of Black Friday sales that are typically included in November data. However, annual sales growth remained lackluster at 0.7% year-on-year, with lower footfall at brick-and-mortar stores for the second consecutive year.
In Asia, our barometer of risk, iron ore futures, remains weak after hitting their lowest level in more than a month on Monday. The active SGX contract is near $96 per ton, reflecting weak steel demand and sluggish growth in China.
As for the day ahead, we have Eurozone CPI and unemployment data, U.S. job openings, and the ISM services report. On the speaking front, we’ll hear from the Fed’s Thomas Barkin.
Market-wise, Bitcoin rose 0.2% to $101,865.67, Ether rose 0.1% to $3,672.75, the yield on 10-year Treasuries declined two basis points to 4.61%, and USDCAD has a double top at 1.4465.
**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.