US Indices saw losses as participants returned from the US market holiday, with sentiment continuing to be hit by the ever-growing EU-US tensions, and how President Trump wants Greenland. Today, Trump threatened to impose 200% tariffs on French wines and Champagne following France’s intention to decline the invitation to join his ‘Board of Peace’. Further, a White House official said the President will not travel to Paris for the emergency G7 summit in Paris. Davos is currently ongoing with highlights on Wednesday, including several Trump appearances and NVIDIA CEO Huang. All sectors, aside from Staples, were in the red with mega-cap sectors Tech, Discretionary, and Communications the laggards, and all Mag-7 names in the red. Micron (MU) (+0.8%) was one of the sole points of green and seemingly buoyed by a couple of PT upgrades. There was no Fed speak due to blackout and a lack of tier 1 US data, although the weekly ADP printed 8k (prev. 11.75k). In FX, the Dollar is pressured to the benefit of G10 peers, with the haven Swiss Franc the outperformer, and the Japanese Yen the relative laggard given the ongoing domestic political woes. Treasuries saw losses across the curve and saw knee-jerk weakness as Danish pension fund Akademikerpension is set to exit the US, although they later claimed the decision to divest US Treasuries is rooted in poor US government finances, not directly related to the ongoing rift between the US and Europe. Before that, global fixed income was already in the red and taking lead from notable pressure in JGBs on fiscal concerns driving Japanese Yen price action. The crude complex was firmer and saw tailwinds from the temporary suspension of output at Kazakhstan’s oil fields, as Chevron’s Tengizchevroil cancelled loading of five CPC blend oil cargoes scheduled for January to February, with oil production reportedly remaining shut for an additional 7-10 days amid the supply issues. Away from the EU/US, the Russian press reported that US Envoy Witkoff remarked talks with Russian Envoy Dmitriev were “very positive” at Davos, and Dmitriev echoed this, noting dialogue was constructive with US envoys, and more and more people understand the fairness of the Russian position. Precious metals saw gains with spot gold printing another all-time -high closing over $4700 at a price of 4760 while Oil ended Tuesday’s session with a 1.9% gain.
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For anyone following my Platinum Service it made 630 points yesterday and is now ahead by 3487 points for January having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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