U.S. Indexes closed in the green on Wednesday, with the NASDAQ 100 outperforming as technology stocks extended their recovery amid the ongoing AI rebound. Sentiment was supported by strong earnings from CoreWeave (CRWV) after-hours Tuesday, with shares rallying 24.5%, reversing some of the recent weakness and helping ease concerns surrounding the sector. The report also boosted other neocloud names, with attention turning to Nebius (NBIS) earnings on Thursday for further insight into the sector. Given the rebound in neocloud names easing some data centre concerns, hyperscalers have seen some pressure, with META, MSFT, and AMZN all closing lower, as it may reduce the demand for them to pick up some of the excess slack. Crude prices settled firmer following further remarks from Iranian Security Chief Rezaei, who warned that distant US military bases would be targeted in the event of another attack on Iran. He also reiterated that Iran would not export enriched uranium, seemingly rejecting a key US demand, and insisted Washington must respond to Tehran’s seven-point plan. However, US VP Vance is reportedly considering a meeting with Rezaei in an effort to end the conflict. Attention also remained on trilateral talks between Russia, Ukraine and the US, which delivered mixed signals. Russia’s chief negotiator Medinsky suggested the sides were moving closer to peace, although much depends on the participants, while US Special Envoy Kushner said significant disagreements remain. Ukrainian President Zelensky added that Russia had rejected ceasefire proposals. The risk-on environment weighed on Treasury Futures, although cash trading was closed for Veterans Day. Firmer oil prices also likely contributed to the pressure, alongside the lingering impact of Tuesday’s hawkish Fed repricing following Waller’s comments and the hotter-than-expected CPI report. After-hours Tuesday, Goolsbee (2027 voter) described the inflation report as “borderline disturbing”, while Paulson (2026 voter) continued to favour gradual rate hikes but warned that more aggressive tightening may be required if the inflation picture deteriorates. In FX, the Dollar extended its outperformance, with the Japanese Yen and Swiss Franc remaining under pressure amid the widening yield differentials following Tuesday’s hawkish developments and further weakness in Treasury Futures. USD/JPY reached a high of 159.94, approaching the 160.00 level, while EUR/USD fell to a Year-to-date low of 1.1083. Spot gold also came under pressure, falling below USD 4,000/oz after reaching an earlier session high of USD 4,067/oz. In the Q&A of her speech on Tuesday, Fed Member Bowman said that inflation expectations are an important data point, but they are not necessarily controlling how she thinks about things, noting they are very well anchored. She acknowledged she is shifting her focus to inflation, and that she would need to see AI and Middle East risks abate before she could be confident inflation will come down next year. In terms of the path forward, Bowman highlighted how the Fed cut rates gradually last year, and then paused before resuming, stating the Fed may work the same way to address inflation in the coming months – signalling a hike, pause, hike strategy. The Governor added that the fact that inflation is not on a downward trend should give the Fed pause, noting the Fed needs to think about what pace and what timeline are needed to address above-target inflation. Elsewhere, Oil closed higher by 1.2% while Gold was hit hard ending Wednesday’s session with a loss of nearly 1%.
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For anyone following my Platinum Service it made 795 points yesterday and is now ahead by 1331 points for November, after closing October with a gain of 3975 points after ending September with a nice gain of 7767 points, after ending the month of August with a gain of 2645 points after closing July with a gain of 8031 points, after ending June with a new record of 10527 points after ending May with a loss of 1104 points, having ended April with a gain of 1730 points, after ending March with a massive gain of 9002 points, having closed February with a strong gain of 5482 points after ending January with a gain of 4757 points, 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 previous 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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