Tuesday's Markets Update (December 3, 2024)

04 Dec 2024 by rate3

On Tuesday, equities closed mixed. The S&P and Nasdaq reached new highs, driven by strong tech stocks, while the Dow declined. Job market data lowered expectations of a Fed rate cut. Tesla's stock fell due to declining shipments. The South Korean won weakened after the declaration of martial law. UK retail sales reversed their previous growth as Turkish inflation marked six months of decline. BTC wavers in the 95-96K range as the rest of the major coins increased by 2%-5%.

Details

The Logistics Manager's Index (LMI) remained above 50 in November, indicating continued growth in the logistics sector. However, growth slowed slightly compared to the previous month. Inventory levels declined, while warehousing and transportation capacity increased. Input costs and warehousing prices rose, reflecting higher inventory levels. 1Y trend: "Up" (LMI)
Job openings increased to 7.744M in October, exceeding expectations. Job openings rose in professional and business services, accommodation and food services, and information. However, job openings declined in the Northeast and Midwest. While hires and separations remained stable, quits and layoffs were unchanged. 1Y trend: "Down" (BLS)
Economic optimism increased in December, reaching a 21-month high. Confidence in government economic policies improved significantly. However, personal financial outlook and six-month economic outlook declined slightly. 1Y trend: "Up" (TECH)

Crypto

South Korea has decided to delay the implementation of its crypto capital gains tax until 2027. This decision comes after initial opposition from the ruling party and concerns about its impact on the crypto market. (source)

World Markets

UK retail sales fell 3.4% in November, reversing previous growth. Weak consumer confidence, delayed Black Friday, and Storm Bert's impact contributed to the decline. All retail categories and regions experienced a downturn. 1Y trend: "Down" (BRC)
Australia's current account deficit narrowed to AUD 14.1B in Q3, but remained in deficit for the sixth consecutive quarter. Lower export prices and weaker global demand contributed to the smaller surplus in goods and services. While net primary income improved, net secondary income worsened. 1Y trend: "Down" (AU)
Turkey's annual inflation rate declined to 47.09% in November, marking the sixth consecutive month of slowing inflation. While overall inflation eased, food prices accelerated. Core inflation also declined. 1Y trend: "Down" (TR)
South Africa's GDP grew by 0.3% YoY in Q3, missing market expectations. This marks a slower pace of growth compared to previous quarters. 1Y trend: "Down" (ZA)
Brazil's GDP grew 4.0% in Q3, driven by strong performance in industry and services. While agriculture contracted, household consumption and investment grew significantly. Exports increased, but imports grew faster, leading to a wider trade deficit. 1Y trend: "Up" (BR)

Currencies

The South Korean won weakened significantly after President Yoon Suk Yeol declared martial law. The currency later recovered slightly after authorities intervened. Inflation remained below the central bank's target, leading to recent interest rate cuts. Investors are awaiting final GDP figures for further insights into the economy. 1Y trend: "Up, Depreciating"