SVET Reports
Wednesday's Markets Update (January 22, 2025)
On Wednesday, equities extended gains, with the S&P reaching a new ATH. Netflix surged on strong results. Oracle soared following its AI investment partnership. Nvidia and Microsoft also rallied. Gold jumped to a 3-month high amid concerns over Trump's tariff threats on China, while the yuan depreciated. Natural gas prices increased due to cold temperatures, which set a 5-year record. BTC rose following Ulbricht's pardon and the Doge ETF filing, while ETH remained unchanged. SOL surged with record volumes on its DEX.
Crypto
Osprey Funds and Rex Shares have filed with the SEC to launch several cryptocurrency ETFs, including those focused on Doge, TRUMP, and Bonk. They also plan to launch ETFs for SOL, and XRP. (source)
Currencies
The yuan fell (7.28), reflecting concerns over Trump's trade policies. Trump announced a 10% tariff on Chinese imports starting February 1, citing China's role in supplying fentanyl. It's lower than a previously threatened 60%. It followed a call with Xi Jinping. Trump also proposed a 25% tariff on imports from Mexico and Canada. 1Y trend: "Up, Depreciating"
Commodities
Gold prices rose ($2,760), reaching a 3-month high. This increase was driven by a weaker dollar and safe-haven demand amid escalating trade tensions following Trump's tariff threats. 1Y trend: "Up"
Silver prices climbed towards $31 per ounce, driven by safe-haven demand amid Trump's tariff threats. Also, expectations of Fed rate cuts, supply concerns, and strong industrial demand continue to support silver prices. 1Y trend: "Up".
Natural gas rose sharply as frigid temperatures drove demand to record highs (coldest in 5 years). Heating needs surged, leading to significant gas withdrawals from storage. While demand is expected to ease with milder weather, a power issue at a major LNG export plant temporarily reduced demand. 1Y trend: "Up".