- Friday’s session is marked by mixed sentiment and limited volatility. In the European session, the balance between demand and supply tilts slightly in favor of sellers. SPA35 futures are down nearly 1%; W20, FRA40, and SUI20 are also lower. The top gainer is DE40, up 0.5%.
- Infineon Technologies won two patent disputes against InnoScience; the stock is up about 1.5%.
- Renault bought a 65% stake in “Flexis,” a company specializing in last-mile logistics; the shares are up 3%.
- The U.S. Department of Commerce warned Europe’s ASML that it suspects China may have one of the machines capable of extreme ultraviolet (EUV) lithography. Company representatives strongly denied this; the stock is down about 1%.
- The talks scheduled for Friday between the U.S. and Iran, which were to take place in Geneva, have been canceled. Iran’s delegation said it is waiting for real signals that a peace agreement is being implemented before engaging in another round of negotiations. Concerns about the durability of peace are also fueled by a series of clashes in Lebanon. The broader market, however, remains optimistic about a conclusion to the conflict.
- U.S. markets will be closed on Friday due to a holiday.
- The release of economic data is limited, but Japan’s inflation data and the UK retail sales figures stand out.
- Retail sales in the UK rose to 3.2% y/y, well above expectations of 1.8%.
- Higher volatility relative to equity indices can be observed in the FX market.
- Supported by strong economic data, the British pound is rising, strengthening by 0.2%–0.5% against major currency pairs.
- The hawkish stance of the new Fed chair supports the dollar, which is at multi-month highs.
- Commodity markets are relatively calm.
- Oil remains around $79 per barrel.
- Among metals, precious metals are losing the most, continuing a trend driven by expectations of higher interest rates for longer.
- A hawkish Fed is also pressuring cryptocurrency valuations; moderate declines can be seen across most tokens. Major cryptocurrencies are down about 0.5%.
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