In equities the S&P 500 came close to an all-time high on Wednesday, after a three-day rally that has been fueled in part by Trump’s moves to boost spending on artificial intelligence. Earlier this week, the president unveiled a joint venture with SoftBank Group Corp., OpenAI, and Oracle Corp. that could spend billions of AI infrastructure. SoftBank’s shares have been the biggest mover rallying around 17% since the start of the year. In Davos the ECB’s Nagel last night spoke at an evening Reception and focused on the risk of tariffs and Rachel from Accounts has been mentioned growth and large infrastructure projects - GBP fails to rally.
In commodity markets, oil edged lower after an industry report pointed to the first gain in US crude stockpiles since mid-November. Gold holds near the highest level since October and today we actually have some data points Eurozone consumer confidence and US jobless claims. We also hear from the Norwegian and Turkish central banks.
In other markets Bitcoin fell 1.3% to $102,683.2, Ether fell 1.3% to $3,217.23, the yield on 10-year Treasuries was little changed at 4.60% and Australia’s 10-year yield advanced one basis point to 4.47%.
Storm Eowyn on its way - batton down the hatches...
