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WEEKLY SUMMARY: Stocks and dollar down, gold & silver at record highs
US stocks traded sharply lower to start the week on Tuesday, with the S&P 500 Index posting its largest daily decline since October amid renewed fears of a global trade war after President Trump announced that he would impose new tariffs on European nations that opposed the U.S. purchasing or otherwise taking control of Greenland. Stocks reversed course on Wednesday after Trump said that he and NATO Secretary General Rutte had “formed the framework of a future deal with respect to Greenland” and that he would no longer “be imposing the Tariffs that were scheduled to go into effect on February 1st.” On the week, the Dow Jones and S&P 500 Index declined 0.53% and 0.35%, respectively. Meanwhile, the Russell 2000 Index shed 0.32%, while the Nasdaq closed modestly lower. On the economic data front, Q3 US GDP growth was revised higher (+4.4% vs. +4.3%). November core PCE price index rose 0.2% from the prior month, in line with October’s reading. Meanwhile, University of Michigan consumer sentiment improved. U.S. Treasuries short-term yields edged higher while longer-term yields declined slightly. The STOXX Europe 600 Index ended 0.98% lower amid renewed trade and geopolitical uncertainty. In Japan, the TOPIX index ended down 0.79% while the BoJ left interest rates unchanged, as expected and PM Takaichi announced on Monday an early parliamentary election on February 8. The Dollar Index tumbled to its weakest since August while Silver hit $102/oz and Gold hit nearly $5,000/oz.
Have a great week-end
Charles & Syz Research Lab
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