A look at the coming day in European and global markets by Ankur Banerjee
A series of manufacturing data will likely dominate markets’ attention on Friday, with the euro near its lowest level in more than 13 months, while bitcoin approached $100,000 on expectations of friendlier regulations in the United States.
Shares of Adani Group companies listed in India fell and their dollar bonds remained under pressure for a second day after billionaire founder Gautam Adani’s fraud indictment by US prosecutors.
Monthly PMIs will be released around the world throughout the day, helping investors determine how different economies are faring and where global rates are headed, as well as how much further the recent trend may have to go. upward trend of the dollar.
Adani’s company denied the allegations in Thursday’s indictment, which comes less than two years after U.S. short seller Hindenburg Research accused the Adani group of misusing tax havens and engaging in stock manipulation, something the conglomerate also denied.
Where that leaves the market sentiment on Indian stocks is anyone’s guess. When the Hindenburg report was released in January 2023, the broader Indian stock markets felt the pressure for a few weeks before recovering and rushing into a bull run.
The price has been falling since hitting an all-time high in late September, as investors, fearful of rich valuations, flee the market. The Adani news has caught the markets at a vulnerable moment.
As for bitcoin, there is little more to say except that markets and cryptocurrency enthusiasts everywhere are waiting with bated breath for the world’s largest cryptocurrency to hit $100,000 for the first time, a historic moment for the sector.
Everything remotely related to cryptocurrencies has been booming since the US election, as investors bet that President-elect Donald Trump and his administration will introduce friendlier regulations.
And finally, investors have been taking a closer look at Nvidia’s (NASDAQ 🙂) results and are feeling a little better about them. Investors’ sky-high expectations may not have been met, but under the hood , everything seems to be going well and demand for the company’s artificial intelligence chips remains strong.
This sends stocks in Asia soaring, while futures indicate European stocks are set for a higher open.
Key developments that could influence markets on Friday:
UK retail sales in October
Preliminary November PMI data for France, Germany, the Eurozone and the United Kingdom
(By Ankur Banerjee; Editing by Edmund Klamann)