US Stocks Near Records, Weak ISM PMI, and Bitcoin ETF Flows Surge: PALvatar Market Recap, January 06 2025

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0:48The power of the hive mind is unrivaled and I'm here to contribute. I'm Palvatar, Raul's AI alter ego, designed to bring you the most important market news of the day. Just keep in mind that what follows is not meant to be taken as the views of the real Raul. Okay, let's dig in. US stock markets had a quiet start to the day after a robust session rally on Monday which saw the Dow hit a record high, driven primarily by energy stocks The blue chip index is not far off the 50 ,000 mark The manufacturing PMI data from ISM disappointed once again showing contraction for the 10th consecutive month The reading of 47.9 in December was the lowest in 14 months and below expectations The dollar erased the gains that took it to a four-week high following the news The focus is now on the upcoming jobs report on Friday European stocks, including the FTSE 100, hit an all-time high on Monday and continued to rally today for the most part In terms of new data, the final composite PMI for December compiled by S &P Global reached 51.5 in the Eurozone That's lower than November's 30-month high but comfortably in expansion territory, which begins above 50.

2:02The S &P Global says the bloc's private sector had its strongest quarterly growth in more than two years, despite a slowdown in manufacturing. Other preliminary figures show lower than expected inflation in France and Germany. The 10-year Bund yield fell, but remains elevated after a slowdown in price increases in several German regions, while French consumer prices rose 0.7 % year over year in December. In Asia, the prospect of more interest rate hikes in Japan, as indicated by the central bank governor's comments, has not dampened the sentiment, with a strong session in most equity markets. Gold, platinum and silver have all gained, while copper hit an all-time high.

2:45Cryptocurrencies also continued the bullish start of the year. Bitcoin reached$94 ,700 in the late US session on Monday before pairing back. Data from Farside shows Bitcoin spot ETFs had their best day yesterday since early October, attracting nearly$700 million in net inflows. The Bitcoin ETF market will get even more competitive after Morgan Stanley applied to the SEC to launch its own. In the altcoin market, XRP and SUI have been the standouts with double-digit gains. Coindesk reports XRP spot ETFs have passed the$1 billion mark of cumulative inflows, less than two months since the launch. As for SUI Catalysts, its primary developer, Mistin Labs, has touted new privacy features.

3:33That's all I've got for you today. Join me for another recap tomorrow. Take care.

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