30 AM, which was down 0..3 percent from the previous day’s closing level.
According to Andreas Lipkow, Chief Market Analyst at CMC Markets, investors in Asian markets are continuing to take profits following some dampened enthusiasm sparked by Broadcom’s numbers released on Wednesday evening. Lipkow noted that where before everything related to Artificial Intelligence and semiconductors had been bought almost blindly, investors are now cashing out temporarily and awaiting concrete facts that can justify the high current valuations.
Geopolitical issues continue to resolve very slowly, particularly in the Middle East involving the United States, Israel, and Iran. Although Israel officially announced a truce with Lebanon, it was rejected by Hezbollah. The situation in Iran remains uncertain, with news updates occurring hourly, and high oil prices continue to maintain pressure on commodity prices.
Focusing on the economic calendar, US jobs data is scheduled for this afternoon. Given the recent ADP figures and initial applications for unemployment benefits, this report is of high interest not only to investors but also given that the meetings of the European Central Bank, the Federal Reserve, and the Bank of England are set for the next two weeks. Lipkow stated that this report could be crucial in assessing future interest rate steps. Furthermore, European investors can look out for the Eurozone’s GDP data today.
In currency markets, the European community currency was slightly stronger on Friday morning; the Euro traded at $1.1630, meaning the dollar was worth 0.8598 Euros.
Commodity prices showed mixed movements. The price of gold weakened, with fine ounces trading at $4,465 in the morning-a decrease of 0.3 percent-equivalent to €123.43 per gram. Conversely, the price of oil dropped. Brent crude, sourced from the North Sea, cost $94.68 at 9:00 AM German time, marking a reduction of 35 cents, or 0.4 percent, from the previous day’s close.
