Otet Markets

🔺Saudi Arabia Boosts Crude Oil Exports in September

Saudi Arabia's crude oil exports surged by 80,000 barrels per day in September, reaching 5.75 million barrels per day—the highest in three months. This spike came as direct crude consumption for power generation dropped following the hottest months of the year. Exports were the highest since June, and according to JODI data, direct crude burning decreased by 296,000 barrels per day since August, reaching 518,000 barrels per day in September.

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💠United States Manufacturing PMI

The S&P Global Flash US Manufacturing PMI rose to 48.8 in November 2024, up from 48.5 in October, in line with expectations. Despite the fifth consecutive month of contraction in the sector, the pace of decline slowed to its slowest since July. Production fell sharply, but other PMI components showed improvement, with new orders declining at a slower rate and employment rising for the first time in four months. Inventories decreased at a slower pace, while suppliers’ delivery times lengthened to their longest in 25 months, partly due to increased purchasing ahead of potential tariffs.

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🇬🇧United Kingdom Manufacturing PMI

The S&P Global Flash UK Manufacturing PMI dropped to 48.6 in November 2024 from 49.9 in October, signaling the first contraction in the sector in seven months. The decline was driven by weak customer demand, delayed investments, and cuts to new projects amid worsening domestic conditions and geopolitical uncertainty. Production volumes and new orders fell, with the automotive sector reporting a demand slump. Employment also decreased, and while transport costs remained high, some manufacturers managed to negotiate lower commodity prices with suppliers.

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🔸Germany Manufacturing PMI

Germany's HCOB Flash Manufacturing PMI increased to 43.2 in November, slightly above October's 43 and market expectations. Despite the uptick, the index remains firmly in contraction territory, reflecting weak new orders and ongoing job cuts, particularly in the automotive sector. While output decline slowed for a second month, it remains significant. Manufacturers also reported sharper drops in input and output prices, though optimism about future conditions is improving.

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🟡Gary Gensler Resigns as SEC Chair Amid Leadership Shift

Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), announced his resignation effective January 20, coinciding with Donald Trump’s return to the presidency. Known for his strict regulatory stance on cryptocurrencies, Gensler’s tenure included high-profile enforcement actions, such as the Ripple (XRP) lawsuit. His departure marks a significant shift in SEC leadership, with Trump’s administration expected to appoint a new chair who may adopt a more lenient approach to cryptocurrency regulation. This transition could redefine the future of financial oversight in the U.S.

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🇬🇧United Kingdom Retail Sales
UK retail sales fell 0.7% in October 2024, the steepest drop in four months, following a revised 0.1% rise in September and exceeding forecasts of a 0.3% decline. Non-food sales dropped 1.4%, driven by a 3.1% fall in clothing, as earlier gains from seasonal sales and better weather faded. Online sales also slipped 1.2%. Year-on-year, sales grew 2.4%, missing expectations of 3.4% and down from September’s revised 3.2%. Retailers blamed weak consumer confidence and Budget uncertainty for the slowdown.

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🇩🇪Germany GDP Growth Rate

🟢Germany's economy grew 0.1% quarter-on-quarter in Q3 2024, down from an initial 0.2% estimate and rebounding from a 0.3% contraction in Q2. Household consumption rose 0.3% after a 0.5% decline, while government spending slowed to 0.4% growth from 1.6%. Fixed investments shrank less sharply (-0.1% vs. -2.1%), with smaller declines in construction and machinery. Net trade weighed on GDP as exports fell 1.9%, and imports rose 0.2%. Annually, GDP contracted 0.3%, steeper than the 0.2% preliminary estimate.

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🇯🇵Japan Inflation Rate

🟢Japan's inflation rate dropped to 2.3% in October, its lowest since January, down from 2.5% in September. Energy costs eased significantly, with electricity rising just 4.0%, the smallest increase in six months, and gas prices up 3.5%. Costs slowed for furniture, culture, and communication, while prices rose slightly for food, housing, and transport. Core inflation fell to 2.3%, a six-month low but above forecasts of 2.2%. On a monthly basis, consumer prices rose 0.4%, reversing a 0.3% drop in September.

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🇦🇺Australia Judo Bank Manufacturing PMI

🟢Australia's Judo Bank Manufacturing PMI rose to 49.4 in November from 47.3 in October, marking the 10th consecutive month of contraction but the slowest decline in six months. New orders fell further, keeping output in a two-year slump, though export orders edged up slightly. Input costs eased, with inflation hitting its lowest since June 2023, as material prices like grains and aluminum declined. Output price inflation also slowed, reflecting reduced cost pass-through to customers. Backlogs fell faster, signaling reduced strain on capacity, while job creation slowed amid ongoing challenges.

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🔸Ripple Jumps 25% After Gensler's SEC Resignation

🟢Ripple (XRP) surged by 25% following the announcement of Gary Gensler's resignation as Chairman of the SEC, sparking optimism for positive regulatory changes in the U.S. cryptocurrency industry. The price spike occurred early Friday in Asia, driven by expectations of favorable shifts for U.S. crypto companies. XRP, which gained attention after its legal win against the SEC in 2024, has skyrocketed 65% in the last week and 150% in the past month.

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💸Euro Tumbles to Lowest Level in Two Years

🟢The euro sank to a two-year low after data revealed a sharp decline in Eurozone economic activity in November, driven by a deeper recession in manufacturing and a contraction in the services sector. The currency dropped to $1.0432, marking a 0.37% daily decrease and falling below its October 2023 value.

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🛢Oil Prices Surge as Ukraine Conflict Escalates

🟢Oil prices saw a boost on Friday, with Brent crude rising by 17 cents (0.2%) to $74.40 per barrel, and U.S. West Texas Intermediate climbing by 20 cents (0.3%) to $70.30 per barrel. This marks a strong weekly gain of over 4%, driven by the intensifying war in Ukraine, which continues to impact global markets.

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🇺🇸$60 Trillion: Total Value of the U.S. Stock Market

🟢The total value of the U.S. stock market reached $60 trillion for the first time in history in 2024, growing fourfold. Additionally, the market values of stocks in Asia and Europe are approximately $18 trillion and $15 trillion, respectively.


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🇺🇸Game-Changer for Financial Markets: Digital Tokens as Collateral!

🟢BlackRock and Franklin Templeton's money market funds are on the brink of approval as collateral for derivative transactions. This groundbreaking move, led by two giants in asset management, could revolutionize the use of digital tokens in traditional financial markets. Once approved, investors will be able to use these tokens as collateral, potentially boosting liquidity and efficiency across financial markets.

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🔺Tighter Sanctions on Iran Could Boost Brent Prices

🟢Goldman Sachs warns that stricter sanctions reducing Iranian oil supply by 1 million barrels per day may push Brent crude prices to the mid-$80s in early 2025. However, with high spare capacity in the market, medium-term risks point downward, and prices could drop below $60 by 2026.

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🟡Kevin Warsh Likely to Join Trump Administration as Treasury Secretary and Fed Chair

🟢According to The Wall Street Journal, Donald Trump is considering Kevin Warsh as his pick for Treasury Secretary, with the possibility of nominating him as Federal Reserve Chair later. The decision isn’t final yet, and Trump is expected to make a definitive choice closer to Jerome Powell’s term ending in May 2026.

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🇯🇵Japan Edges Closer to Rate Hikes Amid Global Shifts

🟢A Reuters poll shows 56% of economists expect the Bank of Japan (BoJ) to raise interest rates in December, reaching 0.50% by March and potentially 1.00% in the long term. Interestingly, 96% believe a Donald Trump return to the U.S. presidency could push the BoJ to accelerate rate hikes further.

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🟢 8 Key Market Trends in the Past Hours

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🇯🇵Japan's Inflation Drops: Is the End of Loose Monetary Policies Near?

🟢Inflation in Japan has decreased but remains above the central bank's target, strengthening the possibility of an interest rate hike in the near future:

🟢Japan's inflation rate in October declined compared to the previous month.
Core inflation (excluding food and energy) is still higher than expectations.
Inflation remains significantly above the Bank of Japan's 2% target.
The likelihood of an interest rate hike by the Bank of Japan in the next meeting has increased.

📺Watch our full analytical video on this critical news

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🇨🇳China Focuses on a Stable Yuan and Green Trade

🟢China's Central Bank has reaffirmed its commitment to keeping the yuan's value at a balanced and reasonable level. Meanwhile, the Ministry of Commerce plans to launch new policies next year aimed at expanding the trade of eco-friendly products. These efforts are designed to boost sustainable commerce while minimizing the environmental impact of international trade.

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