Thursday brought another round of optimism to the markets. Despite initial worries over NVIDIA’s earnings, which were better than expected but met with a lukewarm reaction, US indices pushed higher throughout the session. By the close, it was clear that buyers were still firmly in control, with Wall Street holding onto a strong bullish bias. European markets lagged a little, with the DAX underperforming, but the overall sentiment remained positive.
From the macro calendar, Switzerland’s GDP came right in line at 0.1% — no surprises there. The bigger event was US GDP, which beat expectations at 3.3% compared to 3.1% forecast. That data reinforced the resilience of the US economy and gave indices a fresh push to the upside. Commodities saw mixed action. Oil continued to struggle, erasing most of last week’s gains, while metals stayed strong. Gold and silver in particular extended their bullish runs, with silver even notching new mid-term highs before settling down.
Now into Friday, the European session is starting with a softer tone. Futures are flashing red, with the DAX still lagging behind its American peers. Interestingly, the German index had a false breakout below key support at 23,980 points and quickly bounced back above it, keeping alive hopes for a bullish reversal. Currency markets show strength in antipodean currencies and the US dollar, while the pound and euro are struggling.
Today’s calendar will be eventful. Tokyo Core CPI already landed in line with expectations at 2.5%, and now markets await Canada’s GDP and the US Core PCE Price Index later in the day. Both reports will be critical in shaping how the week closes and whether risk appetite will carry through into next week.
For now, sentiment is cautiously optimistic — indices are holding strong, metals are firm, and traders are bracing for one more round of data before the weekend.