06/12/2024 Daily Reports
South Korea’s martial law fears shake markets: won sinks, KOSPI plunges. Bitcoin cools after $100K high. All eyes on U.S. payrolls data for Fed rate clues. What’s next for global markets? 🌍📉📊 #Bitcoin #Markets #Fed #KoreaCrisis
Renewed political tensions in South Korea, including fears of martial law, led to a sell-off in the KOSPI (-1.8%) and a sharp 1% drop in the won. Authorities intervened to stabilize markets, calming nerves somewhat. Bitcoin showed signs of fatigue, retreating to $97K after breaching $100K, while European and U.S. stock futures point to cautious starts. Meanwhile, markets are laser-focused on U.S. nonfarm payrolls data, with expectations of 200K job gains. A “Goldilocks” outcome—neither too strong nor too weak—is key to sustaining Fed rate cut expectations, as futures currently price in a 70% chance of a December cut. Investors remain wary of surprises that could reshape market sentiment.
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- European stock futures dipped, with Euro Stoxx 50 futures down 0.3%, as investors awaited Friday’s US nonfarm payrolls report for insight into the Federal Reserve’s rate path.
- Asian equities were mixed, with Chinese shares rising on optimism for upcoming economic policy measures, while stocks in Japan, South Korea, and Australia fell.
- The US labor market remains in focus, with economists projecting a rebound in November payrolls after disruptions in October.
- Treasury yields held steady, with markets pricing a 70% chance of a December Fed rate cut.
- Elsewhere, South Korea’s markets faced volatility following assurances of no further martial law declarations.
- The Reserve Bank of India maintained its policy rate but cut the cash reserve ratio to ease liquidity pressures.
- Commodities were subdued, with oil flat and gold edging higher.
- Bitcoin retreated after hitting a record high above $100,000, with traders preparing for potential declines.
- Market sentiment remains cautious as investors assess the global economic and political landscape.
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