Thursday's Markets Update (January 9, 2025)

09 Jan 2025 by rate3

On Thursday, the main stock markets are closed, but data is flowing in, indicating the least job cuts in five months, which reinforces bearish sentiment. Meanwhile, the dollar continues to rise, and the yuan is weakening further despite the CBC's half-hearted efforts and reports that China's inflation has hit a nine-month low. BTC and ETH have continued to decline.

Details

Employers announced 38,792 job cuts in December 2024, the least in five months. While lower than in November, 2024 saw the highest number of job cuts since 2020. The technology sector saw the most job cuts, while auto sector cuts increased. 1Y trend: "Down (Challenger)

Crypto

Grayscale Investments increased BTC and ETH's weightings in its Digital Large Cap Fund to 90% during its Q4 2024 rebalancing. Cardano was added to the fund, replacing Avalanche, reflecting Cardano's strong price performance. (source)

World Markets

Retail sales in the Euro Area increased 1.2% yoY in November. Retail Sales YoY in the Euro Area averaged 1.09% since 1996, reaching a high of 24.10% in April 2021 and a low of -19.60% in April 2020. 1Y trend: "Up" (EC)
China's annual inflation rate edged down to 0.1% in December, the lowest level since March. Food prices fell, while non-food prices rose slightly. Core consumer prices increased to 0.4%. Monthly CPI remained unchanged. 1Y trend: "Down"
South African manufacturing production declined by 2.6% YoY in November. This marked the steepest contraction in six months, driven by lower production in various sectors. On a monthly basis, industrial output shrank by 1.1%. 1Y trend: "Down" (ZA)