European markets are experiencing a muted Christmas eve session as several key exchanges remain closed for the holiday.Despite the light trading volume, Wall Street is also operating on a reduced schedule amid ongoing investor focus on U.S. economic data,including weekly unemployment claims and recent reports of strong,yet inflation-affected,third-quarter growth. Precious metals continue to draw investor attention, reaching record highs as oil prices also climb.
European markets experienced an unusual session today, with many exchanges, including Milan, closed for the holidays. Trading volume is expected to be exceptionally light on Christmas Eve, as the Milan exchange and Frankfurt remain closed. Paris (CAC 40), Amsterdam (AEX), London (FT-SE 100), and Madrid (IBEX 35) are operating on a half-day schedule.
Wall Street will also operate on a reduced schedule today, as investors await the release of weekly unemployment claims data. The S&P 500 closed at another record high yesterday, following reports of a 4.3% annualized growth rate in the U.S. economy between July and September. While the initial government estimate for the third quarter indicated strong growth, it also showed that inflation remained elevated. A separate report revealed a further decline in consumer confidence during December, suggesting potential headwinds for future spending.
EssiLux Gains in Paris, Sanofi Declines
Among leading stocks, EssilorLuxottica (+0.78%), TotalEnergies (+0.68%), and Eurofins (+0.58%) led gains on the Paris exchange, while Sanofi (-0.69%), Schneider Electric (-0.42%), and Capgemini (-0.39%) experienced losses. In London, Metlen Energy (+2.27%), BP (+0.9%), and Schroeders (+0.75%) saw buying pressure, while AstraZeneca (-0.62%) declined.
Gold and Silver Continue Rally
Precious metals continued their upward trend, reaching record levels. Spot gold rose 0.05% to $2,486 per ounce after surpassing the $2,500 threshold, briefly hitting a high of $2,525. Silver increased 0.7% to $71.95 per ounce, peaking at $72.70, while platinum gained 2.1% to $2,323.95 and reached $2,377.5. Palladium also rallied, rising 3% to $1,919.
Oil Prices Rise, Euro Remains Stable
Oil prices are also on the rise, with February WTI futures up 0.58% at $58.72 per barrel and Brent futures increasing 0.46% to $62.67. Natural gas prices in Amsterdam are up 0.6% at €27.9 per megawatt-hour. In currency markets, the euro/dollar exchange rate is little changed at 1.1789, compared to 1.1774 at yesterday’s close. The yen continues its recovery, trading at 183.65 against the euro (down from 184.09) and 155.86 against the dollar (down from 156.40). This yen strength reflects ongoing investor sentiment regarding global economic conditions.
