After an eventful Wednesday, today’s macro calendar is a bit calmer. Still, we have two key data points worth watching. First is Germany’s IFO Business Climate, expected at 85, which will give us insight into business sentiment in the Eurozone’s largest economy. Later in the day, the U.S. will release Durable Goods Orders, forecasted at 2.1%, marking a significant jump from 0.9% in the previous month. These numbers could inject some volatility into the session depending on how they land against expectations.
Now turning to the earnings calendar, yesterday brought us solid results from Philip Morris and IBM, both reporting better-than-expected earnings, which initially helped boost sentiment. Today, traders will be closely watching Alphabet (Google’s parent company) and Procter & Gamble, who are set to report after the market close. These two heavyweights could have a significant impact on tech and consumer staples.
Looking at indices, Wednesday saw a tale of two halves. The day began with gains, especially in Europe, but later U.S. indices turned sharply lower, erasing earlier optimism. European indices continue to show more resilience, with better structure and stronger momentum, while U.S. markets remain choppier amid ongoing macro uncertainty and corporate earnings reactions.
On the commodity front, we’re seeing a mixed picture. Gold has had two rough sessions, with price falling from recent highs, but today it’s trying to claw back some of those losses. In contrast, silver is outperforming, pushing higher with stronger momentum. Meanwhile, oil is showing signs of instability. After a sharp drop during the second half of Wednesday, Brent crude is attempting a small rebound this morning — but sentiment remains fragile, and the path forward is uncertain as demand concerns resurface.
Switching over to currencies, we’re seeing weakness in the Australian Dollar, British Pound, and U.S. Dollar, while Swiss Franc and Euro are leading gains. This reflects a slight risk-off shift in market sentiment, with capital moving toward traditional safe havens like the Franc and Euro-area assets.