Economic News: Mixed Signals from the U.S. Economy
Manufacturing Slump: The U.S. manufacturing sector contracted further in December, with declining output and new orders. Sentiment hit its lowest level since August, according to S&P Global.
Chris Williamson of S&P Global noted, “The brief revival in demand seen post-election has proven temporary.”
Labor Market: Weekly jobless claims fell unexpectedly last week, alongside a drop in continuing claims. However, Jefferies cautioned against over-optimism due to seasonal volatility.
Mortgage Applications: Mortgage applications dropped sharply in the two weeks ending Dec. 27 as borrowing costs rose across all loan types, per the Mortgage Bankers Association.
Commodities
Oil: West Texas Intermediate crude rose 2% to $73.13 per barrel, despite U.S. crude inventories declining by just 1.2 million barrels versus the expected 2.5 million barrel draw.
Precious Metals: Gold gained 1.2% to $2,671.50 per ounce, while silver jumped 2.6% to $29.99 per ounce.
Manufacturing Slump: The U.S. manufacturing sector contracted further in December, with declining output and new orders. Sentiment hit its lowest level since August, according to S&P Global.
Chris Williamson of S&P Global noted, “The brief revival in demand seen post-election has proven temporary.”
Labor Market: Weekly jobless claims fell unexpectedly last week, alongside a drop in continuing claims. However, Jefferies cautioned against over-optimism due to seasonal volatility.
Mortgage Applications: Mortgage applications dropped sharply in the two weeks ending Dec. 27 as borrowing costs rose across all loan types, per the Mortgage Bankers Association.
Commodities
Oil: West Texas Intermediate crude rose 2% to $73.13 per barrel, despite U.S. crude inventories declining by just 1.2 million barrels versus the expected 2.5 million barrel draw.
Precious Metals: Gold gained 1.2% to $2,671.50 per ounce, while silver jumped 2.6% to $29.99 per ounce.