US DATA: Household Net Worth Increased By 20% GDP In Q3
Jan-09 17:21
- Further evidence of the tailwind behind the upper portion of the “k-shaped economy", household net worth increased by $6.06T in Q3 after a $7.15T increase in Q2.
- It was again dominated by corporate equity exposure, rising $5.5T after $5.65T in Q2.
- This 3.5% Q/Q increase in net worth is equivalent to 19.5% of annualized nominal GDP in Q3 after 23.5% GDP in Q2.
Changes in Net Worth: Households and Nonprofit Organizations, 1952 - 2025 (Source: Federal Reserve)
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US STOCKS: Midday Equities Roundup: DJIA Outperforming Ahead FOMC
Dec-10 17:18
- Stocks ae trading near steady (SPX eminis) to mixed Wednesday, the DJIA outperforming at midday as shorts unwound ahead of this afternoon's FOMC policy announcement at 1400ET - markets anticipating a third consecutive 25bp cut with a hawkish forward guidance.
- Currently, the DJIA trades up 212.65 points (0.45%) at 47767.54, S&P E-Mini Futures up 2.25 points (0.03%) at 6850.25, Nasdaq down 66.4 points (-0.3%) at 23509.99.
- A mix of Consumer Staples and Financials sector shares led declines in the first half: GE Vernova +14.02%, LKQ Corp +4.60%, Omnicom Group +4.26%, Seagate Technology Holdings +3.99%, Becton Dickinson +3.41%, Regeneron Pharmaceuticals +3.20% and Western Digital +3.17%.
- Note Warner Bros Discovery gained another +4.83% as the week's competitive takeover headlines between Paramount Skydance and Netflix provided further support.
- On the positive side, Consumer Discretionary, IT and Industrials led advances: Uber Technologies -5.22%, DoorDash -3.53%, Blackstone -3.15%, T Rowe Price Group -3.15%, TransDigm Group -3.01%, TKO Group Holdings -2.63% and Kroger -2.46%.
ENERGY: Record Canada Crude Production In First Half Of 2025
Dec-10 17:10
- Through June 2025 domestic oil production averaged 5.19 MMb/d vs 5.01 MMb/d in the same period last year according to the Canada Energy Regulator.
- Since 2020, Canadian crude oil and equivalents production has increased steadily, setting new records each year.
- Shipments aided by Trans Mountain pipeline expansion in May 2024.
- Prime Minister Mark Carney recently signed a deal with Alberta Premier Danielle Smith to fast-track any private investor willing to build a new pipeline to the west coast.
FOREX: USD Index Erases Weekly Advance as Fed Decision Looms
Dec-10 17:09
- The USD index has fallen 0.2% today, eroding the moderate advance seen across Monday/Tuesday to bring us back to unchanged levels on the week as we approach tonight FOMC decision. The committee is expected to look through the data fog and deliver a “hawkish cut”, with a third consecutive 25bp reduction in the Fed funds rate range to 3.50-3.75%.
- Forward guidance is likely to be amended to reflect a more patient stance on cuts. As such the market reaction to the meeting could hinge on how Chair Powell portrays the burden of proof for the next cut. Our preview is here: https://mni.marketnews.com/44lsJ9H
- G10 gains are being led by the Swiss Franc, which has been boosted alongside the Japanese yen and the reversal lower for US yields today. Additional contributing factors to the Swiss Franc outperformance were confirmation of US trade deal details filtering through and specific Roche headlines surrounding positive cancer drug data significantly boosting the Swiss Market Index.
- USDCHF has been broadly respecting an 0.80-0.81 range over the past four weeks, while EURCHF recently topped out just shy of the 0.9400 mark after matching the September highs.
- Despite the unchanged DXY this week, USDJPY remains around 0.7% higher this week amid the hawkish repricing across fixed income markets and regional geopolitical uncertainty weighing on the yen. These dynamics highlight the dominant medium-term uptrend in place for the pair, with the topside focus remaining on 157.89, the Nov 20 high and technical bull trigger.
