Employees work at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, Thursday, Jan. 4, 2024.
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This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
U.S. and Asian markets decline
U.S. markets retreat Wednesday after a week of post-election fervor. this S&P 500 Index down 0.29%, Nasdaq Index It fell 0.09%, ending five consecutive gains. this Dow Jones Industrial Average Retracement of 0.86%. Asian markets also followed Wall Street’s losses, led by the South Korea Composite Stock Price Index (Kospi), which fell more than 2%.
Bearish outlook for oil
Oil prices could be as low as $30 to $40 Market observers said crude oil prices are expected to be bearish in the coming year if oil alliance OPEC+ lifts existing production cuts. If the price were $40, the price would be about 40% lower than the current price. Brent Currently trading at $72 a barrel, the U.S. West Texas Intermediate Crude Oil Futures prices are around $68 per barrel.
SoftBank-backed Swiggy performs well in India debut
Shares of Indian food delivery giant Swiggy surged 15% in their first trading session on Wednesday after completing the country’s second-largest IPO of the year. SoftBank-backed Swiggy raised 113.27 billion Indian rupees ($1.34 billion) in an IPO that ended on Monday. The IPO was reportedly oversubscribed by more than three times.
Bitcoin briefly hits $90,000
Bitcoin hits $90,000 mark Tuesday, just two days after surpassing the $80,000 mark.
However, the cryptocurrency has since retreated from that high, last trading at $86,895.50 on Wednesday morning, according to Coin Metrics. Many investors expect the price to continue hitting new records later this year, reaching $100,000.
Three stocks to buy if Trump wins
Aaron Dunn, Morgan Stanley, Portfolio Manager Morgan Stanley U.S. Value FundSure Three stocks he bet on After US President-elect Donald Trump won the election, he added that markets are now seeing “huge volatility” following the election results and are re-pricing a “50/50 election”.
bottom line
After Trump won the election, the S&P and Nasdaq posted five consecutive days of gains. That streak ended Wednesday.
While it’s too early to say the post-election backlash is over, it has certainly paused.
Mark Malek, chief investment officer at Siebert, said that could be because stocks were ahead of their game even before Trump won a second term last week.
He added that some lingering core economic headwinds are re-emerging now that markets have taken the suspense out of the election.
“What’s driving today’s trading is probably a little bit tired,” Malik told CNBC.
Post-election excitement may soon be replaced by cold, grim economic data. Investors are eagerly awaiting October inflation data due on Wednesday.
Consumer prices are expected to climb to 2.6%, the first rise in six months, according to a Reuters poll of economists. However, core inflation is expected to remain stable at 3.3%.
—CNBC’s Brian Evans and Alex Harring contributed to this report.
