Weekly Performances with New Records for SPX500 and Gold

This week, the benchmark S&P 500 (SPX) reached its first closing all-time high in two months after the Federal Reserve announced a substantial 50-basis-point rate cut, initiating the first U.S. monetary easing cycle since 2020. Gold, also lifted by the Jumbo cut made by the FED and increased geopolitical tensions, made a new record high.

This week’s financial market performance saw a mix of positive and negative trends across different asset classes, including indices, currencies, commodities, and cryptocurrencies.

In terms of global stock indices, the Nikkei 225 stood out with a substantial gain of 3.16%, followed by IBEX 35 which increased by 1.85%. U.S. indices also performed well, with the Dow Jones rising 1.62%, the Nasdaq gaining 1.49%, and the S&P 500 up by 1.36%. However, the European indices showed mixed results, as the FTSE 100 was the only major index that declined, down by -0.52%, while the Euro Stoxx 50, FTSE MIB, and DAX recorded modest gains of 0.59%, 0.58%, and 0.11%, respectively.

Currency markets saw Bitcoin (BTCUSD) outperform, gaining 4.97% to close at 63,163. In the Forex market, GBPJPY rose 3.74% to 191.59, and USDJPY gained 2.20%, closing at 143.85. Other notable moves included GBPUSD, which increased by 1.51% to 1.3318, and AUDUSD with a 1.49% gain, closing at 0.6803. On the downside, EURGBP dropped by -0.67%, closing at 0.8379, and USDCAD fell by -0.16%, closing at 1.3564.

Commodities saw strong moves, particularly in energy markets. Natural Gas surged by 6.55% to 2.456, making it the top performer among the commodities. Brent Oil and Crude Oil WTI also saw significant gains, rising 4.34% to 74.72 and 3.81% to 70.33, respectively. In precious metals, Gold and Silver recorded moderate gains of 1.39% and 1.35%, closing at 2,647.10 and 31.495, respectively. However, Platinum declined by -2.65%, closing at 980.1.

In summary, it was a positive week for energy commodities and Bitcoin, while equity indices mostly gained, except for the FTSE 100. The Forex market showed strong performances in yen and pound-related pairs, while Platinum was the only commodity to see a notable decline.