Tanker freight was the largest single move in the tables, down 8.5 percent on the day and 6.8 percent on the week. No clear single driver appears in this morning’s reporting: the fall came on a day when the politics and commodities beats were carrying an uncorroborated Iranian claim of tanker mine strikes in Hormuz, which would normally bid freight up, not down, so the move reads as positioning and charter-market mechanics rather than a response to the news flow.
Silver futures rose 5.03 percent to 52.08 dollars an ounce and gold futures rose 2.85 percent to 4,052.70 dollars, back above the 4,000 dollar level. See today’s gold and silver rebound story in the commodities beat: the rebound follows the recent selloff, with the dollar index softer at 101.43, down 0.43 percent, and it came even as India, the largest consumer market, reported gold demand at a six year low.
Broadcom rose 3.07 percent to 332.13 dollars, Microsoft rose 2.74 percent to 520.99 dollars, Nvidia rose 2.29 percent to 206.69 dollars and the semiconductor basket rose 2.5 percent. The technology beat reads this as a rebound from the AI selloff that hit base metals and chips in the previous session rather than a response to a single company announcement; no Broadcom or Microsoft specific story appears in this morning’s reporting.
BHP fell 2.42 percent to 78.13 dollars, gold miners fell 1.96 percent and copper miners fell 1.55 percent, extending weekly losses of 5 to 7 percent across the mining table. The divergence is the point: the metals rebounded while the miners kept falling, and the mining beat’s Canada gold story, record output at a record all in sustaining cost of 1,930 dollars an ounce, explains part of the squeeze, since costs at that level eat the benefit of a higher gold price for marginal producers.
Brent crude fell 1.52 percent to 102.03 dollars a barrel, down 11.52 percent on the week, in the volatile session covered by today’s oil story: an API crude draw of 5.27 million barrels against an expected build failed to hold the early gain. Treasury yields rose before today’s refunding statement, the 10 year up 5.8 basis points to 4.95 percent and the 30 year up 5.5 basis points to 5.32 percent, as covered in the rates beat.
The cross market read is a partial risk rebound with hard edges. Chips and precious metals bounced together, which is a flow pattern more than a growth signal, while the assets closest to physical tightness, miners and tanker freight, fell, and the long end of the Treasury curve kept cheapening into supply. Nothing in this morning’s reporting ties the moves to a single macro release; the refunding statement and Thursday’s Bank of England and Banxico decisions are the next scheduled tests.