(GoldFix) The People’s Bank of China (PBOC) reported an increase in its bullion reserves to 2,279.63 tonnes in December, up from 2,268.58 tonnes in November, according to data released Tuesday and according to Bloomberg
China’s central bank expanded its gold holdings for the second consecutive month in December, signaling their continued commitment to dedollarization despite gold prices being higher over 25% in 2024. Source
The ING Commodities Feed: China adds to gold reserves
China’s central bank added to its gold reserves for a second month in December. Gold held by the People’s Bank of China rose to 73.29 million troy ounces in December, from 72.96 million in the previous month. The central bank resumed adding to its gold reserves in November after a six month pause. The purchase by the central bank comes even with gold prices near record levels
US equities retreated on Tuesday after new data spurred concerns about inflation and the Fed's rate cut path. Large caps lagged small caps: S&P 500 (-1.11%) vs. Russell 2000 (-0.74%). MSCI Emerging Markets (EEM) and MSCI EAFE (EFA) fell 0.71% and 0.08% respectively.
Market News:
"Mark Zuckerberg built up Facebook’s content-policing efforts in the wake of Donald Trump’s first presidential election. Now the Meta chief executive is reversing course as he embraces a second Trump presidency. Meta is ending fact-checking and removing restrictions on speech across Facebook and Instagram, Zuckerberg said in a video Tuesday, a move he described as an attempt to restore free expression on its platforms." Source: WSJ
"Nvidia shares slid on Tuesday after a wide-ranging product presentation by Chief Executive Officer Jensen Huang failed to propel the artificial intelligence chipmaker to new heights... : Bloomberg
"The ISM services index Tuesday posted a reading of 54.1%, up 2 percentage points from November and above the Dow Jones consensus forecast of 53.4%.CNBC
"A Blackstone-led investor group is buying a majority stake in US accounting firm Citrin Cooperman, in a deal that gives the target an enterprise value over $2bn and marks a significant step up in valuations across the sector. Blackstone has acquired the stake from smaller rival New Mountain Capital... marking the $1tn private capital group’s first deal in an industry undergoing a wave of takeover activity. In the past three years, a third of the largest US accounting groups have entered the portfolios of private equity funds." Source: FT
"US corporate bankruptcies have hit their highest level since the aftermath of the global financial crisis as elevated interest rates and weakened consumer demand punish struggling groups. At least 686 US companies filed for bankruptcy in 2024, up about 8 per cent from 2023 and higher than any year since the 828 filings in 2010, according to data from S&P Global Market Intelligence." Source: FT
"The National Highway Traffic Safety Administration said on Tuesday it has opened a probe into 2.6 million Tesla vehicles in the United States over reports of crashes involving a feature that allows users to move their cars remotely. The new investigation comes after the U.S. auto safety agency in October opened an investigation into 2.4 million Tesla vehicles equipped with Full Self-Driving (FSD) software after four reported collisions, including a fatal 2023 crash." Source: Reuters
"Getty Images Holdings and Shutterstock agreed to combine in a deal that creates a $3.7 billion visual content company. Why it matters: The deal underscores the soaring demand for images and related content from content creators and platforms." Source: Axios
Geopolitics/ Politics
Venezuelan President Maduro said two US nationals were arrested as part of a group of seven mercenaries. It was separately reported that the Biden administration is set to roll out new sanctions against Venezuelan President Maduro's regime this week ahead of the Venezuelan Presidential Inauguration, according to an Axios reporter.
Data on Deck: Unemployment Rate
MONDAY, JAN. 6 S&P final PMI
TUESDAY, JAN. 7 Speakers, ISM
WEDNESDAY, JAN. 8 Minutes of Fed's December FOMC meeting
