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Morning Research Notes - 17.02.25
US markets closed mixed on Friday, with notable performances from Nvidia and Microsoft, as the Nasdaq 100 reached a record high despite a decline in Treasury yields following weaker-than-expected retail sales data. Commodities also closed mixed: Gold remained flat at $US2,897.82 an ounce, Brent oil fell by 2.4% to $US75.15 a barrel, and Iron ore increased by 1.8% to $US107.80 a tonne.
Wall Street closed mixed on Friday, with Nvidia climbing 2.6% and Microsoft dipping 0.5%. The Nasdaq 100 rose 0.4% to a record high, while the S&P 500 edged down 0.01% and the Dow Jones fell 0.37%. Treasury yields declined after U.S. retail sales fell more than expected in January. The yield on the 10-year note dropped to 4.44%. Seven of the 11 S&P 500 sectors declined, led by consumer staples and healthcare. For the week, the S&P 500 rose 1.5%, the Nasdaq gained 2.6%, and the Dow added 0.5%. U.S. markets will be closed on Monday for Presidents Day.
The Australian stock market closed higher on Friday, with the ASX 200 rising by 0.19%. The Materials, Information Technology, and Utilities sectors performed well, gaining 0.25%, 1.05%, and 0.72% respectively. In contrast, the Financials and Healthcare sectors ended the day in the red, each falling by 0.23%. The commodities sector saw strong performance, with Aluminium, Copper, Zinc, and Nickel all closing in the green.
Chart of the day
The U.S. relies on Canada for heavier crude oil, which complements its own production of lighter shale oil. Enhanced pipeline and rail systems have facilitated the transport of Canadian oil to U.S. refineries, strengthening trade relations. In 2024, Canada accounted for 60% of U.S. crude oil imports. However, the Trump administration’s tariffs on Canadian oil are expected to strain the energy sector, causing market volatility and rising crude oil prices in 2025. This could lead to supply chain disruptions, fuel shortages in the U.S., and surpluses in Canada and Mexico, potentially increasing U.S. fuel prices.
Source: MCBRE
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