| Chinese stocks tumble, with the CSI 300 Index closing down 2.9% — its steepest drop on a year's first day of trading since 2016. Investors a |
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Five things you need to know | |
- Chinese stocks tumble, with the CSI 300 Index closing down 2.9% — its steepest drop on a year's first day of trading since 2016. Investors are grappling with weaker-than-expected manufacturing data and an anticipated hike in tariffs.
- US equity futures rally, indicating a recovery after a four-day slump. Tesla gains 1% in pre-market trading ahead of a report on vehicle deliveries.
- A growing roster of political figures, US government agencies and companies that provide critical services have one thing in common: They have allegedly been hacked by China. The latest victim is the US Treasury Department, which disclosed on Monday that Chinese state-sponsored hackers had breached its network, accessing some unclassified documents.
- European gas prices rise to the highest since October 2023 as the region braced for freezing winter temperatures. Russian deliveries across Ukraine halted on New Year's Day after a transit contract expired with no alternative in place.
- Citigroup and Bank of America are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month.
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Everything Wall Street expects in 2025 | |
| From the return of Donald J. Trump to the White House to wildly expensive US assets to the threat of bond vigilantes — here's what the finance world's best and brightest see in the year ahead.
In today's Bloomberg Big Take, we present over 700 key calls from more than 50 leading financial institutions. A few of the highlights: - The return of Donald Trump to the White House dominates investment outlooks on Wall Street. His pro-business policies are fueling a sense of optimism, particularly when it comes to Corporate America.
- The US economy and assets are once again expected to power ahead, enjoying new momentum from Trump and benefitting from the comparative lack of appeal of other major markets, many of which could be hit by his tariffs. This will be a world, says JPMorgan Chase & Co., "where US exceptionalism gets reinforced."
- Inflation is seen as broadly contained, albeit unlikely to fall to target as Trump throws up trade barriers and takes a hard line on immigration.
- Pretty much every institution warns investors not to expect another year of equity returns topping 20%, just like they did a year ago. But few are ready to call an end to the artificial intelligence-fueled stock boom.
- Bond yields across both rates and credit are solid, and many firms would agree with the sentiment captured by Schroders: "The old-fashioned reason for owning bonds — to generate income — is back."
- Diversification is the name of the game, Wall Street reckons. Look to alternative assets like private markets and hedge funds, they say. — Sam Potter
Join Bloomberg Markets in a Live Q&A on Thursday, January 2nd at 11:15 a.m. ET for more on stock market predictions and answers to reader questions. | |
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- Nvidia, Tesla and Amazon.com shares are up about 1% in pre-market trading — evidence that investor appetite for Big Tech remains strong as 2025 gets underway.
- MicroStrategy adds 6% and Coinbase rallies 4.3% as Bitcoin extended its rally into a third consecutive session.
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| Rolex raised prices on some of its most popular models after gold values surged in 2024. The biggest luxury Swiss watch brand began the year by hiking prices as much as 8% on some models made from precious metals. A yellow gold Day-Date with a 40-millimeter black dial costs €44,200 ($45,809) as of Jan. 1, up from €41,000, according to Rolex's website in France. A yellow gold GMT-Master II costs €44,600, up from €41,300. Price increases can be indicative of the demand for premium luxury products, the cost of materials and labor as well as inflation. Gold recorded its biggest annual price increase in 14 years in 2024, soaring 27%. —Andy Hoffman | |
Word from Wall Street | | "For the last four years, the first trading day has been a contrarian indicator, with the S&P 500 ending the year in the opposite direction it moved on the first day." | | Jim Reid Deutsche Bank macro strategist | | |
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