Summary:
China’s manufacturing sector grew at a slower pace in December, with a PMI of 50.1.
Bitcoin is set for its first monthly fall since August, despite an annual gain of 120%.
Gold prices are expected to finish the year with over 25% gains.
US stock markets are closing the year positively, with the S&P 500 up 24%.
Crude oil prices rose on signs of growth in China, but face demand concerns for the coming year.
Investing.com -- Wall Street is showing signs of a slight decline as the year closes with positive trends. China's manufacturing sector reported slower growth in December, while both Bitcoin and gold are poised to finish the year with significant gains.
1. China’s Manufacturing Sector Grows in December
China’s manufacturing sector expanded in December, albeit at a slower-than-expected pace. The Purchasing Managers' Index (PMI) recorded a value of 50.1, indicating growth, but down from 50.3 in the previous month. The government plans to implement more proactive fiscal stimulus measures in 2025, aiming to bolster economic support in the face of external trade pressures.
2. Futures Edge Lower; Wall Street to Record Major Gains in 2024
US stock futures are slightly lower ahead of the year-end trading session. Despite this, major indices are set to close the year with impressive gains, with the S&P 500 up approximately 24% and the Nasdaq around 30%. Market optimism is attributed to the Federal Reserve's aggressive interest rate policies and President-elect Donald Trump’s recent election, which has fueled hopes for deregulation and lower corporate taxes.
3. Bitcoin Set for Monthly Fall
Bitcoin prices edged up by 0.5% to $94,297 but are on track for their first monthly decline since August, with weekly losses exceeding 4%. Despite this, Bitcoin is expected to achieve an annual gain of around 120%, following a record high above $100,000 in November, driven by positive regulatory sentiment.
4. Gold Records Stellar Gains in 2024
Gold prices increased, approaching $2,615.85 per ounce, reflecting over 25% gains for the year. The rise is attributed to the Federal Reserve's interest rate cuts, geopolitical tensions, and strong demand from central banks. Market participants are now looking for new catalysts to influence the gold price outlook for 2025.
5. Oil Rises on Chinese Manufacturing Growth
Crude oil prices rose by 0.8% to $71.53 per barrel, buoyed by positive signals from Chinese manufacturing. However, oil is expected to end the year lower due to demand concerns in major consuming nations. The market remains cautious about potential oversupply as production from non-OPEC countries is set to increase.
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