Tech Fuels Equity Gains as Gold, Copper Hit Record: Markets Wrap

(Bloomberg) — The Nasdaq 100 is poised to wipe out December’s losses as revived appetite for technology stocks powered gains across equity markets. Gold, silver and copper climbed to record highs.

Futures on the gauge rose 0.6% after a near 3% rally over the past two sessions. Oracle Corp. and Micron Technology Inc. climbed more than 2% in premarket trading as most members of the Magnificent Seven megacaps advanced. Tech and mining shares outperformed in Europe. In Asia, benchmarks most exposed to artificial-intelligence demand, including South Korea’s Kospi, also led gains.

Meanwhile, the focus on price moves in commodities went beyond record-setting metals, with oil climbing amid heightened geopolitical tensions after the US stepped up a blockade on Venezuela. Global bond markets remained under pressure, led by a second day of losses in Japanese debt following an interest-rate hike by the Bank of Japan. The dollar fell.

Optimism for a year-end rally in equities are growing after dip buyers late last week supported a rebound in US stocks. While some doubts about the AI trade and elevated valuations persist, optimism over the economy and corporate earnings is helping lift sentiment.

“Markets are riding a risk-on liquidity wave into year-end as resilient US growth underpins earnings next year, while a lower Fed fund rate eases financial conditions,” said Desmond Tjiang, chief investment officer for equities and multi-asset investment at BEA Union Investment. “Fears of AI capex and returns also recede on improving compute economics.”

Precious metals rallied, with their haven appeal boosted by geopolitical tensions and expectations of more Fed rate cuts. Looser monetary policy typically is a tailwind for gold and silver, which don’t pay interest.

Spot gold climbed more than 1.7% to break above its previous record of $4,381 an ounce set in October. Silver and copper also pushed to all-time highs, while platinum extended its rally to an eighth straight session.

“It has been very remarkable how precious metals’ prices have decorrelated from other assets in recent months,” said Roberto Scholtes, head of strategy at Singular Bank. “Earlier this year, gold prices were materially correlated to the dollar and to high-beta risk assets such as tech stocks and cryptos. But this has been waning gradually, and nowadays they’re running freely.”

Brent climbed to around $61 a barrel, with US forces boarding one tanker and pursuing another one near Venezuela within weeks of first capturing a vessel. Washington has been stepping up pressure on Venezuela’s government, with President Donald Trump aiming to choke off its key revenue stream.

Japan Yields

Japanese markets remained in focus after the central bank raised its benchmark interest rate to the highest in 30 years on Friday.

The yen, which had weakened to as much as 157.78 per dollar, found some strength on Monday as Atsushi Mimura, the nation’s chief currency official, said he was “deeply concerned” about what he termed as “one-directional, sudden moves,” especially after the policy meeting.

Meanwhile, Japan’s benchmark 10-year yield rose to its highest level since February 1999 amid speculation that policymakers could pursue a more aggressive pace of interest-rate hikes. The rate on their US counterparts rose 2 basis points to 4.16%.

Corporate News

Harbour Energy Plc agreed to acquire LLOG Exploration Co. for $3.2 billion, marking the UK company’s entry into the deepwater US Gulf of Mexico. A group of private equity firms led by Permira and Warburg Pincus has agreed to acquire Clearwater Analytics Holdings Inc. in a deal valuing the investment and accounting software maker at $8.4 billion including debt. Seven & i Holdings Co.’s chief executive is pressing its US convenience-stores business to deliver a faster turnaround as the retailer seeks a public listing of the unit to fund new investment and lift shareholder returns. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 fell 0.2% as of 10:11 a.m. London time S&P 500 futures rose 0.4% Nasdaq 100 futures rose 0.6% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 1% The MSCI Emerging Markets Index rose 1% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.2% to $1.1735 The Japanese yen rose 0.2% to 157.39 per dollar The offshore yuan was little changed at 7.0330 per dollar The British pound rose 0.4% to $1.3433 Cryptocurrencies

Bitcoin rose 1.6% to $89,585.98 Ether rose 2% to $3,032.68 Bonds

The yield on 10-year Treasuries advanced two basis points to 4.16% Germany’s 10-year yield was little changed at 2.90% Britain’s 10-year yield was little changed at 4.53% Commodities

Brent crude rose 0.9% to $61.03 a barrel Spot gold rose 1.7% to $4,413.84 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Shikhar Balwani and Macarena Muñoz.

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