investingLive Americas market news wrap: Silver surges 6%

[Forex News]

• Senior US official: US acquisition of Greenland is "not going away"
• US final S&P Global Services PMI 52.5 vs 52.9 prelim
• Fed's Barkin: Tax changes, deregulation and rate cuts should add stimulus this year
• Germany December preliminary CPI +1.8% vs +2.1% y/y expected
• So many false starts but peace looks increasingly possible in Ukraine

Markets:

• Gold up $41 to $4489
• Silver up 6% to $80.64
• WTI crude down $1.31 to $57.07
• US 10-year yields up 1 bps to 4.17%
• S&P 500 up 0.65%
• AUD leads, CHF lags

Equity market steadily climbed higher on Tuesday while crude trended lower. The big winner was silver which caught fire again, including a late flourish to a 6% gain. The US continues to talk about annexing Greenland and a White House statement put a military option on the table. That certainly didn't hurt the bid in precious metals, which also saw gold test $4500 before backing off slightly.

The Australian dollar hit a fresh one-year high late in the day as money continues to look for a South Pacific refugre, a place that's largely immune from that tariff worries while also benefiting from the bull market in commodities.

The US Supreme Court scheduled a decision day for Friday and that's the first possible tariff decision data, so it adds to Friday's NFP drama and intrigue.

Generally, the US dollar was stronger on the day but the moves were modest and mostly unwound yesterday's decline.

In equities, memory names were the big winners led by a 8% gain in Texas Instruments. Amazon led the megacap names with a 3.4% rally, something I wrote about.

Tomorrow we get the latest ADP data and it comes with markets pricing in a 23% chance of a January Fed cut.

This article was written by Adam Button at investinglive.com.

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