Gold pushed past $4,900 per ounce for the first time, powered by ongoing geopolitical tensions, a softer U.S. dollar and expectations of Federal Reserve interest rate cuts, while silver and platinum prices hit fresh record highs.
U.S. stocks staged a sharp recovery after the steepest selloff in three months, as investors took relief from President Donald Trump signaling he would not use force in his push to acquire Greenland.
Shares in Germany’s SAP extended a months-long downtrend, falling to their lowest since August 2024 and bringing the loss in market value since last year’s record high to around $130 billion. The decline is part of a broader selloff that has hit software stocks in Europe.
The dollar edged up from three-week lows against the euro and the Swiss franc on Wednesday as investors digested U.S. President Donald Trump’s speech at Davos, after his tariff threats triggered a broad selloff in U.S. assets.
Netflix exceeded Wall Street’s revenue estimates for its holiday quarter, as it crossed 325 million subscribers, the company said. Revenue came in at $12.1 billion for October through December.
The Canadian dollar strengthened to nearly a two-week high against its U.S. counterpart as investors’ negative reaction to the threat of a fresh U.S. trade clash with Europe weighed on the greenback.
