Futures
Futures Rise Ahead of Black Friday with Sticky Inflation Concerns
2024-11-29
On Wednesday, the eve of Thanksgiving, Wall Street's main indexes closed lower. This came after data showed signs of sticky inflation, which increased the likelihood that the Federal Reserve would be cautious about interest-rate cuts in 2025. Investors are now closely monitoring stocks of retailers as they prepare to offer steep Black Friday discounts to attract millions of shoppers. This year, the National Retail Federation expects around 85.6 million shoppers to visit stores, a significant increase from 76 million in 2023.

Impact on Retailers

The mega promotional event of Black Friday is a mixed blessing for retailers. As customers rush to get good deals, about three quarters of them actually delay spending in the lead-up to the event. During this promotional period, retailers are selling at a discount, which leads to a smaller profit margin at a time when they are facing rising staff costs. For example, Target (NYSE:TGT) shares rose 0.8%, TJX (NYSE:TJX) climbed 0.6%, Walmart (NYSE:WMT) edged up 0.5%, and Nike (NYSE:NKE) added 0.4% in premarket trading. Susannah Streeter, head of money and markets at Hargreaves Lansdown, pointed out this dilemma.

Futures and Index Movements

At 05:35 a.m. ET, Dow E-minis were up 159 points, or 0.35%. The S&P 500 E-minis were up 17.75 points, or 0.30%, and the Nasdaq 100 E-minis were up 79.5 points, or 0.39%. Futures tracking the small-cap Russell 2000 index rose 0.9%. The main indexes were on track for monthly gains, with the benchmark S&P set for its biggest one-month rise since February. An index tracking small-cap companies hit a record high earlier in the week and was poised for its steepest monthly rise in nearly a year. President-elect Donald Trump's victory in the U.S. presidential elections and his Republican Party controlling both houses of Congress provided a boost to equities. Investors were pricing in expectations that Trump's policies on tax cuts, tariffs, and deregulation could spur economic growth and corporate performance. However, concerns about his proposals potentially stoking upside price pressures, slowing the pace of the Fed's monetary policy easing, and weighing on global growth still prevail. Traders expect the central bank to lower borrowing costs by 25 basis points at its December meeting, but see the Fed pausing rate cuts in January and March, according to the CME Group's FedWatch.

President Biden's Stance on Tariffs

Speaking about Trump's plan to impose tariffs on the country's top trade partners, President Joe Biden said he hopes the president-elect will rethink his plan. He believes it could "screw up" the United States' relationships with close allies. This shows the complex economic and political dynamics at play.

Crypto Stocks and Bitcoin

Crypto stocks were up as Bitcoin, the world's most valuable cryptocurrency, climbed 1.5% and was trading at about $96,000. MicroStrategy rose 4%, MARA Holdings added 2.6%, and Bit Digital advanced 2.9%. Analysts expect stock moves to be influenced by thin volumes after the Thanksgiving holiday on Thursday. This highlights the volatility and uncertainty in the cryptocurrency market.
Toobit Halves Futures Maker Fees to 0.02% for User-Centric Trading
2024-11-29
George Town, Cayman Islands, on November 29th, 2024 witnessed a significant event as Toobit, a global cryptocurrency trading leader, announced a major cut in its trading fees. This move sets a new standard for cost-effectiveness in the industry, offering traders more affordable and strategic trading options.

Empowering Traders with Unprecedented Cost Savings

New Trading Fee Structure

Toobit's decision to halve the maker fee for futures trading from 0.04% to 0.02% showcases its unwavering dedication to minimizing trading costs. This fee reduction not only enhances user profitability but also contributes to a more vibrant and liquid trading ecosystem. Traders can now visit the Fee Rate Details on Toobit's homepage to explore the updated fee structure.

By lowering the maker fee, Toobit provides traders, especially those using high-frequency or high-volume strategies, with a significant cost-cutting opportunity. This allows them to improve trade precision and effectiveness while trading.

Why Maker Fees Matter

For traders aiming to optimize their strategies, understanding the difference between maker fees and taker fees is crucial. Maker fees apply when traders provide liquidity through limit orders, which is essential for stabilizing market conditions. On the other hand, taker fees are incurred when liquidity is removed via market orders.

The reduced maker fee gives traders an edge, enabling them to manage their trading costs more efficiently and make more informed decisions.

Benefits of the New Fee Structure

The new 0.02% maker fee brings direct benefits to popular trading strategies such as Grid Trading. Reduced costs enhance the profitability of this structured trading method, allowing traders to maximize their returns.

Dollar-Cost Averaging (DCA) also benefits from lower fees. With more affordable repetitive trades, traders can support their long-term investment strategies with ease.

Why Traders Choose Toobit

Toobit continues to lead the cryptocurrency exchange market by prioritizing user needs. Its unbeatable low fees make it accessible to traders without the need for high trading volumes. Advanced trading tools like copy trading and Futures DCA strategies equip traders with cutting-edge features.

Robust security measures, including multi-signature wallets and real-time monitoring, ensure top-tier protection for user assets. Additionally, exciting promotions and loyalty programs reward trader activity, adding value to their trading experience.

About Toobit

Toobit stands as a shining example of innovation in the digital trading domain. It offers a wide range of trading services backed by cutting-edge technology, unparalleled security, and a user-focused approach. With a mission to empower users worldwide to trade high-quality financial assets freely and equally, Toobit is set to transform the digital trading landscape.

Join the digital trading revolution with Toobit – your trusted partner in navigating the complex world of cryptocurrency trading. For more information on Toobit and its services, visit its social media platforms: X | Telegram | LinkedIn | Discord | Instagram.

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended that you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

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FX Daily: Hungary's Forint and EUR/HUF Amidst Diverging Signals
2024-11-29
In addition to the inflation situation in Poland this morning, detailed GDP figures for 3Q in Turkey have already been made public. Just like in the Czech Republic, we will witness a similar release. Yesterday's numbers in Poland indicated weak household consumption. However, the main attention should be directed towards Hungary, where the Prime Minister decided that the current Finance Minister Mihaly Varga will take on the role of the Governor of the National Bank of Hungary starting from March next year. Although his name was widely anticipated, there has been a surge in uncertainty surrounding this appointment in recent days. We assume that the appointment of a finance minister has already been factored in. But the alternatives mentioned by journalists were likely to be regarded by the market as more dovish choices. Consequently, Hungary's forint may receive some support this morning.

Implications for EUR/HUF

Yesterday, EUR/HUF briefly reached a new local high of 415, but it later gave back those gains and closed unchanged. As we previously discussed here, we believe that EUR/HUF has fully accounted for the shift in EUR/USD and the global environment after the US election, and Central and Eastern European (CEE) peers are relatively lagging behind. Therefore, we do not foresee a significant change in EUR/HUF levels at present. On the other hand, from our perspective, the positioning is currently heavily short HUF. Any hint from the government or the central bank could potentially signal to the market to take some profits and enable the HUF to rally. However, in the medium term, we anticipate that EUR/HUF will continue to move upwards and reach 420 in 1Q25.

Poland's Inflation and Its Impact

Poland's inflation this morning is a significant economic indicator. It reflects the current economic conditions and has implications for various sectors. Weak household consumption, as indicated by yesterday's data, can have a cascading effect on the overall economy. This might lead to adjustments in consumer behavior and business strategies. Analysts are closely monitoring these developments to understand the potential long-term consequences.

Turkey's GDP Figures and Their Significance

The detailed GDP figures for 3Q in Turkey hold great importance. They provide insights into the country's economic performance during this period. A thorough analysis of these figures can help in identifying trends and patterns. It also allows for comparisons with other economies and helps in formulating appropriate economic policies. These figures can have a ripple effect on various markets and industries, influencing investment decisions and economic growth.

Hungary's Appointments and Their Market Repercussions

The appointment of Mihaly Varga as the Governor of the National Bank of Hungary from March next year is a major event. It has sparked uncertainty in the market, as alternative options were also mentioned by journalists. The market's reaction to such appointments is crucial as it can impact currency values and market sentiment. The potential for more dovish options being considered by the market adds an extra layer of complexity. This appointment will likely shape Hungary's economic policies and monetary stance in the coming years.
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