HK-listed gold stocks jump as US economic fears boost bullion prices
On Monday, RBC Capital Markets provided an analysis of exchange market businesses, observing a surge in trading volumes due to recent macroeconomic and political uncertainties. Analysts at the firm have updated their models to reflect the trends noticed in January and February’s average daily volumes (ADV) and revenue per contract (RPC (NYSE:RES)) growth, which have outpaced the three-month rolling averages. For investors seeking deeper insights into exchange market businesses, InvestingPro offers comprehensive analysis of these companies, including detailed financial metrics, Fair Value estimates, and expert insights through Pro Research Reports covering 1,400+ top US stocks.
The Intercontinental Exchange (NYSE:ICE) experienced a notable rise in energy futures trading, driven by tariff uncertainties, while agricultural and metals trading showed mixed results, with some segments demonstrating weakness. The rates ADV saw growth deceleration in the first quarter of 2025 (1Q25), yet still maintained an approximate 20% year-over-year increase, primarily in the front end of the curve. Cash equity ADV growth accelerated to mid-high teens percentages in 1Q25, and options volume grew in the low-mid teen range, although at a slightly slower pace than in the fourth quarter of 2024 (4Q24). Overall, equity options market ADV growth surpassed that of ICE/NYSE.
Nasdaq (NASDAQ:NDAQ) saw a significant rebound in trading volume in January and February across U.S. and European options and futures markets. U.S. cash equities experienced some growth moderation from January to February, but continued the strong trends from 4Q24, while European cash equities growth recovered in February after a weaker January. The NDAQ CFO also mentioned at a recent conference that delays in decisions could potentially impact Capital Markets Technology revenues.
CME Group (NASDAQ:CME) observed a year-over-year ADV growth acceleration across various asset classes. Rates began January on a weaker note but recovered in February. Equities ADV trended towards positive growth, although still below the high performance seen in the third quarter of 2024 (3Q24). Energy, foreign exchange (FX), agriculture, and metals all saw double-digit percentage growth acceleration as tariff and macro uncertainties increased trading activity.
CBOE Global Markets (CBOE) experienced an uptick in trading activity as the VIX index rose above the 20 level again in January and February. According to InvestingPro data, CBOE maintains excellent financial health with a "GREAT" overall score, supported by strong profitability metrics including a 50.61% gross margin. The company’s stock has delivered an impressive 49.92% return over the past year, trading near its 52-week high of $222.01. Multi-listed options growth accelerated to over 20%, and index options and futures ADV growth rebounded from declines in 4Q24 to year-over-year growth in 1Q25. Like other exchanges, cash equities continued to show solid strength, with both on exchange and off-exchange equities volume from CBOE seeing quarter-over-quarter growth acceleration in 1Q25. Internationally, Canada, Australia, Japan, and Europe all experienced ADV growth acceleration in 1Q25, in line with general CBOE clearing activity. InvestingPro analysis suggests the stock is currently trading slightly above its calculated Fair Value, with additional ProTips available for subscribers, including insights on dividend consistency and earnings revisions.
In other recent news, Cboe Global Markets (NYSE:CBOE) reported a record-breaking February in U.S. options trading, with an Average Daily Trading Volume of 18.0 million contracts. This included a notable 13.6 million multiply-listed options contracts and 3.5 million contracts for S&P 500 Index options. The futures market also saw significant activity, with the Cboe iBoxx iShares $ Investment Grade Corporate Bond Index futures reaching a milestone with open interest surpassing $479 million notional. Additionally, Cboe BIDS Europe achieved a record total notional traded of €15.4 billion.
In other developments, Tim Lipscomb was promoted to Executive Vice President and Chief Technology Officer, highlighting Cboe’s focus on technological advancement. Analyst firm Keefe, Bruyette & Woods adjusted their price target for Cboe to $216, citing robust trading volumes despite a slight earnings miss. RBC Capital Markets maintained their price target of $220, with expectations of mid-single-digit growth in the Data Vantage segment. William Blair reiterated a Market Perform rating, noting concerns about a slowdown in core derivatives revenue but acknowledging the global expansion of Cboe’s data business. These updates reflect Cboe’s ongoing efforts to enhance its market presence and technological capabilities.
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