Jan 24, 2024: In Asian trade on Wednesday, gold prices experienced a slight decline, maintaining a trading range established over the past week as uncertainties surrounding U.S. interest rate cuts in 2024 increased. Meanwhile, copper prices, among industrial metals, edged lower after earlier in the week witnessing substantial gains fueled by optimism about China. Gold had faced a challenging start to 2024, dropping to as low as $2,000 an ounce earlier in the month as traders gradually discounted expectations of an interest rate cut by the Federal Reserve in March 2024. However, the precious metal rebounded on the back of…
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Jan 24, 2024: On Wednesday, a majority of Asian stocks faced a retreat due to mixed signals from the Bank of Japan, leading to profit-taking in Japanese markets. Conversely, Hong Kong stocks witnessed a sharp rebound, primarily driven by a tech rally fueled by Alibaba Group. Chinese stocks resumed their downward trend, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes dropping by 0.7% and 0.4%, respectively. These indexes had slightly recovered from their five and four-year lows on Tuesday following reports of a proposed 2 trillion yuan ($278 billion) support package for local stocks by the Chinese government.…
Jan 23, 2024: The Bank of England (BoE) is anticipated to take a cautious initial step toward lowering interest rates from their highest level in nearly 16 years, responding to signs of easing inflation concerns. Despite previous dismissals of rate cut speculation by Governor Andrew Bailey and other top officials in late 2023, economists suggest that the time may be approaching for the BoE to reconsider its stringent stance on borrowing costs. The U.S. Federal Reserve and the European Central Bank have already taken steps in this direction, aligning with recent data on headline inflation, wages, and economic growth that…
Jan 23, 2024: The Japanese yen exhibited volatility on Tuesday, initially weakening after the Bank of Japan (BOJ) maintained its ultra-easy policy settings, and later strengthening amid signals indicating a potential end to its negative interest rate policy. Despite the initial fluctuations, the yen eventually traded flat at 148.0 per dollar, having fluctuated between 148.6 and 146.9. The yen’s sensitivity to interest rate differentials between Japan and other markets played a role in its movements, with a nearly 5% decline against the dollar so far in the year as market expectations shifted regarding imminent U.S. rate cuts.
Jan 23, 2024: Oil prices experienced a decline on Tuesday, relinquishing early gains as concerns about increasing supply outweighed ongoing tensions in the Middle East. As of 09:30 ET (14:30 GMT), U.S. crude futures were trading 0.7% lower at $74.22 a barrel, while the Brent contract dropped 0.7% to $79.44 a barrel. Factors contributing to the dip included uncertainties surrounding various supply and demand indicators. Norway’s crude production, surpassing expectations at 1.85 million barrels per day in December, played a role in the market movement. This figure exceeded the 1.81 million barrels recorded in the previous month. Additionally, production at…
Jan 23, 2024: In an unexpected move that has drawn the cryptocurrency community’s attention, an Ethereum (ETH) whale has orchestrated a series of transactions involving major exchanges, transferring an astonishing $46.02 million in ETH over the last two days. Utilizing a network of eight wallets, the entity withdrew funds from Binance and Bitfinex, later staking with Lido, a liquid staking solution. Spot On Chain, a blockchain analytics platform, first highlighted the substantial transactions through a tweet, providing detailed insights into the massive ETH movement. The whale withdrew Ethereum holdings from crypto exchanges Binance and Bitfinex at an average price of…
Jan 22, 2024: U.S. stock index futures are poised to surpass last week’s peaks on Monday, following the upward momentum in Japanese stock markets. The week ahead is filled with central bank meetings, major economic data releases, and corporate earnings. Rising futures suggest continued strength in the S&P 500, driven by the record-breaking performance of chip and mega-cap stocks last week. Nasdaq futures are extending their rally with a 0.6% gain, while S&P 500 futures show a 0.3% increase. Chipmakers like Nvidia (NASDAQ: NVDA) and Advanced MicroDevices have been beneficiaries of the recent AI-driven rally, contributing to the Nikkei stock…
Jan 22, 2024: U.S. stock futures showed slight gains on Monday, extending the recent surge led by the tech sector, as the week brings a flurry of earnings reports and important economic data. As of 06:45 ET (11:45 GMT), Dow Futures were up by 55 points or 0.1%, S&P 500 Futures marked a 0.3% increase with a gain of 16 points, and Nasdaq 100 Futures surged 105 points or 0.6%. Following a dip earlier in the week, the major U.S. indices closed higher on Friday, driven by an AI-powered rally that propelled the S&P 500 to its first record high…
Jan 22, 2024: Ethereum is taking significant steps to improve its scalability and cost-efficiency by introducing crucial upgrades and Layer 2 solutions. The recent Dencun upgrade on the Goerli testnet, incorporating EIP-4844, marks a pivotal milestone in Ethereum’s quest for enhanced scalability. This upgrade, inclusive of proto-danksharding and blob transactions, is anticipated to substantially reduce fees associated with Layer 2. Simultaneously, Arbitrum, developed by Offchain Labs, is leveraging Optimistic Rollups to optimize transaction processing. By handling transactions off-chain and then summarizing them on-chain, Arbitrum aims to enhance throughput and security, showcasing a dedicated effort to refine Ethereum’s network functionality. These…
On Monday, most Asian currencies demonstrated minimal changes, while the dollar slightly decreased in anticipation of significant economic indicators scheduled for release this week. The Japanese yen strengthened from nearly two-month lows as the market awaited the Bank of Japan (BOJ) meeting. The prevalent concerns over China contributed to subdued sentiment in Asian markets. Earlier in the session, the People’s Bank of China opted to maintain its benchmark loan prime rate at record lows. However, the central bank faces challenges in loosening policy further, as it navigates the delicate balance between supporting economic recovery and preventing additional weakness in the…
