Dec 19, 2023: Heightened volatility in the market has recently led to a significant wipeout of long positions, totaling $130 million. Liquidations, triggered by market movements contrary to traders’ bullish predictions, prompted an automated sell-off to cover their positions. Bitcoin and Ethereum were particularly affected, witnessing substantial liquidations as revealed by the liquidation heatmap. The correction in Bitcoin’s price has been pronounced, often setting the tone for the broader market. This correction is closely tied to the cascade of liquidations, indicating that traders who were overly optimistic about continuous bullish trends were caught off guard by the sudden market shift.…
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Dec 19, 2023: Gold values slipped marginally on Tuesday following reassurances from multiple Federal Reserve officials regarding the immediate likelihood of interest rate cuts, which contributed to stemming recent dollar declines. The precious metal managed to stay above the coveted $2,000 per ounce mark but showed a slight decline toward the lower-$2,000 range, responding to the less dovish signals emanating from U.S. monetary policy. Spot gold experienced a 0.1% drop, reaching $2,024.67 per ounce, while gold futures expiring in February recorded a 0.1% fall to $2,038.20 per ounce by 00:35 ET (05:35 GMT). Federal Reserve Signals Dampen Rate Cut Expectations…
Dec 19, 2023: European stocks opened higher on Tuesday, and global shares hovered near their peak levels from April 2022 as traders wagered on potential rate cuts in the upcoming year. The yen declined following the Bank of Japan’s decision to retain its ultra-loose monetary policy. As anticipated, the Bank of Japan maintained its ultra-low interest rates and reaffirmed its dovish policy guidance, easing concerns that it might signal a near-term shift from negative interest rates. Consequently, the yen weakened, with the dollar-yen climbing 1.2% to 144.5, and the euro-yen rising 1.3% to 158.17. The Nikkei rallied, especially led by…
Dec 19, 2023: Most Asian stocks stayed within a narrow range on Tuesday as the recent surge following the Federal Reserve’s meeting seemed to be plateauing. However, Japanese markets witnessed a notable upswing after the Bank of Japan (BOJ) reiterated its ultra-dovish policy stance. While U.S. stock benchmarks ended on a positive note, Fed officials downplayed the notion of a complete shift away from their hawkish stance due to ongoing inflation concerns. The Fed’s comments tempered expectations for immediate interest rate cuts, although the market sentiment still leaned toward a potential rate cut by March 2024. The earlier dovish signals…
Dec 19, 2023: On Tuesday, oil prices saw a divide as the U.S. benchmark dipped while Brent expanded gains, following attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea. These disruptions led companies to reroute vessels, impacting maritime trade. Brent crude futures edged up 10 cents to reach $78.05 a barrel at 0330 GMT. However, the front-month U.S. West Texas Intermediate crude futures contract, expiring on Tuesday, experienced a dip of 7 cents, settling at $72.40 a barrel. The more active second-month contract also slipped 5 cents to $72.77, a decrease of 0.07%. Monday saw both benchmarks…
Dec 18, 2023: As the penultimate week of 2023 kicks off, the Asia-Pacific markets opened mostly lower, except for South Korean shares, which saw a surge driven by gains in the defense sector. Last week, most Asia-Pacific markets rallied after the U.S. Federal Reserve decided to maintain rates and unveiled plans for rate cuts in 2024 and 2025. The Bank of Japan’s final meeting of the year is anticipated. ING, a Dutch bank, expects the BOJ to uphold its major policy settings, anticipating a potential softening in the overall tone about future policy during the press conference and statement. Economists…
Dec 18, 2023: As the penultimate week of 2023 commences, European markets opened with a subdued tone. The pan-European Stoxx 600 hovered around the neutral mark during early afternoon trading. Notably, oil and gas stocks saw a 1.1% increase as oil prices rose due to concerns arising from the Red Sea. Conversely, construction and material stocks experienced a decline of 1.2%. Closing last week on a high note, the continental blue-chip index marked its fifth consecutive week of gains, culminating with a 0.91% rise on Friday. This surge came in the wake of significant central bank decisions made throughout the…
Dec 18, 2023: The Australian stock market closed lower on Monday, witnessing losses in various sectors such as A-REITs, Utilities, and Consumer Staples. At the close of trading in Sydney, the S&P/ASX 200 saw a decline of 0.22%. The top performers on the S&P/ASX 200 included Adbri Ltd (ASX:ABC), which surged by 32.16% or 0.73 points, closing at 3.00. Following closely were Link Administration Holdings Ltd (ASX:LNK), rising by 27.65% or 0.47 points to reach 2.17, and Tabcorp Holdings Ltd (ASX:TAH), climbing 23.81% or 0.18 points to 0.91 at the end of the session. On the flip side, the session’s…
Dec 18, 2023: According to state media citing officials from the Chinese Communist Party’s finance and economy office, China’s economic landscape in 2024 is expected to present more opportunities than challenges. The recent Central Economic Work Conference highlighted the continuation of macroeconomic policies that will support the country’s economic recovery. The officials emphasized that despite persisting blockages in the domestic economic cycle, such as weak demand, consumption, and enterprise investment, the country is positioned to transition from a post-pandemic recovery phase to sustained consumption growth. China’s economic growth has drawn attention, with the International Monetary Fund (IMF) revising its growth…
Dec 18, 2023: Oil prices surged in Asian trading on Monday, climbing nearly 1% at the outset, supported by reduced exports from Russia and concerns over oil supply disruption due to attacks by the Houthis on ships in the Red Sea. At 0413 GMT, Brent crude futures increased by 32 cents to $76.87 a barrel, marking a 0.4% rise, while U.S. West Texas Intermediate (WTI) crude stood at $71.77 a barrel, up 34 cents, equivalent to a 0.5% increase. Analyst Tony Sycamore from IG noted, “The adverse weather in Russia and the Houthis’ attack on ships near Yemen have contributed…
