Dec 15, 2023: Stocks saw marginal movement on Friday, causing the Dow Jones Industrial Average to dip slightly even as it eyed continued gains for the week, propelling the 30-stock average to record highs. The Dow marked a 71-point decline, equivalent to 0.2%. Simultaneously, the S&P 500 experienced a 0.2% slip, while the Nasdaq Composite rose by 0.3%. Costco shares surged by almost 3% following the retailer’s surpassing of Wall Street’s quarterly result estimates and the announcement of a $15 per share dividend. This week’s trajectory indicates the seventh consecutive positive week for major averages. As of Thursday, the Dow…
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Dec 15, 2023: U.S. stocks exhibited mixed performance on Friday, as certain investors secured profits following the surge post the Federal Reserve’s meeting, driven by optimism about the central bank’s ability to engineer a smooth economic transition next year. As of 09:35 ET (14:35 GMT), the Dow Jones Industrial Average slightly dipped, the S&P 500 index lowered by 4 points (0.1%), while the NASDAQ Composite gained 32 points (0.2%). Despite minor fluctuations, major Wall Street indices are set for their seventh consecutive positive week, marking their most robust weekly winning streak since 2019. Fed’s Optimistic Stance The positive market sentiment…
Dec 15, 2023: Oil prices rallied on Friday, potentially marking their first weekly increase in two months following a positive outlook on future oil demand by the International Energy Agency (IEA) and a weakened dollar. At 0918 GMT, Brent futures climbed by 21 cents, reaching $76.82 a barrel. Concurrently, U.S. West Texas Intermediate (WTI) crude also ascended by 21 cents to reach $71.79. Both benchmarks seemed set for a modest weekly upturn, buoyed by the U.S. Federal Reserve’s mid-week suggestion of potential borrowing cost cuts in the coming year. The dollar’s dip to a four-month low on Thursday, following the…
Dec 15, 2023: The U.S. dollar showed a slight uptick in early European trading on Friday, yet it’s heading for its most significant weekly drop since July, a result of signals from the Federal Reserve pointing to potential rate cuts next year, while European central banks maintain their hawkish stance. At 04:15 ET (09:15 GMT), the Dollar Index, gauging the dollar against a basket of six major currencies, indicated a 0.1% rise at 101.702, hovering close to the day’s earlier four-month low of 101.459. It’s recorded a decline of over 2% for the week. Impact of Fed’s Policy ShiftBoth the…
Dec 15, 2023: Chinese industrial production outperformed expectations in November, showcasing a year-on-year growth of 6.6%, as reported by the National Bureau of Statistics. This figure exceeded the anticipated 5.6% growth and marked an acceleration from the previous month’s 4.6% growth. The upswing was notably influenced by a low comparative base due to the COVID-era lockdowns that persisted in Chinese factories towards the end of 2022. This stronger-than-expected reading hints at some resilience in output, offering a positive glimpse into the Chinese economy. However, the anticipated post-COVID economic resurgence failed to fully materialize this year, and recent data continues to…
Dec 14, 2023: China’s central bank is anticipated to increase liquidity injections while keeping the key interest rate stable during the rollover of maturing medium-term policy loans scheduled for Friday, as indicated by a Reuters survey. Out of thirty-two surveyed market participants this week, 29 individuals, accounting for 91%, anticipated that the People’s Bank of China (PBOC) would maintain the current borrowing cost of one-year medium-term lending facility (MLF) loans. Meanwhile, the remaining three participants projected a marginal reduction in interest rates. Presently, the interest rate on the MLF loans stands at 2.5%. Moreover, 26 respondents, representing 81% of the…
Dec 14, 2023: Oil prices experienced a significant rise on Thursday, propelled by improved market sentiment following the Federal Reserve’s dovish stance and the International Energy Agency’s (IEA) optimistic upward revision of next year’s oil demand forecast. As of 08:50 ET (13:50 GMT), U.S. crude futures surged 2.7% to $71.31 per barrel, while the Brent contract climbed 2.6% to reach $76.16 per barrel. IEA Raises Global Oil Demand Projection for 2024 The oil market received a substantial boost as the IEA revised its global oil consumption forecast in its monthly report, projecting a rise of 1.1 million barrels per day—up…
Dec 14, 2023: The Federal Reserve opted to maintain interest rates at their over two-decade high during its final two-day policy meeting of 2023. Nevertheless, officials hinted at a forthcoming series of cuts in the upcoming year, sparking significant surges in both stock and bond markets. Attention now turns to European central banks, where market observers await indications of a potential dovish stance, similar to the Fed’s approach. Fed Holds Rates Steady, Hints at 2024 Rate Cuts The Federal Reserve, in a unanimous decision by the Federal Open Market Committee, sustained interest rates within a range of 5.25% to 5.50%…
Dec 14, 2023: Most Asian stocks surged significantly on Thursday following the Federal Reserve’s announcement of halting interest rate hikes and considering potential cuts in 2024. However, apprehensions about China’s economic slowdown restrained these gains. Australia’s ASX 200 led the gains, climbing 1.6% driven by robust performances in banks and commodity stocks. The market was further lifted by data demonstrating the enduring resilience of Australia’s labor force, despite a slight uptick in the November unemployment rate. South Korea’s KOSPI soared 1.1%, propelled by a surge in technology stocks tracking the U.S. Treasury yields’ overnight decline. This momentum spilled over to…
Dec 14, 2023: In Asian trading on Thursday, oil prices continued their climb, building on previous gains, driven by a larger-than-anticipated weekly reduction in U.S. crude reserves and optimistic demand prospects following indications from the U.S. Federal Reserve about potential lower borrowing costs in 2024. Brent futures edged up by 23 cents, marking a 0.31% increase, settling at $74.49 per barrel by 0345 GMT. Similarly, U.S. West Texas Intermediate (WTI) crude advanced by 11 cents, a 0.16% rise, settling at $69.58 per barrel. The market’s uptrend gained momentum in the prior session due to concerns surrounding the security of oil…
