Dec 8, 2023: Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts. Brent crude futures rose $1.54, or 2.1%, to $75.59 a barrel by 0704 GMT, while U.S. West Texas Intermediate crude futures gained $1.39, or 2%, to $70.73 a barrel. Both benchmarks slid to their lowest since late June in the previous session, a sign that many traders believe the market is oversupplied. Brent and WTI are…
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Dec 8, 2023: Gold prices moved little in Asian trade on Friday, sticking above key levels as markets awaited a potentially softer U.S. nonfarm payrolls reading, which comes just days before a Federal Reserve meeting. The yellow metal had raced to record highs at the beginning of the week, helped by a mix of rate cut bets and safe haven demand. But it had lost the record highs as abruptly as it had reached them, as traders locked in profits amid some uncertainty over U.S. monetary policy. Spot gold steadied at $2,030.26 an ounce, while gold futures expiring in February…
Dec 8, 2023: Most Asian currencies moved little on Friday as traders positioned for a potentially softer U.S. nonfarm payrolls reading, while the yen sat near a four-month high to the dollar tracking hawkish signals from the Bank of Japan. The yen was the best-performing Asian currency this week, up over 2% after BOJ Governor Kazuo Ueda signaled that the central bank was considering an eventual move away from negative interest rates. The yen rose 0.2% to 143.88 against the dollar on Friday. Ueda’s comments, made during an address on Thursday, sparked a sharp reversal in bets for more weakness…
Dec 7, 2023: Oil prices reclaimed some ground on Thursday after tumbling to a six-month low the previous day but investors remained concerned about sluggish demand in the United States and China. Brent crude futures were up 76 cents, or 1%, to $75.06 a barrel at 0924 GMT. U.S. West Texas Intermediate crude futures was up 67 cents, also 1%, to $70.05 a barrel. “With the largest global importer of oil (China) shuttering its thirst for crude, pressure remains on prices as the largest producer, the United States, continues with headline output,” PVM Oil analyst John Evans said. In the…
Dec 7, 2023: Japan stocks were lower after the close on Thursday, as losses in the Precision Instruments, Electrical/Machinery and Machinery sectors led shares lower. At the close in Tokyo, the Nikkei 225 declined 1.77%. The best performers of the session on the Nikkei 225 were Tokyo Electric Power Co., Inc. (TYO:9501), which rose 10.55% or 73.00 points to trade at 765.00 at the close. Meanwhile, Sompo Holdings Inc (TYO:8630) added 5.12% or 353.00 points to end at 7,253.00 and Shizuoka Financial Group Inc (TYO:5831) was up 1.84% or 22.50 points to 1,247.50 in late trade. The worst performers of…
Dec 7, 2023: Cryptocurrencies experienced a notable uptick, with Dogecoin spearheading the rally with an 8.34% increase, elevating its price to 10 cents. The broader market uptrend was also reflected in the performance of other digital currencies; Polkadot and Cardano saw their values ascend to $6.15 and 44 cents, respectively. The positive momentum extended beyond individual cryptocurrencies, with crypto-related funds showcasing bullish sentiment. The Bitwise Crypto Industry Innovators ETF and Amplify Transformational Data Sharing ETF both reported gains, while the Grayscale Bitcoin Trust surged, further indicating investor confidence in the sector. Despite the overall market growth, some assets experienced a…
Dec 7, 2023: Gold prices moved little in Asian trade on Thursday as traders hunkered down in anticipation of more cues on a cooling U.S. labor market, while focus also remained on when the Federal Reserve planned to begin trimming interest rates. The yellow metal appeared to have settled into a trading range of between $2,020 and $2,050 an ounce after briefly surging to record highs above $2,100 at the beginning of the week. A string of different factors had spurred gold’s rally, as seemingly dovish cues from Fed Chair Jerome Powell pushed up expectations that the Fed will cut…
Dec 7, 2023: European shares took a breather on Thursday after strong gains recently, with travel and leisure stocks leading declines, as investors grew wary of a economic downturn after weak German data and awaited the eurozone’s GDP print The pan-European STOXX 600 was down 0.3% by 0935 GMT after touching a more than four-month high on Wednesday. The index is on track for its fourth straight weekly gain. Germany’s DAX, too, fell 0.2% after scaling a fresh all-time high in the prior session. “It seems like a runaway trade, and we may see a little correction given the overextended…
Dec 6, 2023: Most Asian stocks rallied on Wednesday as weak U.S. labor market indicators fueled more bets that the Federal Reserve had limited room to keep interest rates higher, helping investors look past a warning on China’s economy. JOLTs data showed job openings fell more than expected in October, pointing to some cooling in the labor market. The reading spurred a rise in bets for a March rate cut by the Fed, with traders now pricing in a nearly 54% chance of a 25 basis point cut. U.S. Treasury yields also sank after the reading, benefiting global technology shares.…
Dec 6, 2023: Gold prices moved little in Asian trade on Wednesday after falling sharply from record highs this week, with traders now seeking more cues on when the Federal Reserve will begin trimming interest rates. A softer-than-expected JOLTs job openings reading for October pushed up some hopes over a cooling labor market. But focus remained squarely on an upcoming nonfarm payrolls reading for November, due this Friday. The yellow metal had started the week at record highs of over $2,100 an ounce, boosted by seemingly less hawkish comments from Fed Chair Jerome Powell, as well as increased safe haven…
