Nov 24, 2023: Gold prices hovered just below key highs on Friday as a U.S. market holiday made for scant trading cues, with focus now turning to upcoming business activity readings for more cues on the world’s largest economy. The yellow metal was still headed for a second straight week of gains, amid growing conviction that the Federal Reserve was done raising interest rates. It also remained in sight of the coveted $2000 an ounce level, which it had breached earlier in the week. But gold failed to hold the level after strong labor market data and hawkish signals from…
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Nov 23, 2023: Bitcoin rose 5.7 % to $37,802, adding $2,044 to its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is up 42.5% from the year’s low of $26,533 on Oct. 11. Ether, the coin linked to the Ethereum blockchain network, rose 7.94 % to $2,087.9 on Wednesday, adding $153.6 to its previous close. Source Courtesy: Reuters
Nov 23, 2023: U.S. stocks ended higher on Wednesday on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient. Economic reports on jobless claims, durable goods, and consumer sentiment seemed to suggest the economy is easing but may stay strong enough to avoid recession. Data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. Tuesday’s minutes on the last Fed meeting showed a cautious approach toward monetary policy. Still, stocks have risen sharply in recent weeks on the view the Fed is done…
Nov 23, 2023: OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to Nov. 30 from Nov. 26 as producers struggled to agree on production levels and hence possible reductions, OPEC+ sources said, a surprise delay that sent oil prices sliding. Three OPEC+ sources said this was linked to African countries. OPEC+ said after its last meeting in June that the 2024 output quotas of Angola, Nigeria and Congo were conditional on reviews by outside analysts. Sunday’s meeting of the Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, had been expected…
Nov 22, 2023: Asian stocks were a mixed bag on Wednesday as a recent rally- powered by easing fears of a hawkish Federal Reserve- appeared to have paused. Technology stocks saw some losses, particularly those with exposure to NVIDIA Corporation (NASDAQ:NVDA) after the world’s most valuable chipmaker warned of a severe downturn in Chinese revenue, even after posting strong quarterly earnings. Chinese stocks fell as a rebound from multi-year lows appeared to be running out of steam. The Shanghai Shenzhen CSI 300 and Shanghai Composite indexes shed about 0.5% and 0.3%, respectively, as investors awaited more cues on stimulus measures…
Nov 22, 2023: Oil prices barely moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up. Brent crude futures fell 3 cents, or 0.04%, to $82.45 a barrel by 0500 GMT. U.S. West Texas Intermediate crude futures fell 1 cent, or 0.01%, to $77.76. Both benchmarks have fallen for four straight weeks, and prices weakened further last week on growing concerns about the demand outlook. Investors remained cautious ahead of Sunday’s scheduled OPEC+…
Nov 22, 2023: Most Asian currencies moved little on Wednesday, while the dollar stemmed recent declines after the minutes of the Federal Reserve’s late-October meeting reiterated the bank’s outlook on higher-for-longer interest rates. Regional currencies saw a measure of profit taking after a strong run-up in the past two sessions, as markets priced in bets that the Fed was done raising interest rates. But Tuesday’s minutes cast some doubt over when the central bank will begin trimming interest rates, given that most Fed officials have also repeatedly signaled higher for longer rates. The Chinese yuan- which was one of the…
Nov 22, 2023: Gold prices steadied in Asian trade on Wednesday after briefly touching key highs as the prospect of no more rate hikes by the Federal Reserve spurred continued flows into the yellow metal. But a rally in gold prices now appeared to have cooled, as the minutes of the Fed’s late-October meeting, released on Tuesday, showed the bank sticking to its higher-for-longer outlook on interest rates. While markets remained convinced that the Fed will raise rates no further, the Fed minutes spurred some doubts over when the central bank will begin trimming rates. CME Group’s Fedwatch tool showed…
Nov 22, 2023: US stock futures ticked lower during Tuesday’s evening deals, extended a negative session for major benchmarks as investors evaluated Nvidia’s latest earnings results. By (6:30 pm ET (11:30 pm GMT) Dow Jones Futures eased 0.1%, S&P 500 Futures were down 0.2% and Nasdaq 100 Futures lost 0.3%. In extended deals, NVIDIA Corporation (NASDAQ:NVDA) fell by 1.5% after reporting Q3 EPS of $4.02 versus $3.36 expected on revenues of $18.12 billion versus $16.18 billion expected. However, the company did caution that export restrictions on China could impact its fiscal fourth-quarter results. Autodesk Inc (NASDAQ:ADSK) dipped 3.7% after the…
Nov 17, 2023: Most Asian stocks fell on Friday, cooling after marking some strong gains earlier this week, while Chinese technology stocks clocked steep losses after Alibaba flagged the impact of recent U.S. chip export curbs. Regional markets took a weak lead-in from Wall Street, as the tail end of a fairly sobering earnings season brought little cheer. Weaker-than-expected jobless claims data also pointed to more cooling in the U.S. economy. An overnight spike in U.S. Treasury yields also pressured stock markets. Chinese tech, Hong Kong stocks battered by AlibabaHong Kong’s Hang Seng index was by far the worst performer…
