Nov 17, 2023: Oil prices hovered around a four-month low in Asian trade on Friday, and were headed for steep weekly losses amid signs of increased supplies and fears of worsening global demand. A bigger-than-expected build in U.S. oil inventories, coupled with record-high production levels, saw traders betting that oil supplies in the world’s largest fuel consumer were not as tight as initially expected. On the demand front, signs of steady U.S. fuel demand were largely offset by a series of weak economic prints from Japan, China, and the euro zone. Uncertainty over higher U.S. interest rates also crept back…
Author: Admin
Nov 17, 2023: Asian shares took a breather on Friday as a batch of softer U.S. economic data took some of the steam out of Wall Street, but also boosted bonds in a big way while slugging oil prices in a boon for the inflation outlook. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.4% from a two-month high, but still up 3.1% so far for the week in its best performance since July. Both Brent and U.S. crude slid almost 5% on Thursday to four-month lows in a move that was blamed on economic and supply concerns, though…
Nov 17, 2023: The yen was on track for its best week against the dollar in four months on Friday on the prospect of a narrowing U.S.-Japan rate differential, with bets that the Federal Reserve is done raising rates leaving the greenback headed for a weekly loss. A slew of weaker-than-expected U.S. economic data released this week, led by a slowdown in inflation, has reinforced market expectations that the Fed has reached the end of its aggressive monetary tightening cycle, with focus now on when the first rate cuts could begin. Market pricing shows just a 0.3% chance of another…
Nov 16, 2023: Oil prices fell on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from China. Brent futures slipped 72 cents to $80.46 a barrel by 0400 GMT. U.S. West Texas Intermediate crude (WTI) shed 67 cents to $75.99 a barrel. Both benchmarks fell more than 1.5% in the prior session. WTI’s front-month contract also traded below the price for the second month, a structure known as contango, suggesting that investors expect prices to increase. The front month’s discount to the second month traded at…
Nov 16, 2023: Bitcoin has surged past the $38,000 threshold for the first time in 17 months, marking a significant 5% gain within the last week. The cryptocurrency’s rally comes amid heightened anticipation that the U.S. Securities and Exchange Commission (SEC) may soon approve a spot Bitcoin exchange-traded fund (ETF), which has been a long-awaited milestone for crypto enthusiasts. Despite recent setbacks, such as the SEC delaying decisions on the ETF applications from Hashdex and Grayscale, Bitcoin’s value has shown resilience. These delays have not dampened market optimism, as evidenced by the continued upward trajectory of Bitcoin’s price. Investors are…
Nov 16, 2023: Most Asian currencies weakened on Thursday, tracking a recovery in the dollar as stronger-than-expected U.S. retail sales data brewed some uncertainty over the path of interest rates. Mixed signals from high-level U.S.-China talks also dented sentiment. While Presidents Xi Jinping and Joe Biden flagged more communication between the two countries after a meeting on Wednesday, a comment from Biden- that Xi is a “dictator,” seemed likely to have irked Chinese authorities. The Chinese yuan fell 0.2% to 7.2601 against the dollar, also coming under pressure from data showing a sustained decline in Chinese house prices. The Japanese…
Nov 16, 2023: Gold prices steadied on Thursday, but paused a recent recovery rally after stronger-than-expected U.S. retail sales data brewed some uncertainty over the path of U.S. monetary policy. The yellow metal fell slightly on Wednesday after two straight days of strong gains, as the dollar recovered from a 2-½ month low and Treasury yields stemmed recent declines. Safe haven demand for gold was slightly aided by high-level U.S.-China talks, as Presidents Xi Jinping and Joe Biden met in San Francisco. The meeting appeared to have prompted some improvement in Sino-U.S. relations, with both parties agreeing to reopen military…
Nov 16, 2023: Asian stocks sank on Thursday, reversing some recent gains as strong U.S. retail sales data pushed up Treasury yields, while Chinese stocks fell sharply on signs of continued headwinds for the property market. Regional markets also saw a measure of profit taking after a strong set of gains earlier this week, as markets priced in a greater chance that the Federal Reserve was done raising interest rates. But these bets were somewhat offset by stronger-than-expected U.S. retail sales data on Wednesday, which sparked a rebound in Treasury yields and the dollar. Strength in retail spending still has…
Nov 14, 2023: The cryptocurrency market has witnessed a significant upswing, with Bitcoin and Ethereum leading the charge. Bitcoin surged nearly 36% over the past month, surpassing $36,500, while Ethereum ascended over 32%, reaching above $2,050. This bullish momentum is largely attributed to the anticipated launch of Bitcoin and Ethereum exchange-traded funds (ETFs) by investment giant BlackRock (NYSE:BLK). The global crypto market cap now stands at $1.4 trillion, marking a robust increase in total volume by around 31% to $62.44 billion from the previous day. Bitcoin maintains its dominance with over 51% of the market share and a market cap…
Nov 14, 2023: Most Asian currencies crept lower on Tuesday, while the dollar clocked small gains before key U.S. inflation data that is expected to determine the path of monetary policy. Concerns over China also weighed on regional sentiment, as data showed a further slowdown in lending activity in the country through October. This saw the yuan fall 0.1%, coming close to the 7.3 level against the dollar. Chinese readings on industrial production and fixed asset investment are also due this week. The Japanese yen hovered around its weakest level in a year against the greenback, although further losses in…
