Jan 19, 2024: Oil prices have inched higher, poised for weekly gains due to ongoing tensions in the Middle East and disruptions in U.S. oil output caused by severe winter weather. As of 09:05 ET (14:05 GMT), U.S. crude futures showed a 0.1% increase, reaching $74.05 per barrel, while the Brent contract climbed 0.1% to $79.21 a barrel. Both benchmarks are on track to achieve weekly gains exceeding 1%. This week, the crude market has experienced upward momentum as heightened tensions in the Middle East compelled companies to reroute cargoes around Africa, resulting in extended journey times and increased costs.…
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Jan 19, 2024: JPMorgan equity strategists have observed subdued results and cautious forward guidance during the ongoing fourth-quarter earnings season for S&P 500 companies. Early reporting from about 6% of companies, primarily in the banking, consumer, and industrial sectors, shows that 66% of them exceeded earnings expectations. However, concerns arise as only 50% are surpassing revenue projections, and stocks are experiencing underperformance after earnings announcements. JPMorgan emphasizes challenges for consumer-focused companies, including diminishing household savings and liquidity concerns, as well as risks associated with slowing growth in Asia/China for global consumer brands. The strategists suggest that the stock market is…
Jan 19, 2024: U.S. stock futures are slightly higher, indicating a continuation of the previous session’s gains. Additionally, the U.S. Congress has passed a bill providing short-term funding for the federal government, averting a shutdown. Meanwhile, reports suggest that department store chain Macy’s plans to cut thousands of jobs and close several locations. U.S. Futures Move Higher In early trading on Friday, U.S. stock futures show a positive trend, pointing towards an extension of the gains from the previous session. As of 05:16 ET (10:16 GMT), Dow futures have risen by 73 points or 0.2%, S&P 500 futures are up…
Jan 9, 2024: The U.S. dollar showed a slight decrease in early European trading on Friday, but it was on course for a second consecutive weekly gain. Renewed uncertainties regarding early interest rate cuts by the Federal Reserve contributed to the dollar’s strength, while the British pound faced headwinds from disappointing retail sales. At 04:00 ET (09:00 GMT), the Dollar Index, measuring the greenback against a basket of six other currencies, was down 0.1% at 103.212. Despite this minor decline, the dollar had registered an increase of over 1% for the week. The U.S. economy’s resilience has tempered expectations of…
Jan 19, 2024: Gold prices stabilized on Friday after experiencing significant declines throughout the week, as increasing skepticism about early interest rate cuts by the Federal Reserve negatively impacted the precious metal. The price of gold had sharply dropped to a one-month low on Wednesday but found some support around the $2,000 an ounce level, driven by safe-haven demand. The decline in gold was primarily attributed to traders shifting towards the dollar due to robust economic data and hawkish-leaning comments from Fed officials, leading to reduced expectations of a rate cut in March. Despite the downward pressure, gold received some…
Jan 18, 2024: Many Asian stocks maintained a narrow trading range on Thursday as robust U.S. data further diminished expectations of early interest rate cuts by the Federal Reserve. Concurrently, Chinese shares continued to plummet, reaching multi-year lows following disappointing GDP readings. Regional markets were influenced by Wall Street’s performance, where stronger-than-expected retail sales data led traders to scale back bets on a March rate cut by the Federal Reserve. The data reinforced statements from Fed officials indicating that U.S. interest rates would remain elevated for an extended period, negatively impacting risk-driven markets and potentially limiting foreign capital inflows into…
Jan 18, 2024: Most Asian currencies showed little movement on Thursday after experiencing significant losses in the previous session, while the dollar slightly declined from a one-month high as robust U.S. retail sales data raised doubts about early rate cuts by the Federal Reserve. Market sentiment towards Asian economies remained weak following disappointing Chinese gross domestic product data, indicating the region’s largest economy is struggling with a sluggish post-COVID recovery. The Chinese yuan stabilized after reaching its lowest level in almost two months, with limited further losses due to a stronger-than-expected midpoint fix by the People’s Bank of China. However,…
Jan 17, 2024: The Oregon Group, an investment research firm, has released a report anticipating a substantial and sustained increase in lithium demand over the next 20 years, primarily fueled by the electric vehicle (EV) and battery sectors. This projection comes against the backdrop of price corrections in the lithium market throughout 2023, leading to a slowdown in new lithium project developments and supply expansions. The report underscores that the predominant demand for lithium originates from its utilization in electric batteries and vehicles, constituting the largest and fastest-growing sector for the mineral. This scenario is considered unusual, even in bullish…
Jan 17, 2024: XRP’s technical charts are indicating the potential for heightened volatility as the cryptocurrency forms a crucial chart pattern not witnessed since May 2023. The pattern in question is a descending triangle, recognized for its capacity to trigger substantial price movements upon completion. A descending triangle is characterized by a flat bottom accompanied by a series of lower highs forming a downward slope, signifying greater aggressiveness from sellers compared to buyers. Typically considered bearish, the outcome, however, remains uncertain, and breakouts can occur in either direction. In the case of XRP, this pattern emerges after a period of…
Jan 17, 2024: In an unexpected turn, U.S. import prices remained unchanged in December, halting the previous two months’ consecutive decreases. The Bureau of Labor Statistics, part of the Labor Department, reported this stabilization in import prices, following a revised 0.5% decline in November (initially reported as a 0.4% decrease). Economists surveyed by Reuters had anticipated a 0.5% drop in import prices for December, excluding tariffs. Over the 12 months ending in December, import prices experienced a 1.6% decline, continuing a downward trend seen over the past 11 months. This report follows recent data indicating a rise in consumer prices…
