Oct 9, 2023: European stock markets are expected to open largely lower Monday, as investors assess the implications of the military conflict in the Middle East and the associated surge in oil prices. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.9% lower, CAC 40 futures in France dropped 0.3%, while the FTSE 100 futures contract in the U.K. traded largely flat. Oil soars on Middle East conflict escalationThe Israeli-Palestinian conflict escalated to full-blown war over the weekend, as members of the Islamist group Hamas attacked several Israeli towns, killing hundreds of Israelis and abducted dozens…
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Oct 9, 2023: Oil prices were up more than $3 a barrel in Asian trade on Monday as military clashes between Israel and the Palestinian Islamist group Hamas deepened political uncertainty across the Middle East and raised concerns about supplies. Brent crude rose $3.10, or 3.67%, to $87.68 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was at $86.05 a barrel, up $3.26, or 3.94%. Both benchmarks had jumped more than $4 a barrel earlier, before easing slightly. “Increasing geopolitical risk in the Middle East should support oil prices … higher volatility can be expected” analysts from…
Oct 9, 2023: German industrial output shrank in August for the fourth consecutive month, the federal statistics office said on Monday, an indication that the sector remains under serious pressure. Industrial production fell slightly more than expected in August by 0.2% compared to the previous month. Analysts polled by Reuters had predicted a 0.1% decline. Industrial orders rose by 3.9% in August due to a boost in computing, electronic and optical products, but the outlook for the sector remains challenging, Destatis said. Source Courtesy: Reuters
Oct 6, 2023: Crude prices edged higher on Friday amid deep weekly losses left by one of the oil market’s worst tumbles for the year. With September US jobs data, due later on Friday, being the final major development for this week awaited by markets, some support emerged for oil trading at closer to $80 per barrel than the mid-$95 levels of last month. “After the heavy move down on the week, it won’t be unusual to see a little recovery though the momentum for oil is still decidedly down,” said John Kilduff, partner at New York energy hedge fund…
Oct 6, 2023: The Ethereum network has seen a decrease in activity and a subsequent decline in average fees, according to data analytics firm Santiment. This comes after the FTX crash that occurred in November 2022. The correlation between Ethereum’s dwindling average fees and network traffic and transfer volumes was scrutinized, suggesting that the decrease in fees could be attributed to less network activity. The recent price alterations of Ethereum have also been linked to this decline in network usage. However, these conclusions are considered speculative due to the inherent volatility of the cryptocurrency market. The FTX crash in November…
Oct 6, 2023: US stock futures were trading within a tight range during Thursday’s evening deals, following a mixed session for major benchmark averages as investors brace for key employment data due later in Friday’s trade. By 6:50pm ET (10:50pm GMT) Dow Jones Futures and Nasdaq 100 Futures were flat while S&P 500 Futures eased 0.1%. In extended deals, Levi Strauss & Co Class A (NYSE:LEVI) dipped 1.4% after the company reported Q3 EPS of $0.28 versus $0.27 expected on revenues of $1.5 billion versus $1.54 billion expected. The company forecasted FY2023 EPS in the range of $1.10-$1.20 versus $1.12…
Oct 6, 2023: The Reserve Bank of India’s key lending rate was held steady at a fourth consecutive policy meeting on Friday, as widely expected, but signalled it would keep liquidity tight using bond sales to bring inflation closer to its 4% target. The country’s monetary policy committee (MPC) kept the repo rate unchanged at 6.50%, in a unanimous decision. Most economists polled by Reuters had expected it to keep rates steady. The committee remains “resolutely focused on aligning inflation to the 4% target on a durable basis,” RBI Governor Shaktikanta Das said. The RBI may consider open market (OMO)…
Oct 6, 2023: Bitcoin (BTC) experienced a minor increase of 0.24% within the last day, according to CoinStats data released on Thursday. However, the cryptocurrency continues to demonstrate a bearish momentum on an hourly chart. It broke through the latest support level at $27,560, indicating a possible decline to $27,000 if daily trading ends below this mark. Earlier in the week, despite an initial bullish candle closure, Bitcoin couldn’t sustain its upward momentum. This led to an expected sideways movement within the $27,000-$28,000 range for the week. The weekly chart reveals low trading volume, suggesting that Bitcoin is likely consolidating…
Oct 5, 2023: Wall Street’s key indexes fell at the open on Thursday as data showed a lower-than-expected rise in weekly jobless claims and U.S. Treasury yields held on to recent highs. The Dow Jones Industrial Average fell 30.32 points, or 0.09%, at the open to 33,099.23. The S&P 500 opened lower by 4.44 points, or 0.10%, at 4,259.31, while the Nasdaq Composite dropped 7.89 points, or 0.06%, to 13,228.12 at the opening bell. Source Courtesy: Reuters
Oct 5, 2023: The U.S. dollar edged lower Thursday after weak employment data resulted in a moderation in U.S. Treasury yields, while the euro gained despite the weak economic outlook. At 03:40 ET (07:40 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 106.442, just lower than its recent near 11-month high. Weak private payrolls weigh on dollarData released Wednesday showed that U.S. private payrolls increased far less than expected in September, suggesting that the country’s labor market was cooling. This raised doubts that the Federal Reserve would be inclined…
