Feb 26 2024: Japanese stocks concluded the trading session on Tuesday with gains, as the Nikkei 225 index advanced by 0.17% to achieve a new record high. The upward momentum was primarily attributed to increases in the Shipbuilding, Pharmaceutical, and Transport sectors. By the end of trading in Tokyo, the Nikkei 225 had reached a new peak, buoyed by notable performances from companies such as Hitachi Zosen Corp. (TYO:7004), which saw a surge of 8.69% to 1,251.00, Yaskawa Electric Corp. (TYO:6506), up by 6.04% to 6,182.00, and Otsuka Holdings Ltd (TYO:4578), rising by 5.23% to 6,074.00. However, some stocks experienced declines…
Author: editor2
Feb 26 2024: Futures Indicate Lower Open:U.S. futures signal a lower start on Monday as investors anticipate a week filled with significant economic data releases and corporate earnings reports. Warren Buffett’s reassurances about Berkshire Hathaway’s resilience and remembrance of Charlie Munger, alongside Ant Group’s bid for Credit Suisse’s China unit, are in focus. Economic Data and Earnings:Investors are keenly awaiting U.S. inflation data, particularly Thursday’s release of January’s personal consumption expenditures price data. Recent economic figures suggest persistent price gains, potentially delaying Federal Reserve interest rate cuts. Additionally, the week features various economic reports including durable goods orders, ISM manufacturing PMI,…
Feb 26 2024: The dollar asserted its strength on Monday in anticipation of a busy week packed with significant economic releases, offering insights into the global interest rate outlook, with particular attention on an upcoming U.S. inflation report. The core Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s favored gauge of inflation, is set for release on Thursday, with expectations pinned on a 0.4% increase on a monthly basis. This week’s data calendar also includes inflation figures from the euro zone, Japan, and Australia, alongside a rate decision from the Reserve Bank of New Zealand (RBNZ) and Purchasing Managers’ Index…
Feb 26 2024: Oil prices continued their descent on Monday, extending losses from the previous session as the dollar gained ground amidst perceptions that higher-than-anticipated inflation might postpone cuts to elevated U.S. interest rates, which have been constraining global fuel demand growth. Brent crude futures dropped by 14 cents, or 0.2%, to $81.48 a barrel by 0656 GMT, while U.S. West Texas Intermediate crude futures (WTI) fell by 22 cents, or 0.3%, to $76.27 a barrel as the U.S. dollar strengthened. A stronger dollar renders oil more costly for holders of other currencies. This decline builds upon last week’s losses, during…
Feb 26 2024: European stock markets commenced the week cautiously, slipping lower as investors anticipated the unveiling of crucial inflation indicators. As of 03:05 ET (08:05 GMT), Germany’s DAX index was down 0.1%, France’s CAC 40 declined 0.2%, and the U.K.’s FTSE 100 dropped 0.1%. Following a surge in global equities last week propelled by Nvidia (NASDAQ:NVDA)’s stellar quarterly report, attention now turns to the persistent concern of inflation and its implications for monetary policy. The Eurozone is scheduled to release closely monitored inflation data on Friday, the final reading before the European Central Bank meeting on March 7. Economists anticipate…
Feb 26 2024: “Disregarding GDP: Stocks Forge Their Own Path, Notes McGeever The stock market operates independently from the economy.” This observation rings true in today’s landscape, particularly with the remarkable surge in a select few mega tech stocks propelling Wall Street to unprecedented highs, despite various sectors lagging behind and signs of economic growth slowdown. However, the United States continues to maintain ‘real’ inflation-adjusted economic growth rates of 3% or higher, driving nominal growth to well over 5%, while annual S&P 500 corporate profit growth exceeded 10% last year. This might offer some explanation. But the puzzle deepens when examining…
Feb 23 2024: On Friday, most Asian currencies saw a decline while the dollar stabilized following hawkish remarks from the Federal Reserve and robust U.S. labor data, casting doubts on the possibility of early rate cuts in the U.S. In Asian trading, both the dollar index and dollar index futures remained relatively unchanged, showing slight weekly declines after stepping back from their three-month highs earlier in the week. Despite this, the outlook for the dollar remained optimistic, as indications grew stronger that the Federal Reserve intends to maintain higher interest rates for an extended period. Fed Governor Christopher Waller’s comments, stressing…
Feb 23 2024: Oil prices declined on Friday following comments from a U.S. Federal Reserve official suggesting a postponement of interest rate cuts for at least two more months. However, signs of robust demand and supply concerns may provide support to prices in the days ahead. Brent crude futures dipped by 38 cents, or 0.5%, to $83.29 a barrel at 0524 GMT, while U.S. West Texas Intermediate crude futures were down 40 cents, or 0.5%, to $78.21. Fed Governor Christopher Waller’s statement on Thursday urged policymakers to postpone interest rate cuts to assess whether recent inflation upticks signal a halt in…
Feb 23 2024: In Asian trading on Friday, gold prices remained relatively unchanged and stayed within a recently established trading range, reflecting a growing belief that the Federal Reserve will refrain from initiating early interest rate cuts in 2024. Despite some upward movement this week, largely seen as a recovery from significant losses in the preceding two weeks, gold prices were held back by persistent concerns over prolonged higher interest rates. The strength of the dollar and Treasury yields further limited significant gains in gold prices. Spot gold saw a minor increase of 0.1% to $2,025.80 per ounce, while gold futures…
Feb 23 2024: Bakkt Holdings, Inc. (NYSE: BKKT), a digital asset marketplace, and Swan Bitcoin, a Bitcoin financial services firm, have announced an expansion of their partnership to offer Bitcoin trading and custody services across 49 states in the United States. This collaboration aims to provide Swan customers with a comprehensive range of Bitcoin services, including fiat onboarding, Bitcoin trading, and secure custody options. Gavin Michael, CEO of Bakkt, expressed excitement about the progress of the partnership and hinted at potential future endeavors, including international market expansions. This development represents a significant milestone for both companies as they seek to expand…
