Feb 19 2024: Australian stocks saw gains at the end of trading on Monday, with the Telecoms Services, Financials, and Metals & Mining sectors driving the market higher. By the close of trading in Sydney, the S&P/ASX 200 index had risen by 0.09%. Leading the gains on the S&P/ASX 200 were A2 Milk Company Ltd (ASX:A2M), which surged by 14.55% or 0.74 points to reach 5.79 by the close. Additionally, Appen Ltd (ASX:APX) climbed by 9.23% or 0.03 points to finish at 0.35, while Reliance Worldwide Corporation Ltd (ASX:RWC) saw a rise of 5.67% or 0.25 points, closing at 4.66.…
Author: editor2
Feb 16 2024:A comprehensive look at the upcoming day in global and European markets by Rae Wee Japan’s Nikkei index appeared to be channeling its glory days of the late 1980s as it neared a record high during Friday’s early Asian session. The Nikkei surged to a 34-year pinnacle at 38,865.06 points, inching tantalizingly close to its all-time peak of 38,957.44 points achieved on December 29, 1989. This surge continues the index’s remarkable 15% climb for the year, extending the impressive 28% rally witnessed in 2023. This bullish momentum persists even amidst Japan’s economic downturn, slipping into recession and conceding…
Feb 16 2024: Most Asian currencies showed limited movement on Friday, with the market sentiment indicating a muted weekly performance as expectations of early interest rate cuts by the Federal Reserve waned. Despite the dollar retreating from a three-month peak after disappointing retail sales data for January, regional currencies found little solace. The dollar rebounded partially following comments from Federal Reserve Bank of Atlanta President Raphael Bostic, hinting at a delay in rate cuts and uncertainty regarding inflation reaching the central bank’s target. Both the dollar index and dollar index futures edged up by 0.1% in Asian trading, marking their…
Feb 16 2024: Gold prices showed little movement in Asian trading on Friday, steadying above the $2,000 mark following weak U.S. retail sales data that raised concerns about the Federal Reserve’s interest rate strategy. On Thursday, gold managed to reclaim the $2,000 per ounce level after earlier declines in the week, partially buoyed by safe-haven demand amid reports of recessions in Japan and the UK. However, despite this rebound, gold remained on track for significant weekly losses as traders revised down expectations for imminent rate cuts, especially in light of higher-than-expected consumer price index data earlier in the week. Spot…
Feb 16 2024: JPMorgan upgraded Coinbase’s rating from Underweight to Neutral on Thursday, citing the surge in Bitcoin prices as the primary factor. The bank maintained its price target of $80 for the stock. According to analysts at JPMorgan, the rise in Bitcoin prices not only boosts the overall crypto market but also improves Coinbase’s earnings outlook. Initially, JPMorgan had concerns that the recent Bitcoin enthusiasm was fueled by overly optimistic expectations surrounding the approval and launch of U.S. spot Bitcoin ETFs over the past three months. However, they acknowledged that what began as a sell-the-news reaction to the ETFs’…
Feb 16 2024: Australian stocks closed higher on Friday, driven by gains in the Gold, Metals & Mining, and Resources sectors. At the close in Sydney, the S&P/ASX 200 index gained 0.69%. Among the top performers on the S&P/ASX 200 were IGO Ltd (ASX:IGO), which rose by 7.84%, Pilbara Minerals Ltd (ASX:PLS) up by 7.51%, and Omni Bridgeway Ltd (ASX:OBL) which gained 7.28% in late trading. On the flip side, Inghams Group Ltd (ASX:ING) experienced a decline of 12.73%, followed by Pro Medicus Ltd (ASX:PME) down by 7.43%, and Domain Holdings Australia Ltd (ASX:DHG) which dropped 5.37%. Rising stocks outnumbered…
Feb 15 2024: Britain is gearing up for a significant shift in its share trading landscape, aiming to match the rapid transaction pace seen on Wall Street. However, rather than opting for an abrupt overhaul, the country plans to adopt a carefully phased approach, allowing market participants ample time to adapt their systems. This strategy was outlined by the chair of a government-commissioned review tasked with spearheading the transition. Beginning at the end of May, shares traded in the United States, Canada, and Mexico will undergo settlement—where legal ownership is exchanged for cash—within a single business day (T+1), a stark…
Feb 15 2024: The dollar edged lower from its recent three-month peak against a basket of major currencies on Wednesday, as investors took stock of gains following a hotter-than-expected U.S. inflation report. The inflation figures for January pushed back expectations of an initial Federal Reserve rate cut to later in the year. The dollar also softened against the yen after Japanese officials cautioned against what they termed as rapid and speculative movements in the yen. Against the yen, the dollar slipped by 0.2% to 150.52, remaining close to the three-month high reached against the Japanese currency on Tuesday. Since the…
Feb 15 2024: Japan’s stock market saw gains at the end of Thursday’s trading session, driven by increases in the Retail, Chemical, Petroleum & Plastic, and Precision Instruments sectors. At the close of trading in Tokyo, the Nikkei 225 index climbed by 1.22%, reaching a new 5-year peak. Leading the session’s positive performers on the Nikkei 225 were Mitsui Engineering & Shipbuilding (TYO:7003), surging by 18.61% or 150.00 points to settle at 956.00 by the end of trading. Similarly, Ebara Corp. (TYO:6361) saw a significant increase of 15.97% or 1,502.00 points, closing at 10,910.00, while Rakuten Inc (TYO:4755) rose by…
Feb 15 2024: In Asian trading on Thursday, gold prices remained relatively unchanged, staying below significant support levels as the allure of the yellow metal continued to be dampened by expectations of prolonged higher U.S. interest rates. Bullion prices found slight respite from marginal declines in the dollar, which stabilized during overnight trading after surging to its highest level in three months earlier this week. The dollar is now anticipated to experience further short-term strengthening, as traders increasingly adjust their expectations regarding potential early rate cuts by the Federal Reserve. A number of Federal Reserve officials have also cautioned that…
