Feb 1, 2024: Most Asian currencies faced a retreat on Thursday, with the dollar hovering near a seven-week high after the Federal Reserve opted to keep interest rates unchanged, dispelling expectations of an imminent rate cut in March. The strength of the dollar, which surged in the wake of the Fed’s comments, exerted pressure on regional currencies. The dollar index and dollar index futures each rose by 0.2% on Thursday, approaching their highest levels since mid-December. The Chinese yuan was among the notable underperformers, slipping by 0.2%. Economic data revealed limited improvement in China’s slow economic recovery, with a private survey…
Author: editor2
Feb 1, 2024: Oil prices experienced an uptick in Asian trading on Thursday as concerns about Middle Eastern supplies persisted due to escalating military activities in the Red Sea. Additionally, anticipation of an upcoming OPEC+ meeting added to market caution. The U.S. reportedly targeted unmanned drones in Western Yemen that were being prepared for launch, following a deadly drone strike against a U.S. base in Jordan. The persistent conflict in the Middle East has disrupted shipping routes through the Red Sea, raising fears of potential delays in oil deliveries to Europe and Asia. Supply disruption concerns served as a significant factor…
Feb 1, 2024: Oil prices experienced a slight increase on Thursday, propelled by signals from the U.S. Federal Reserve suggesting potential rate cuts and new support measures introduced by China to stabilize its troubled property market. Brent crude futures saw a 0.5% rise, reaching $80.98 a barrel, while U.S. West Texas Intermediate crude futures gained 0.6%, settling at $76.29 as of 0405 GMT. This comes after a decline of over $2 a barrel in the previous session. Market analysts attribute the rebound in oil prices to expectations of rate cuts in 2024 following Federal Reserve Chair Jerome Powell’s indication of a…
Feb 1, 2024: Julius Baer, the Swiss wealth manager, announced the departure of CEO Philipp Rickenbacher amid reported net credit losses of 586 million Swiss francs ($679 million) related to its exposure to Signa Holding. The losses exceeded analyst estimates and were linked to Signa’s recent insolvency. Rickenbacher, who served as CEO since 2019, will be succeeded by deputy Nic Dreckmann. The bank is refocusing its lending activities on more traditional areas following the significant impact on net profit for 2023. Note: Swiss Franc to USD exchange rate used for conversion: 1 CHF = 1.16 USD.
Feb 1, 2024: The Nikkei 225 in Japan closed with a 0.90% decline, influenced by various market movements. Top Performers: TDK Corp (TYO:6762) rose 5.48% or 408.00 points, closing at 7,850.00.Nomura Holdings Inc (TYO:8604) gained 5.15% or 39.60 points, concluding at 808.80.Daiichi Sankyo Co., Ltd. (TYO:4568) experienced a 5.13% increase, adding 227.00 points and closing at 4,650.00.Worst Performers: Aozora Bank, Ltd. (TYO:8304) witnessed a significant decline of 21.49%, shedding 700.00 points to close at 2,557.00.Sumitomo Dainippon Pharma Co Ltd (TYO:4506) faced an 18.43% drop, losing 80.00 points and closing at 354.00.Sumitomo Chemical Co., Ltd. (TYO:4005) fell by 6.04%, down 21.10…
Jan 31, 2024: On Wednesday, Asian shares experienced a broad decline, with the Australian dollar sliding following unexpectedly soft inflation data. Japanese government bond (JGB) yields also ticked higher, fueled by growing speculation of an imminent policy shift from the Bank of Japan (BOJ). Chinese markets faced instability after an official factory survey revealed a fourth consecutive month of contraction in China’s manufacturing activity, reflecting the challenges in the world’s second-largest economy as it strives to regain momentum. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped by 0.4%, heading for a monthly loss of approximately 5%, breaking a two-month…
Jan 31, 2024: In a session marked by subdued trading, the dollar showed a marginal decline against the euro and a modest uptick against the yen on Tuesday. The lack of a clear trend can be attributed to the cautious stance of investors awaiting the conclusion of the Federal Reserve’s two-day meeting. The U.S. central bank is widely anticipated to keep interest rates unchanged during its Wednesday announcement. Investors will closely scrutinize any signals from Fed Chairman Jerome Powell regarding the likelihood of a rate cut in March. Despite solid economic data in the United States, the probability of a…
Jan 31, 2024: Oil prices experienced a decline on Wednesday, influenced by lackluster economic data from China, the world’s largest crude importer. However, despite this setback, prices are poised for their first monthly gain since September, driven by escalating conflicts in the Middle East that have raised supply concerns. Brent crude futures for March, set to expire today, dropped 27 cents (0.3%) to $82.60 per barrel by 0441 GMT. The more actively-traded April contract also fell by 26 cents to $82.24. U.S. West Texas Intermediate crude futures declined by 23 cents (0.3%) to $77.59 per barrel. China, as the world’s…
Jan 31, 2024: XRP has exhibited surprising stability by holding above the critical 200-day Exponential Moving Average (EMA), positioned around $0.55. This dynamic support line has become a battleground for XRP’s short-term trajectory. Despite encountering resistance at $0.63 in recent days, the ability of XRP to stay above the 200-day EMA suggests inherent strength and potential for future growth. The market’s skepticism towards XRP is influenced by factors such as a perceived lack of use case and its underperformance throughout 2023. However, historical patterns indicate that XRP has the propensity to swiftly transition from suppressed states to robust bullish rallies,…
Jan 31, 2024: Japan stocks concluded the trading day on Wednesday with an upward trajectory, driven by notable advances in the Precision Instruments, Shipbuilding, and Insurance sectors. The Nikkei 225 index posted a gain of 0.57% at the close in Tokyo. Key Performers on the Nikkei 225: Komatsu Ltd. (TYO:6301) emerged as the best performer, surging by 8.60% or 336.00 points to reach 4,245.00 at the close.Canon Inc (TYO:7751) experienced a substantial increase of 7.85%, adding 297.00 points to finish at 4,080.00.Hitachi Construction Machinery Co (TYO:6305) demonstrated strength with a rise of 6.89%, gaining 273.00 points to reach 4,234.00 in…
