Will we get a repeat today? S&P 500 futures are down 33 points, or 0.8%, as the selling momentum from Friday last week continues to reverberate. However, let’s not forget that even with the hotter US jobs report, there was a brief period that stocks pared losses in Wall Street before the late stumble again.
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Gold prices hit a more than four-week low on Monday, as the U.S. dollar firmed after stronger-than-expected jobs data fanned concerns that the Federal Reserve might keep hiking interest rates. FUNDAMENTALS * Spot gold was little changed at $1,865.88 per ounce, as of 0045 GMT, after hitting its lowest level since Jan. 6 earlier in
Yen opens the week broadly lower on rumors that current ultra-loose monetary policy would be maintained by the next BoJ governor. Meanwhile, markets are mixed elsewhere. Dollar is paring some gains after initial rally, but stays generally firm. Australian Dollar is trying to recover with other commodity currencies. Swiss Franc is slightly outperforming other European
International Energy Agency’s Executive Director Fatih Birol spoke Sunday on the sidelines of the India Energy Week conference” Via Reuters: “We expect about half of the growth in global oil demand this year will come from China” China’s jet fuel demand is exploding, putting upward pressure on demand “If demand goes up very strongly, if
Oil prices made modest gains in early trade on Friday but were heading for a second straight week of losses, as the market looked for more signs of a strong recovery in fuel demand in China to offset looming slumps in other major economies. Brent crude futures rose 16 cents, or 0.2%, to $82.33 a
The major European indices are ending the day with mixed results: German DAX, -0.21% France’s CAC, +0.94% UK’s FTSE 100, +1.04% Spain’s Ibex, -0.04% Italy’s FTSE MIB -0.56% For the UK FTSE 100, the price moved above the old all-time high from 2018 at 7903.50. The intraday high price reached 7906.58 before rotating back to
Gold plays an important role in the Indian economy. It is considered a safe form of savings and investment among individuals, and it is an integral part of traditional ceremonies. This metal is considered the best collateral for loans and the precious metals industry is a significant source of employment in the country. The demand
WTI crude oil futures settled at $73.39 today. That was down -$2.49 or -3.28%. The high price reached $78.00 today. The low reached $73.13. The price traded to the lowest level going back to January 23. The low for the year reached $72.46 back on January 5th. The cycle low from December reached $70.08. For
Gold prices ticked up on Friday as markets digested recent comments from Federal Reserve Chair Jerome Powell, but the precious metal was headed for its biggest weekly fall since November after a 2% drop in the previous session. FUNDAMENTALS * Spot gold rose 0.2% to $1,916.34 per ounce by 0042 GMT, after shedding 2% in
An interesting weekend item from Reuters about oil, but also about circumventing trade payments in the dominant USD – helping Russia to de-dollarise its economy. Indian refiners have begun paying for most of their Russian oil purchased via Dubai-based traders in United Arab Emirates dirhams instead of U.S. dollars India’s top bank, the State Bank
Gold prices exhibited extreme volatility in the week ending February 3 as traders had to wade through the deluge of starkly contrasting developments and data that swung the pendulum to extremes before the dust finally settled in favor of bears. Seemingly dovish Federal Reserve, as it failed to sound convincingly hawkish at the FOMC meeting
With the help from strong economic data, Dollar struck back to end as the strongest one, after a week full of heavy weight events. Traders might start to give up on fighting the Fed on the topic of terminal interest rate and the timing of a cut, given the underlying resilience of the economy. At
The US jobs report was – as Fed’s Daly put it – a “wow” number. The Non Farm Payroll increased by a whopping 517K. The prior two months were revised higher by 71K. The combined total of 587K far outpaced the expectations of 185K. Wow is right. The unemployment rate moved down to 3.4% (expected
Oil prices rose on Friday after strong U.S. jobs data, but were still set for weekly falls as investors sought more clarity on the imminent EU embargo on Russian refined products and more signs of demand recovery in top consumer China. Brent crude futures gained $1.16, or 1.4%, to $83.33 a barrel by 1456 GMT,
Dollar rebounds strongly and broadly in early US session after a set of stellar job data that blows past expectations. Stock futures dive on renewed concern that interest rate will stay high for lower while benchmark treasury yield rebounds. The question now is whether the greenback could overwhelm Yen and Swiss Franc to end the
New Delhi, Gold price tumbled Rs 681 to Rs 57,929 per 10 grams in the national capital on Friday amid a decline in rates of precious metal globally, according to the HDFC Securities. The yellow metal had ended Rs 58,610 per 10 grams in the previous trade. Silver also plummeted Rs 2,045 to Rs 70,335
Yen is stealing the show in the week of heavy weight events, powering up broadly with help of broad based decline in US and European treasury yields. Swiss Franc is following together with Euro while Dollar is just mixed. On the other hand, Sterling is the worst perform despite BoE rate hike, followed by Aussie
The report highlights that China’s policymakers are planning to increase support for domestic demand this year but they are likely to stop short of coming up with a big stimulus injection on direct consumer subsidies – instead keeping their main focus on investment. The sources said that China is expected to stick more closely to
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