On Wednesday, oil prices increased by approximately 3%. This was due to a larger-than-expected second consecutive weekly decrease in US crude stockpiles. WTI price chart (Source: Nymex) The US Energy Information Administration reported a significant drop of 9.6 million barrels in crude inventories for the week ending on June 23. This surpasses the 1.8-million barrel Read More…
On Tuesday, US equities recovered from a losing streak due to positive economic data. This eased investor concerns about an impending recession caused by the Federal Reserve’s aggressive interest rate increases. US housing, factory orders and confidence data (Source: Commerce Department, Conference Board) In May, new orders for important US-manufactured capital goods unexpectedly increased, and Read More…
US equities closed lower on Monday due to investor caution regarding riskier assets and uncertainty surrounding Russia’s failed mutiny over the weekend. The rebellion led by Russian mercenaries raised doubts about the future of President Vladimir Putin. While Putin expressed gratitude towards the fighters and commanders who avoided bloodshed by standing down, the US State Read More…
Currency futures fell on Friday as the dollar rose on safe-haven appeal. The dollar gained strength against the euro due to disappointing global business activity data, negatively affecting risk sentiment. Additionally, hawkish statements from central banks added pressure on riskier currencies. In June, US business activity experienced a decline, reaching a three-month low. Survey data Read More…
Gold reached a three-month low on Thursday and was on track for its most significant weekly decline since February. Gold prices declined as Jerome Powell, the Chairman of the US Federal Reserve, maintained a hawkish stance and indicated that the central bank’s tightening cycle is not yet over. Powell reiterated his belief that there would Read More…
On Wednesday, oil prices increased by one dollar per barrel due to the rise in US corn and soybean prices, which reached multi-month highs. This surge in agricultural prices led to expectations that global crop shortages would decrease the blending of biofuels and subsequently increase the demand for oil. Traders noted that Chicago Board of Read More…
On Tuesday, US equities declined, closing with negative results as investors took profits after a sustained rally amid indications of weakening global demand. Fed Chairman Jerome Powell’s upcoming congressional testimony on Wednesday could further impact the market. The S&P 500 and the Dow were weighed down by Exxon Mobil Corp, causing all three major US Read More…
European equities declined on Monday as investors awaited additional stimulus measures from China and focused on the upcoming testimony from Federal Reserve Chair Jerome Powell. US markets were closed for a public holiday, resulting in thin trading. China’s cabinet met to discuss measures for boosting economic growth. According to state media, China lowered its key Read More…
Currency futures closed mixed on Friday after a week full of policy decisions. The Japanese yen weakened against the greenback, reaching its lowest point in six months. The Bank of Japan, as anticipated, maintained its short-term rate target of -0.1% and its 10-year bond yield cap of 0%. Despite higher-than-expected inflation, the central bank continued Read More…
Gold prices increased from a three-month low due to a decline in the dollar and bond yields caused by US economic data. The dollar dropped after the European Central Bank raised interest rates following the Federal Reserve’s pause in rate hikes. The European Central Bank lifted interest rates to a 3.5% high, indicating the possibility Read More…
