The US stocks continued their move to the upside despite some concerning earnings from Amazon after the close yesterday. That was offset by Apple whose earnings and guidance was better than expectations. This week other big mega caps did not do all that well either with Microsoft, Google and Meta all underperforming, but that did
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Copper and other industrial metal prices fell on Friday, hit by demand worries in top consumer China amid rising coronavirus cases and expanding restrictions. Chinese cities from Wuhan in central China to Xining in the northwest are doubling down on COVID-19 curbs, sealing up buildings, locking down districts and throwing millions into distress in a
The markets are relatively quiet in Asia today. Yen is steady after BoJ stands pat as widely expected. Yet, there is some upside prospect for Yen if global benchmark yields continue to correct lower. Dollar remains the worst performer and today’s PCE inflation data is unlikely to save it. Traders would more likely look beyond
At the start of the month, I highlighted horrible equity market sentiment and positive seasonals in October as a reason to be optimistic. But if you told me that shares of Amazon and Meta would be blown up, I would never have predicted it would be one of the best months for equities in history.
Gold price in the national capital fell by Rs 105 to Rs 50,889 per 10 grams on Friday amid weak global trends, according to Securities. In the previous trade, the precious metal had closed at Rs 50,994 per 10 grams. Silver, however, gained Rs 21 to Rs 58,336 per kg from Rs 58,315 per kg.
Dollar rises broadly in early US session. Stubbornly high inflation reading might be a factor. But the recovery could also be due to traders paring their positions ahead of the weekend, and next week’s FOMC. Yen is back under some broad based pressure but stays in familiar range. European stocks are mixed, and so are
The financial results from AMZN after the US regular hours close saw the shares trashed on a disappointing outlook. AAPL shares were hit soon after despite beats on revenue and EPS. The data focus for the session was on Japan inflation. The Tokyo area CPI for October came in higher than expected on all three
Gold prices were flat on Friday but headed for a second week of gains, as some weak U.S. economic data fanned expectations that the Federal Reserve might ease the aggressive pace of raising interest rates beginning December. FUNDAMENTALS * Spot gold was flat at $1,663.22 per ounce, as of 0130 GMT but it was up
Dollar remains broadly softer, and stays as the worst performer for the week. It’s partly dragged down by the pull back in treasury yields, with 10-year yield breaching 4% handle overnight. Canadian Dollar is the next weakest, after the smaller than expected 50bps rate hike by BoC. On the other, Sterling remains the winner on
Lowest since May 2020 Prior was +1 Production -22 vs +2 prior New orders -16 vs -11 prior Prices paid for raw materials +26 vs +41 prior Comments in the report: “Prices paid for commodities still through the roof. No relief in sight. Labor is still hard to find. Economy is still decent – lots
Gold price fell by Rs 101 to Rs 51,024 per 10 gram on Thursday amid weak global trends and appreciation in rupee, according to Securities. In the previous trade, the yellow metal had closed at Rs 51,125 per 10 gram. Silver also declined by Rs 334 to Rs 58,323 per kg. The rupee appreciated 67
Euro softens broadly today after ECB delivered 75bps rate hike as widely expected. President Christine Lagarde delivered no specially hawkish message that could give Euro another lift. On the down hand, Dollar is recovering, with some help from better than expected GDP data. But the greenback remains the worst performed followed by Canadian and Swiss
The European Central Bank meeting is today. The Bloomberg survey shows near unanimity in forecasts for a +75bp rate hike. All but 2 economists of 51 that Bloomberg surveyed expect a 75bps hike. This will take the deposit rate to 1.5%. Market pricing is nailing +75bp too. EUR/USD has dribbled a little lower on the
Gold prices rose on Thursday, as the U.S. dollar and Treasury yields fell on mounting expectations of slower monetary policy tightening by the Federal Reserve later in the year. FUNDAMENTALS * Spot gold rose 0.3% to $1,669.16 per ounce by 0116 GMT, after hitting a two-week high on Wednesday. * U.S. gold futures were up
Dollar was sold off overnight as stock markets extended rebound. But there is no clear downside breakout in the greenback yet. For now, Sterling is the strongest one for the week as political situation in the UK appears to have stabilized. Euro is the second best as helped by rally against Swiss Franc. Dollar is
The major US indices are opening mixed. The major indices up for 3 consecutive days. That streak is in jeopardy The Dow industrial average is trading marginally higher, while the S&P and NASDAQ index are lower after earnings from Microsoft and Google were disappointing. Meta announces earnings after the close. Amazon and Apple report tomorrow.
Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, but losses were capped by supply worries. Brent crude futures for December fell 72 cents, or 0.8%, to $92.80 a barrel by 0330 GMT, after settling 26 cents higher in the previous session. U.S. West Texas Intermediate (WTI) crude
Dollar’s decline takes off today on talks that poor economic data would prompt Fed to slow down the tightening pace sooner than earlier expected. Treasury yields also tumbled, adding some more weight to the greenback. Yet, it should be noted that inflation remains Fed’s biggest worry. There is little room for a pause if inflation