Narrow inventories pushed sales of new vehicles down as Toyota, Honda, Subaru, Hyundai and Kia all reported their sales dropped during November despite anticipated strong demand. Kia reported a drop in sales for November; however, its total sales through the first 11 months of 2021 surpassed the sales record the …
Read More »UK Weighs COVID Impact On Recovery
The economic impact from the pandemic has gradually faded since the start of the world health crisis but still remains strong according to statements by Bank of England Governor Andrew Bailey on Wednesday, when asked how to assess news of the Omicron variant of coronavirus.Financial markets have pared back their …
Read More »Omicron Pulls EUR/JPY Back
Appetite for safe-haven assets has picked up in recent trade amid a deterioration in US shares due to retreating market sentiment.EUR/JPY has been tilting lower and looks for direction to end the day with losses of about 0.5%. The first Omicron Covid-19 infection has identified in America and, shares reacted …
Read More »First US Omicron Infection Pulls US Shares Down
US shares have surrendered much of their pre-market gains. The S&P 500 index fell under 4600 and is now just 0.4% higher on the day having been as much as 1.9% higher earlier in the session.The Nasdaq 100, meanwhile, has pared back on gains that had been as much as …
Read More »Market Mood Pushes Gold Prices Higher
Gold recovered on Wednesday alongside the relative improvement market’s mood. The precious metal is currently trading in the $1,780.00 territory.Gold prices advanced on easing demand for the US dollar, as stocks turned green following Tuesday’s setback.The absence of first-tier events and relief news related to the coronavirus Omicron variant reinforced …
Read More »Oil Trims Gains On US Fuel Stockpiles Jump
US WTI crude oil futures pared gains on Wednesday after a U.S. official said the country was continuing to consider tools to manage energy prices, and as government data pointed to weaker gasoline demand.WTI U.S. crude futures were trading $1.3, or 2.02%, higher at $67.51 a barrel at 12:04 p.m. …
Read More »GBP/USD Surges on BoE and Fed’s Rate Speculations
The GBP/USD is trading at 1.3311 and higher by 0.12% on the day so far. The pair has recovered from a low of 1.3276 and has reached a high of 1.3352 so far.DXY, an index that measures the US dollar vs a basket of currencies spiked around 40 points during …
Read More »Latest Data Signals US Supply Chain Crisis Easing
The ISM Manufacturing Index showed an improvement in November, in agreement with market expectations. According to Wells Fargo’s analysts, the report is the first sign of an easing of the supply chain crisis.Analysts still warn that it is too early to say that things are materially improving, but it is …
Read More »EIA Oil Stocks Fall Below Expected
A weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday that crude oil inventories in the US fell by 0.910 million barrels in the week ending November 26.This was smaller than the expected draw of 1.273 million barrels. Distillate stocks saw a larger than expected build …
Read More »Powell: We Need To Abandon The Word ‘Transitory’
Fed Chair Jerome Powell is currently testifying before the House Financial Services Committee alongside US Treasury Secretary Janet Yellen. More Wednesday’s Quotes:“We need to move on from the word transitory.”“The risks of higher inflation have moved up.”“Demand is very, very strong from fiscal policy and a quickly rebounding economy.”“The economy …
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