Market Update

Oil prices experienced a significant surge on Wednesday, with West Texas Intermediate (WTI) reaching the $70 per barrel mark. This sharp increase was primarily driven by a larger-than-expected drawdown in US crude oil reserves, as reported by the Energy Information Administration (EIA). The market reacted positively to this news, as …

Calm After the StormEuropean markets closed higher on Wednesday, as investors digested a relatively benign U.S. inflation report. The pan-European Stoxx 600 index ended the day up 0.28%, rebounding from a recent losing streak. While some sectors, such as media, saw gains, retail stocks, particularly Inditex, experienced a decline due …

For the fourth time this year, the European Central Bank is anticipated to lower its key deposit facility rate by a quarter point, to 3 percent. In order to prevent the Eurozone from slipping into stagnation due to political impasse in France and policy drift in Germany, many also anticipate …

The Canadian Dollar staged a modest recovery on Wednesday, gaining 0.2% against the US Dollar. This uptick followed the Bank of Canada’s decision to implement another 50-basis-point interest rate cut.BoC Takes Aggressive StanceThe central bank’s latest move underscores its commitment to stimulating economic growth in the face of weakening economic …

Gold prices climbed on Wednesday, December 11, 2024, as the latest inflation data increased the likelihood of a Federal Reserve interest rate cut next week.Spot gold gained 0.7% to $2,713.29 per ounce, while U.S. gold futures rose 1.4% to $2,756.00. The U.S. Consumer Price Index (CPI) for November came in …

Bank of Canada (BoC) took a decisive step on Wednesday, slashing its policy rate by 50 basis points to 3.25%. This move, widely anticipated by market analysts, aligns with the central bank’s efforts to stimulate economic growth and combat inflationary pressures. The Canadian Dollar weakened further against the US Dollar …

U.S. consumer prices edged up slightly in November on an annualized basis, aligning with expectations and reinforcing the likelihood of another interest rate cut by the Federal Reserve next week. The Consumer Price Index (CPI) published by the Labor Department rose by 2.7% year-over-year in November, marginally higher than October’s …

OPEC announced on Wednesday a reduction in its global oil demand growth forecast for 2024, marking the fifth consecutive downward revision in its monthly report. This adjustment reflects increasing concerns over macroeconomic challenges, including slowing global economic growth, high interest rates, and subdued industrial activity. The group also lowered its …

US stock index futures showed little movement early Wednesday, stabilizing after a decline in the previous Wall Street session, as investors await pivotal inflation data. Meanwhile, crude oil prices gained amid expectations of increased demand in China following promises of economic stimulus. Market Snapshot Dow Jones Futures: Down 65 points …

The Bank of Canada (BoC) is widely anticipated to reduce its key policy rate by another 50 basis points on Wednesday, marking the second consecutive move of this magnitude. The decision comes as Canada grapples with weak economic growth and rising unemployment, signaling an economy in need of support, according …