Market Update

Gold retreats for the second straight day as worse than expected US economic data dominated news headlines; US retail sales dropped the most in 10-months and the US 10-year T-bond yield hits 1.771%, weighing on the non-yielding metal.The precious metal slips for the second-consecutive day amid dismal US economic data …

US energy drillers this week added the most oil and natural gas rigs in a week since April as rising oil prices prompt more drillers to return to the well-pads.The oil and gas rig count, an early indicator of future output, rose 13 to 601 in the week to Jan. …

Consumer Sentiment has recorded the second-lowest reading in a decade. The University of Michigan Consumer Sentiment Index has recorded a dip of 2.5% in early January 2022 from its level in December 2021, according to preliminary results released Friday.The MCSI now stands at its second-lowest level in a decade, the …

WTI crude oil is trading now at $81.73 per barrel after latest high recorded Friday at $83.14 per barrel. The benchmark American oil is probing its best levels since early November in the $73.00 as geopolitical tensions rise. Analysts as well as banks have been calling this week for WTI …

Federal Reserve Bank of San Francisco President Mary Daly said on Friday that the latest Omicron wave will extend the time period that inflation will remain high. Federal Reserve Bank of New York President John Williams said on Friday that he expects the Omicron wave to temporarily prolong and intensify …

Industrial Production in the US dropped unexpectedly 0.1% in December. Analysts at Wells Fargo explain the decline took place despite indications that wait times are shortening and other signs of initial improvement with the supply chain problem.Key Quotes: “Total industrial production edged slightly lower in December with a 0.1% decline …

US Retail Sales fell by 1.9% MoM in December, according to data published by the US Census Bureau revealed on Friday. That was well below market expectations for a MoM decline of -0.1% and marked a sharp deceleration from November’s growth rate of 0.2% (downwardly revised from 0.3%). That meant …

In December, Chinese exports rose more than analysts’ expectations, while imports rose less than expected. On Friday, the Chinese Customs Administration revealed, in a statement carried by CNBC, that exports rose by 20.9 percent year on year last month to $340.49 billion, against expectations of a 20 percent increase, compared …

The US dollar fell on Friday for the fourth session in a row, hitting its lowest level in more than two months, as investors took the view that most of the recent tightening tendency from the US central bank was already factored in. On Friday, the dollar index fell 0.2 …

Preliminary data on Friday, January 14 showed that the German economy grew by 2.7% in 2021 after another year of rising Covid-19 cases, pandemic-related restrictions, and supply chain stresses, in line with expectations. This comes after the eurozone’s largest economy contracted by 4.6% in 2020, the first year of full …