Market Update

Japanese stocks closed sharply lower on Monday after China’s cut in its lending rate failed to lift investor sentiment while the spread of the mutated omicron from the coronavirus continues to raise fears of an economic slowdown around the world. The Nikkei average fell 2.13 percent to close at 27,937.81 …

Higher Saudi prices for January delivery, lower overall demand for crude amid the Omicron uncertainty, the Chinese crackdown on illicit practices at its independent refiners, and refinery maintenance season starting in late Q1 2022 have resulted in Asian refiners abstaining from extra Saudi crude supply for loading in January.Refiners in …

Oil prices fell more than 2% on Monday, as rising omicron infections from the coronavirus in Europe and the United States fueled investor fears that new business restrictions to combat its spread could slash fuel demand. Brent crude futures fell $1.92, or 2.6 percent, to $71.60 a barrel by 0436 …

It has been a big week for a number of major central banks worldwide. Central banks continuing to raise interest rates in an effort to tame inflation, largely dismissing for now the threat to economic growth posed by the spread of the Omicron variant. On ‘Super Thursday’ for central banks, …

Gold futures climbed back above the $1,800 mark on Friday to post their highest settlement in nearly four weeks. The precious metal’s rise above the key $1,800 level appears to be driven by broad capital flows leaving risk markets and moving into defensive havens such as gold.Gold (XAU/USD) advances for …

US Treasury bond yields were lower on Friday, though off session lows, as traders assessed the recent hawkish Federal Reserve stance as the central bank tries to balance rising inflation against the economic toll of the Omicron coronavirus variant.Yields edged up in the short end, overall flattening the curve after …

Oil prices continued to trade lower in Friday dealings, with January West Texas Intermediate crude down $1.43, or 2%, at $70.95 a barrel on the New York Mercantile Exchange. Crude oil prices fell on Friday and were also down on the week as surging cases of the Omicron coronavirus variant …

The US Dollar Index ended the week above the 96.50 threshold. The US 10-year Treasury yield finished down, at 1.412%. DXY Technical outlook: Breaks above the ascending triangle, USD bulls target 98.00. The US Dollar Index, also known as DXY, which measures the greenback’s performance against a basket of six …

The US central bank doubles its QE reduction to USD 30 billion, eyeing three rate hikes in 2022. The ECB announced a “hawkish” hold, PEPP to end in March as scheduled.On Friday, the EUR/USD plunges during the New York session, trading at 1.1237, down by 0.85%. The market sentiment is …

The US economy is expected to slow in 2022 in comparison to 2021, but economic growth will continue at a pace that is above average. Consumers have powered the economic recovery since mid-2020 and that will continue in the coming year.Consumer spending is expected to rise another 4% to 5% …