Market Update

The global oil market is facing a significant oversupply next year, according to recent forecasts from both OPEC and the International Energy Agency (IEA). Both organizations have revised their oil demand projections downwards, indicating a potential surplus in the market.Commerzbank commodity analyst Carsten Fritsch noted that OPEC now expects global …

U.S. Treasury yields have declined, pressured by a fresh batch of positive economic data and uncertainty surrounding the 2024 U.S. presidential election and the Federal Reserve’s future interest rate path. Treasury yields dropped to 4.074%, compared to the previous day’s close of 4.096%. Yields on these sovereign securities had reached …

Volvo has reported a significant decline in earnings for the third quarter of 2024, primarily driven by a slowdown in the demand for trucks and construction equipment. Reduced economic activity in the construction sector and a model changeover in Europe have contributed to this decline.While Volvo’s bus operations have shown …

U.S. stock futures edged higher on Friday, driven by technology sector gains, particularly in the Nasdaq 100. Leading the charge was Netflix, whose shares jumped 6.5% in premarket trading after exceeding Wall Street expectations for subscriber growth and projecting continued growth through the end of the year. Other “Magnificent Seven” …

European shares advanced on Friday, buoyed by a tech stock rebound and positive corporate earnings. The Europe-wide STOXX 600 index climbed 0.3% by 0840 GMT, with the tech sector leading the charge after a turbulent week. The index appeared set for its second consecutive weekly gain, bolstered by the European …

Gold prices soared to a new record in Asian trading on Friday, driven by strong safe haven demand as the U.S. presidential election looms and geopolitical tensions escalate. Spot gold rose 0.4% to a record high of $2,705.26 an ounce, while December futures climbed 0.5% to $2,720.15 an ounce. Safe …

European shares opened on a cautious note on Friday, following strong gains from the previous session, which were driven by the European Central Bank’s (ECB) interest rate cut and upbeat earnings reports. The Europe-wide STOXX 600 index dipped slightly, down 0.05% as of 0718 GMT. Real estate companies led the …

Crude oil futures steadied on Friday after an uptick in U.S. retail sales, but concerns about global demand weighed on the market as mixed economic indicators from China persisted. Prices remained on course for their largest weekly loss in over a month. As of 0338 GMT, Brent crude futures edged …

The U.S. Dollar’s strength continued unabated, driven by robust domestic economic data and a marginally dovish stance from the European Central Bank. This positive sentiment for the U.S. Dollar was evident in its continued appreciation against major currencies.Key economic indicators and events to watch on Friday, October 18, included the …

Gold is currently rallying and enjoying a resurgence in price. This report traces the intricate factors driving this rally, examining both macroeconomic fundamentals and technical indicators. Gold prices surged to a new all-time high near $2,700 on Thursday, driven by a combination of factors, including heightened uncertainty surrounding the upcoming …