Market Update

The Bank of Canada on Wednesday left its key overnight rate on hold at 4.50%, as expected, becoming the first major central bank to suspend its monetary tightening campaign in the face of an anticipated easing of high inflation.Over the past year, the Canadian central bank raised rates eight times …

The European Union’s statistics office (Eurostat) said that the eurozone did not record any economic growth on a quarterly basis in the last three months of 2022, in a slight downward revision of GDP and employment data, yet employment data remained strong. Eurostat said in a statement that the growth …

Barclays lowered its 2023 oil price projections on Wednesday, citing higher-than-expected Russian output, and warned the market might go into deficit in the second half of the year due to rising Chinese demand. The bank reduced its average projections for the Brent and West Texas Intermediate (WTI) benchmarks to $92/b …

Shares of Continental AG increased on Wednesday after the German tyre manufacturer said it anticipated better profitability for its 2023 fiscal year as the automotive industry recovered from supply chain and logistical issues. The adjusted profit before interest and tax margin for the current 12-month period is expected to be between …

China’s passenger car sales totaled 1.42 million units in February, data from the China Passenger Car Association showed on Wednesday, up 10.4 percent from the same period in 2022 when the week-long Lunar New Year holiday led to a decline in business activities. It said car sales in the first …

European stocks fell on Wednesday after Federal Reserve Chairman Jerome Powell said there was a possibility of more sharp interest rate increases, while sportswear company Adidas fell after announcing plans to cut its annual dividend. The pan-European Stoxx 600 index fell 0.3 percent by 0805 GMT, hitting its lowest level …

Gold prices fell to a one-week low on Wednesday after Federal Reserve Chairman Jerome Powell said that it would likely take a higher-than-expected interest rate hike to curb inflationary pressures. Gold fell 0.1 percent in spot transactions to $ 1812.44 an ounce by 0634 GMT. US gold futures also fell …

Oil prices were steady in early Asian trading on Wednesday, as industry data showed a drawdown in US crude inventories after the market fell in the previous session on fears that further sharp increases in US interest rates could hurt demand. Brent crude futures for April were up 8 cents …

Gold price outlook has deteriorated by extremely hawkish Fed Powell’s comments on Tuesday. S&P500 retreated on the prevalent dismal market mood as more rates from the Fed do a lot to confirm a US recession. At the time of writing, gold is trading at 1812.63 per ounce. The Gold Index …

Gold price outlook has deteriorated by extremely hawkish Fed Powell’s comments on Tuesday. S&P500 retreated on the prevalent dismal market mood as more rates from the Fed do a lot to confirm a US recession.At the time of writing, gold is trading at 1812.63 per ounce. The Gold Index (XAU/USD) …