Market Update

The US Bureau of Economic Analysis’ (BEA) second estimate revealed that the country’s real Gross Domestic Product (GDP) rose at an annualised rate of 1.3% in the first quarter. This number was higher than the advance estimate and the market forecast of 1.1%. “The increase in real GDP reflected increases …

Best Buy Co. Inc. reported higher-than-expected net income in the first quarter and reaffirmed its full-year forecast, as gaming and services demand helped offset a drop in discretionary spending that has hit other retail competitors. The retailer known for high-priced products such as televisions and computers reported adjusted net earnings …

The CBI said sales balance decreased to -10 in May from +5 the previous month, falling short of consensus estimates of +10. “Retailers continue to face a challenging trading environment, with firms reporting disappointing sales and formidable inflationary pressures,” said CBI chief economist Martin Sartorius. As a result, they must …

As the first quarter earnings season proved to be stronger than expected, Bank of America analysts increased their forecast for what the S&P 500 may earn in 2023. The updated S&P 500 profits per share forecast is $215, up from $200 before, marking a 5% earnings beat in Q1. According …

European stock markets fell on Thursday as statistics revealed that Germany, the region’s largest economy, fell into recession in the first quarter of the year. At 03:15 ET (07:15 GMT), the DAX index in Germany was down 0.2%, the FTSE 100 in the United Kingdom was down 0.4%, and the …

Japan’s Nikkei index recovered its losses on Thursday after two straight sessions of decline, supported by chip-related companies, optimism about financial results and strong inflows from foreign investors. The Nikkei index rose 0.4 percent to close at 30,801.13 points. Earlier this week, the index touched 31,352.53, the highest level since …

Gold prices moved in a narrow range on Thursday as investors await further developments in the US debt ceiling negotiations, while the dollar’s rise kept prices in check. And by 0300 GMT, gold settled in immediate transactions at $ 1957.49 an ounce. And US gold futures fell 0.3 percent to …

Traders and investors are digesting the latest economic data and the FOMC minutes while awaiting news regarding the US debt-ceiling fight. No major reports are due in the Asian session. Later in the day, Germany and the US will release new estimates for Q1 GDP. The weekly Jobless Claims report …

Gold price is mixed around the FOMC minutes that showed that Fed policymakers are divided on backing further rate hikes, however FOMC members still agreed that inflation risks are still unacceptably high, but the extent of further hikes is now made less certain. Gold price has ranged between a low …

After Treasury Secretary Janet Yellen reiterated that if an agreement to raise the US debt ceiling is not reached, the United States will go into default on its debt and could not pay for federal bills in early June, US equities fell even lower on Wednesday. 231 points, or 0.7%, …