On Wednesday, Wall Street’s Big Tech will return.As investors continue to employ the strategies that have been successful for them over the previous ten years, the tech sector continues to be the primary driver of the major US stock indices. Investors are still primarily focused on discussions regarding lifting the …
Read More »API: Oil stocks increased by about 3.69 million barrels
Data from the American Petroleum Institute, released in its weekly report on Tuesday, revealed that US oil inventories increased by about 3.69 million barrels in the week ending May 12th. Also, the data also showed that gasoline stocks fell by about 2.46 million barrels last week. Also, distillate inventories decreased …
Read More »The Japanese economy grew 1.6% year on year in the first quarter
Government data showed that the Japanese economy grew by 1.6% on an annual basis in the first quarter of the year, as strong private consumption and an unexpected increase in capital spending offset the decline in external demand. The GDP figures for the first quarter far exceeded economists’ median estimate …
Read More »ECB looks for new top supervisor to succeed Enria
The European Central Bank said on Wednesday that it is seeking for a new top bank supervisor to replace Andrea Enria, whose tenure expires at the end of the year. Candidates for the position of chair of the ECB’s Supervisory Board, the eurozone’s most senior banking watchdog, must apply by …
Read More »Japan’s Nikkei closed above 30,000 points for the first time in 20 months
On Wednesday, Japan’s Nikkei index closed above 30,000 points for the first time since September 2021, supported by a weaker yen and a strong domestic earnings season. The Nikkei index ended Wednesday’s trading up 0.84 percent at 30,093.59 points, after hitting a high of 30,115.32 points in the afternoon session. …
Read More »European stock futures edge higher
European stock markets are expected to open in a cautious manner Wednesday amid U.S. debt ceiling uncertainty and ahead of the release of the final eurozone inflation figures for April. At 06:00 GMT, the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France climbed 0.1% and …
Read More »Stability of gold amid concern about the negotiations to raise the US debt ceiling
Gold prices were little changed on Wednesday, as investors worried about the protracted negotiations over raising the US debt ceiling, and the rise in the dollar also helped keep prices under control. Spot gold prices rose 0.1 percent to $1991.35 an ounce by 0455 GMT. US gold futures witnessed little …
Read More »Oil is falling on demand concerns after a sudden increase in US inventories
Oil prices fell for a second day on Wednesday after a surprise rise in US crude inventories raised concerns about demand in the wake of weaker-than-expected economic data from the United States and China, the world’s two largest oil consumers. Brent crude futures fell 29 cents, or 0.4 percent, to …
Read More »Market Drivers – US Session – 16/05/2023
Gold was subject to a sharp drop below $2,000, remaining under pressure and potentially testing the crucial support level of $1,970. Silver also lost ground, falling to $23.60. Crude oil prices retraced some of Monday’s gains, with WTI ending around $70.55. Cryptocurrencies also experienced losses; BTC/USD falling below $27,000 by …
Read More »What signals have Fed officials sent to market within 24H
“Fed will have to stay ‘super strong’ in its inflation commitment,” said Federal Reserve (Fed) Bank of Atlanta President Raphael Bostic while participating in a conference hosted by the Federal Reserve Bank of Atlanta. “Fed is ‘far beyond success’ on its employment mandate, a ‘bit of pulling back’ in the …
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