Market Update

Germany’s Ifo Institute announced on Monday that it revised its 2023 growth forecast to -0.3% from 3.5% in June. The institute further noted that the annual inflation expectation for 2023 was revised to 9.3% from June’s forecast of 6%. For 2022, Ifo now sees the economy growing by 1.6%, down …

Gold prices rose more than 1% on Friday, September 9, to reach their highest level in more than a week, as a weak dollar boosted demand for the yellow metal, even as US Reserve policymakers pledged to raise interest rates to tame inflation pressures. Spot gold rose 1.1% to 1726.80 …

European shares rose at the open on Monday, with banking stocks rising for a third consecutive session on bets that the European Central Bank will raise interest rates dramatically. The pan-European Stoxx 600 index rose 0.2 percent to continue rising after posting its first weekly gain in four weeks on …

Japan’s Nikkei index ended Monday’s trading at its highest level in more than two weeks, tracking Wall Street’s strong closing last week, as heavyweights and travel-related stocks led the gains. The Nikkei index closed up 1.16 percent to 28,542.11 points, its highest closing level since August 26. The broader Topix …

The UK GDP monthly release showed that the economy rebounded in July, growing at 0.2% vs. 0.5% expectations and -0.6% previous. A Reuters poll of economists had pointed to month-on-month growth of 0.4% in July. Meanwhile, the Index of services (July) came in at -0.2% 3M/3M vs. -0.8% estimate and -0.4% …

With a new trading week, geopolitics could impact financial markets on two fronts, firstly; on the Chinese front, US President Biden is pondering an executive order to screen and restrict US overseas investment in technology development in China. The Chinese embassy in Washington said, Friday, that Beijing opposes the order, …

The US dollar slides as investors balance positions ahead of key US inflation data. The dollar fell to a more than one-week low on Friday as investors consolidated gains after a sharp rise against most currencies, ahead of US inflation report that could determine the size of the Fed’s next …

Oil prices surged about 4% on Friday, boosted by real as well as threatened cuts to supply, although futures posted a second weekly decline as aggressive interest rate hikes and China’s COVID-19 curbs weighed on the demand outlook.Russian President Vladimir Putin has threatened to halt oil and gas exports to …

Several Wall Street banks raised expectations this week for the Federal Reserve’s next rate hike. Economists at Bank of America, Goldman Sachs, and Nomura now anticipate a 75 basis-point rate increase at their next FOMC meeting, this is up from previous forecasts of a half percentage-point hike.Following remarks by Fed …

US shares rose in afternoon trading on Wall Street, on Friday, keeping the market on track to break a three-week losing streak.The S&P 500 rose 1.5% as of 1:50 p.m. Eastern and is up 3.6% for the week. The Dow Jones Industrial Average rose 384 points, or 1.2%, to 32,155 …