Market Update

US Stocks closed lower on Monday. Nasdaq Composite index hit lowest level in two years as tech shares were the hardest blow in the market because of thwarting interest rates exposing the high valuations of such shares and raise their cost of capital.The declines came as JPMorgan CEO Jamie Dimon …

As the US dollar hits one-week high at 1.3780 lower oil prices persist and hawkish Fed hopes are undermining the CAD, the USD/CAD pair is rallying to 1.40 before dropping to 1.32. The US dollar remains dominant across the board, with the market pricing in another aggressive rate hike by …

As US CPI data is eyed, gold prices dropped significantly lower on Monday. Not only did the price take out $1,675, but it has also made a low of $1,665.77, taking on a key support area as the markets remain focused on the hawkish stance of the Fed.Gold dropped from …

Oil prices retreated by 1% on Monday as investors are concerned about economic storm clouds that could foretell a looming global recession and erosion of fuel demand amid probable tight supply .Brent crude futures fell 96 cents, or 1%, to $96.96 a barrel by 11:31 a.m. EDT (1531 GMT). West …

The US dollar’s performance undoubtedly attracts investors to favour it above most financial assets and rival currencies. This seems natural as most foreign currencies are now weak. Over the passage of several months in 2022, markets have noticed that European companies underperformed US peers by a significant margin. The same …

Bitcoin slides –1.15% and other cryptocurrencies are also weaker Monday due to negative sentiment for risk-sensitive assets that continued to deteriorate in the wake of Friday’s US jobs data. Crypto holders seem to be prepared for more volatility this week with key inflation data on the economic docket. Bitcoin is …

On Monday, Germany greed to support joint EU debt in order to encounter the continent’s energy crisis. Last Tuesday, European Economic Commissioner Paolo Gentiloni and Internal Market Commissioner Thierry Breton called for joint borrowing to finance the necessary response to the energy crisis in the Eurozone.German Finance Minister Christian Lindner, …

The Eurozone Sentix Investor Confidence index deteriorated to -38.3 in October from -31.8 in September vs. -34.7 expected. The index fell to its lowest level since March 2020, signaling a deep recession. The current situation in the eurozone dropped to -35.5 points in October from -26.5 in September, the lowest …

After 35 hours of consultations, the German Gas Committee on Monday presented its statement to the German government regarding its recommendations for the terms of the gas price support program in Germany. The committee’s statement addressed the following points: The cost of the proposed gas price support package is estimated …

Data on Monday, October 10 showed that Turkey’s unemployment rate fell 0.4 percentage points month-on-month to 9.6% in August, while the seasonally adjusted underutilization of the labor force fell to 19.8%. The rate of incomplete exploitation of the labor force, which amounted to 22.4% in July, has taken a downward …