Market Update

Sir Graham Brady, chair of the 1922 Committee, announced on Monday that Rishi Sunak is elected as leader of the Conservative Party and new prime minister following Penny Mordaunt’s decision to drop out of the contest. Sunak will reportedly deliver a private speech to Tory MPs at 1430 GMT.

Gold prices fell on Monday (October 24th) as the dollar rose as investors sought to clarify whether the US Federal Reserve would ease monetary policy. And the price of gold in spot transactions fell 0.4% to $ 1650.77 an ounce by 0754 GMT, while US gold futures fell 0.1% to …

Oil prices fell 2 percent on Monday after Chinese data showed that demand from the world’s largest importer of crude remained weak in September, as strict anti-Covid-19 policies and restrictions on fuel exports reduced consumption. Brent crude futures fell $1.67, or 1.8 percent, to $91.83 a barrel by 0855 GMT, …

European shares jumped on Monday, boosted by hopes the Federal Reserve will slow the pace of interest rate hikes, as investors braced for a busy week that includes an important European Central Bank interest rate decision. The pan-European STOXX 600 index rose 1.3 percent by 0708 GMT, with the travel, …

Japan’s Nikkei gave up most of the morning’s gains during the overnight session, to close below the 27,000-point level on Monday, as investors worried about the outlook for the Chinese economy. The index ended trading up 0.31 percent at 26,974.90 points. Out of 225 stocks on the index, 133 rose …

Japan’s government and central bank intervened in the currency market early Saturday to support the retreating yen, triggering a dramatic rebound against the dollar after the Japanese currency had reached a fresh 32-year low of nearly 152 against the dollar.Finance Ministry Vice Minister Masato Kanda told reporters he would not …

Amid hopes that Fed could be less hawkish, as mentioned by Fed officials debating to slow the pace of rate increases following November’s meeting. At the time of writing, WTI is trading at $85.05 per barrel, up by 0.19%. The Euro recovered to the 0.9800 level as Fed officials signaled …

WTI tends to finish Friday’s trading session with flat performance, as Wall Street ended the day with substantial gains amid hopes that Fed could be less hawkish, as mentioned by Fed officials debating to slow the pace of rate increases following November’s meeting. At the time of writing, WTI is …

US shares surged on Friday after a news report, by WSJ, said the US Fed will likely debate on a smaller interest rate hike in December, raising hopes the central bank may be ready to adopt a less hawkish policy stance.The Dow Jones Industrial Average (.DJI) rose 646.73 points, or …

On Friday, San Francisco Federal Reserve President Mary Daly warned that the US central bank should avoid putting the economy into an “unforced downturn” by raising interest rates too sharply, adding that it’s time to start talking about slowing the pace of the hikes in borrowing costs.The Fed is widely …