Market Update

The United States enters technical recession as economy shrank 0.9% in Q2 following two successive quarters of negative GDP growth. President Biden reacted to Thursday’s GDP report, saying it is “no surprise that the economy is slowing down” amid inflation, despite saying earlier this week that the US would not …

This question normally weighs on consumers, politicians and investors around the world every time the US central bank decides interest rate hikes. Is the US economy in a recession? The reasonable answer, so far, is: “maybe”, in other words; it is “A Mix of Yes and No”. For many people, …

Gold price advances more than 1%, recording back-to-back gains for the first time since July 21-22. The US Q2 GDP, on its preliminary reading, contracted, meaning the US is technically in a recession.The US economic calendar on Friday will update the Fed’s favorite inflation gauge, alongside the UoM Consumer Sentiment.Gold …

Citing eight sources familiar with the matter, Reuters reported on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, were planning to leave the oil output unchanged for September.Sources also acknowledged that a modest output increase could be discussed amid calls from the …

There were 256,000 initial jobless claims in the week ending July 23, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week’s print of 261,000 and came in worse than the market expectation of 253,000. Further details of the publication …

The US economy contracted at an annualized rate of 0.9% in the second quarter, the US Bureau of Economic Analysis’ (BEA) first estimate showed on Thursday. This reading came in much worse than the market expectation for an expansion of 0.5%. “The decrease in real GDP reflected decreases in private …

Gold prices rose to a 3-week high on Thursday, July 28, after Federal Reserve Chairman Jerome Powell suggested the US central bank may slow the pace of interest rate hikes in the coming months, affecting the dollar and US Treasury yields. Spot gold rose 0.7% to $1,745.20 an ounce, its …

Moody’s reported on second-quarter earnings that missed analysts’ forecasts and revenue that fell short of expectations. Moody’s announced earnings per share of $2.22 on revenue of $1.38B. Moody’s shares are down 5% from the beginning of the year, still down 28.77% from its 52-week high of $407.94 set on November …

European shares rose to a seven-week high on Thursday as some concerns about the pace of the Federal Reserve’s rate hike dissipated while strong business results for companies, including Shell, supported buying. And the Federal Reserve (the US central bank) raised the interest rate by 75 basis points, as expected, …

The dollar fell to a three-week low against the yen on Thursday after US Federal Reserve Chairman Jerome Powell calmed investor concerns about continued monetary tightening. The dollar fell to 135.105 yen to the dollar, its lowest since July 6, after the US central bank raised the key interest rate …