Market Update

The WTI crude has recovered back above $120 after the latest US EIA inventory report showed gasoline stocks falling unexpectedly. Prices remain well supported against the backdrop of strong and rising demand plus OPEC+/Russia supply woes.Crude oil prices have been trading with an upwards trajectory in recent sessions and weeks, …

The European Central Bank’s (ECB) June 9 monetary policy decision is likely to be a highly significant one, as the central bank is seen signaling its first-rate hike in over a decade. Increasing signs of inflation broadening out in the old continent have compelled the ECB to prepare for a …

The 10-year US Treasury note yield trades above 3% while market participants still evaluate  the outlook for tightening monetary policy ahead of a critical US inflation, scheduled next Friday. Earlier this year, US yields climbed up to 0.01% as traders reacted to persistently high inflation ratings and a more hawkish …

The Organisation for Economic Co-operation and Development (OECD) announced today cutting its global growth predictions for 2022 to 3% due to the Russia-Ukraine war repercussions and the supply-chain disruptions. In its latest review, published today, OECD sees global GDP growth of 3.0% in 2022 versus 4.5%, predicted before. Besides, OECD …

The Eurozone economy expanded by 0.6% on the quarter in the three months to March of 2022 vs. 0.3% prior, the final revision confirmed on Wednesday. The market consensus was for a reading of 0.3% in the reported period. On an annualized basis, the bloc’s GDP rate rose by 5.4% …

European shares fell on Wednesday, quickly giving up gains at the open, as a 6% drop in Credit Suisse shares after an earnings warning put pressure on the banking sector, while metal prices also pressured mining stocks. The pan-European Stoxx 600 index fell 0.1 percent, after rising at the opening …

Japan’s Nikkei closed at its highest level in two and a half months, as major technology stocks tracked gains in Wall Street overnight and energy stocks rose, led by higher oil prices. The Nikkei rose 1.04 percent to 28,234.29 points, its highest close since March 29, and it continued a …

Oil prices rose on Wednesday before the release of data on US oil inventories, as tight supplies and increased demand for fuel supported crude futures contracts, while major Chinese cities eased restrictions imposed to contain the Covid-19 pandemic. Brent crude futures for August rose 22 cents, or 2 percent, to …

Risk aversion has been the one big title for financial markets during the North American trading session. The US dollar slid against major rivals in the last trading session of the day. Lower Treasury yields hindered demand for the dollar because the 10-y note yields 2.97%, after peaking earlier in …

Gold price has exhibited a minor correction after recording a high around $1,856.00 on Tuesday, but strongly stabilized above the crucial resistance of $1,850.00 as the US dollar index slipped sharply. The precious metal has been advancing higher gradually after hitting a low of $1,837.06 and is expected to extend …