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US President Joe Biden said on Friday that price pressures would ease as the global economy improves.“Gasoline price drops are beginning to reach Americans and this should pick up, he added, saying that China might also decide to release more oil, though it has not done so just yet.Managing Director …
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December, 2021
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4 December 2021 2:40 am
Gold Prices Surge, Benefitting From Market Sentiment
The XAU/USD recovered as the New York session winds down, up by 0.86% and recording a break above USD1,792 that could push gold towards USD 1,800 and even beyond. Gold climbs as the New York session winds down. The precious metal is trading at USD 1,784.The market sentiment was relaxed …
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4 December 2021 2:03 am
US Oil-Rig Count Flat in Latest Week
The number of rigs drilling for oil in the US. was unchanged in the latest week at 467, according to oil-field services company Baker Hughes Co. The rig count was 221 rigs higher than last year when there were 246 active rigs, Baker Hughes said Friday.The nation’s gas-rig count stood …
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4 December 2021 12:48 am
Downgrades Of Global Growth Expected Due To Omicron
Managing Director of the International Monetary Fund, Kristalina Georgieva, said on Friday that she had already been concerned that the global economic recovery had been losing steam before the emergence of the Omicron variant.There would now likely be some downgrade to global growth forecasts as a result, she added, saying …
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4 December 2021 12:23 am
Crude Oil Surges, OPEC+ To Act If Demand Weakens
Crude oil prices edged higher on Friday following statements by OPEC+ that the group could review its policy to hike output if a rising number of pandemic lockdowns obstructs off demand.Brent futures rose 90 cents, 1.3%, to $70.57 a barrel, while US WTI rose 55 cents, 0.8%, to $67.05. Losses …
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3 December 2021 11:36 pm
Wells Fargo: NFP Pushes FOMC To Gray Zone
November’s NFP data showed an increase in payrolls of 210000, significantly below the 550000 expected. According to Wells Fargo’s analysts, this reading is clear evidence that nonfarm payrolls are below consensus expectations. They add that a slower pace of wage growth may slightly ease some concerns about a wage price …
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3 December 2021 10:44 pm
BoC Ready For Quiet Meeting
Next week, on Wednesday, the Bank of Canada (BoC) will have its monetary policy meeting. Analysts tend to expect a relatively quiet meeting. They consider the BoC will maintain the view that the outlook is evolving as expected and that inflation is transitory. BoC meeting would be with limited scope …
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3 December 2021 9:43 pm
US Shares Display Mixed Performance After NFP Data
Stocks are churning in mixed trading on Wall Street, Friday, following a disappointing jobs report, as markets continue to twirl at the tail end of a dizzying week.The S&P 500 was 0.1% lower, as of 9:50 a.m. Eastern time, after an early 0.7% gain quickly vanished. It’s coming off a …
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3 December 2021 8:41 pm
Biden: Price pressures will ease as global economy improves
US President Joe Biden said on Friday that price pressures would ease as the global economy improves. “Gasoline price drops are beginning to reach Americans and this should pick up, he added, saying that China might also decide to release more oil, though it has not done so just yet.
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3 December 2021 8:18 pm
Fed’s Bullard Expects NFP Data Upwards Revision
St Louis Fed President James Bullard said on Friday said that he expects an upwards revision to the November NFP number, as this is a tight labour market. The US economy will be below 4% unemployment by Q1 2022, he added. Additional Comments:“Sticking with forecast for two rate hikes in …
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3 December 2021 8:06 pm
US Factory Orders Above Expectations
According to US Census Bureau data, US Factory Order rose 1.0% MoM in October. This reading is above the expected 0.5% gain and marked an acceleration on the 0.5% MoM gain seen back in September.Excluding transportation, orders were up 1.6% on the month also marking an acceleration on September’s MoM …
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3 December 2021 7:37 pm
November’s ISM Services PMI Jumps To Record Reading
Headline ISM Service PMI rose to 69.1 in November. The new reading has marked a record-high going back to 1997 when the survey began. The Institute of Supply Management’s headline Services PMI index rose to a fresh record high at 69.1 in November versus forecasts for a modest fall to …
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3 December 2021 7:19 pm
USD Remains Resilient Despite Disappointing NFP
US Nonfarm Payrolls rose at a much slower pace than expected in November. However, an underwhelming print did little to undermine the USD. It will be very difficult to sell the USD as a thematic strategy given the global monetary policy setup. Fed’s hawkishness to be a significant offset to …
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