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Market Analysis

December, 2023

  • 21 December 2023 11:44 am

    Oil is heading to end its winning streak as US inventories rise

    Oil prices experienced a decline on Thursday, potentially halting a three-day winning streak. Concerns about reduced demand emerged following an unexpected surge in US crude inventories, overshadowing worries about global trade disruptions due to tensions in the Middle East. As of 0303 GMT, Brent crude futures saw a decrease of …

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  • 21 December 2023 1:26 am

    Market Drivers – US Session, December 20

    The US Dollar rose on Wednesday, supported by US economic data and a slight deterioration in market sentiment as well as hawkish remarks by Fed’s Patrick Harker on the rate policy outlook.Holiday-linked rally was paused, with Wall Street’s main indexes about to end a five-day positive streak on profit taking. …

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  • 21 December 2023 1:19 am

    Hawkish remarks by Fed’s Harker benefit the US dollar

    The USD was not greatly affected by the Wednesday’s US home data, but the DXY Index recorded gains of 0.35% per day after Fed’s Harker commented that the bank won’t cut rates right away.Philadelphia Federal Reserve President Patrick Harker has expressed his opposition to further US central bank interest rate …

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  • 21 December 2023 1:04 am

    G7 Tightens Oil Price Cap Enforcement, Sanctioning Russian Oil

    The US and Western allies have imposed sanctions on oil shippers and traders who have been helping Russia bypass price restrictions. Since a price cap on Russian oil was set last year, Moscow has developed a shadow fleet of tankers and found alternative insurance and financing options, enabling it to …

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  • 21 December 2023 12:22 am

    US stocks retreat on profit taking

    Stocks experienced a decline on Wednesday due to investors cashing in profits following the market’s recent hot streak. FedEx, the largest laggard in the S&P 500, lost over 10% due to disappointing revenue outlooks and disappointing second-quarter results. The , a price-weighted index of 20 stocks, also fell by 0.9%. …

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  • 20 December 2023 11:55 pm

    Final PCE reading in 2023 could weigh on rate policy outlook

    The PCE inflation data, in the United States, on Friday is expected to be the final key piece of data for the year, and an upside surprise is required to give the Fed’s push-back attempts more credibility. If an upside surprise does not materialize, it will be difficult for the …

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  • 20 December 2023 10:49 pm

    Treasury yields hits lowest since July

    The 10-year US Treasury yield hit its lowest level since July as traders assessed the Federal Reserve’s future rate cuts. The yield on the benchmark 10-year Treasury note was last down around 2 basis points to 3.901%, its lowest level since July 27 when the 10-year yield was as low …

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  • 20 December 2023 10:07 pm

    Biden Urged To Block Foreign Acquisition Of Iconic Company

    In a letter to Treasury Secretary Janet Yellen, three senators urged the Biden administration to thwart the recent agreement between the US Steel Corporation and Nippon Steel Corporation (NSC) of Japan. NCS declared that it will buy US Steel for $55 per share and take on the $14.9 billion in …

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  • 20 December 2023 9:15 pm

    Gold expected to hold above $2000 in 2024

    Gold is trading around $2035 per ounce at the time of writing. It is worth mentioning that the precious metal’s price previously surged more than 20% to a record high of $2135 in 2023. Economists and experts predict that gold’s upside will soon reach a ceiling. It is generally predicted …

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  • 20 December 2023 7:57 pm

    US CB Consumer Confidence Index Beats Expectations

    The US CB Consumer Confidence Index rose to 110.7 in December, indicating a significant improvement in consumer sentiment. The report also revealed that the Present Situation Index rose to 148.5, and the Consumer Expectations Index advanced to 85.6. The one-year consumer inflation rate expectation edged lower to 5.6%. The US …

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  • 20 December 2023 7:17 pm

    US Existing Home Sales Unexpectedly Rise 0.8% In November

    US existing home sales unexpectedly rose in November, to seasonally adjusted annual rate of 3.82 million units, ending five consecutive monthly decreases, according to the National Association of Realtors. Further gains could be limited by a chronic shortage of houses on the market. Home resales, accounting for a large portion …

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  • 20 December 2023 4:54 pm

    UK CPI inflation softens to 3.9% in November

    According to the latest data released by the Office for National Statistics (ONS), the United Kingdom’s Consumer Price Index (CPI) recorded a 3.9% year-on-year increase in November. This figure represents a slight deceleration from the 4.6% rise observed in October, and it falls below market expectations of a 4.4% acceleration. …

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  • 20 December 2023 3:32 pm

    European stocks rise amid expectations of interest rate cuts

    European shares saw an uptick on Wednesday, driven by anticipations of interest rate cuts following data indicating a slowdown in inflation in both Britain and Germany. Additionally, a surge in commodity prices contributed to gains in resource stocks. The STOXX 600 index recorded a 0.3 percent rise by 0818 GMT, …

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