Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 16 August 2023 2:09 pm

  Oil is falling due to Chinese growth fears, despite the scarcity of US supplies

  

  Oil prices turned lower on Wednesday, extending the previous session’s 1 percent loss, as weak economic data from China outweighed tight US crude supplies. Brent crude futures fell 21 cents to $84.68 a barrel at 0249 GMT, while US West Texas Intermediate crude fell 20 cents to $80.79. Both benchmarks …

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• 16 August 2023 1:02 pm

  European stocks opened lower, affected by mining companies with exposure to China

  

  European stocks opened lower on Wednesday, with miners exposed to China leading losses after weak economic data from Beijing, while British stocks were pressured by a larger-than-expected headline inflation reading. And by 0708 GMT, the pan-European Stoxx 600 index was down 0.2%, after closing at its lowest level in more …

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• 16 August 2023 12:34 pm

  Japanese Nikkei index ended trading at its lowest level in more than two months

  

  The Japanese Nikkei index closed trading lower and reached its lowest level in more than two months, Wednesday, August 16, as expectations for the Chinese economy pressured risk appetite, including bank stocks, after a report on a possible downgrade of the rating of major US banks. The Nikkei index fell …

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• 16 August 2023 1:22 am

  Market Drivers – US Session, August 15

  

  The US Dollar Index exhibits obvious strength. It surged for the fourth day in a row on Tuesday, reaching its highest point in a month. With the help of rising risk aversion and a comeback in Treasury yields, the DXY was able to recoup its losses. Over 1% was lost …

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• 16 August 2023 1:08 am

  Gold prices struggle as surging T-yields accumulate pressure

  

  Following the release of official statistics showing a spike in retail sales by American merchants in July, the Treasury rates and the US dollar rose, sending gold prices further downward on Tuesday, closing at their lowest levels in more than a month.Following the release of higher than anticipated Retail Sales …

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• 16 August 2023 12:20 am

  Despite strong US retail sales, UK wage growth drives GBP/USD uptrend

  

  UK wages excluding bonuses soared to the highest growth rate since 2001, pushing unemployment to 4.2%. The GBP/USD pair surges following Monday’s session, which portrayed a ‘hammer’ formation, suggesting that further upside is expected. UK jobs data overshadowed positive economic data from the United States, as wages grew above estimates, …

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• 15 August 2023 11:32 pm

  USD/JPY flat after US Retail Sales

  

  After falling to the 145.10 low, the USD/JPY pair is neutrally trading around 145.65 at the time of writing. Strong US retail sales led markets to expect a Fed rate move in November. BoJ’s divergent monetary policies are hurting the yen, which is unable to gain from strong GDP figures.The …

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• 15 August 2023 10:28 pm

  WTI retreats over 2% on China’s economic slowdown

  

  At the time of writing, the price of a barrel of WTI crude oil is $80.292. On the whole, it is down nearly -1.86%. In response to the economy’s sluggish recovery, China’s central bank lowers crucial lending rates, which affects the outlook for global oil consumption. Saudi Arabia and Russia’s …

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• 15 August 2023 8:31 pm

  Home Depot’s earnings beat market estimates

  

  Dow Jones hardware heavyweight Home Depot reported Q2 results early Tuesday. Rival Lowe’s will announce earnings on August 22. HD stock rose early Tuesday. LOW stock is attempting to reclaim technical support.Homebuilders, a key market for hardware and home improvement retailers, rallied aggressively in 2023. Rising interest rates have slowed …

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• 15 August 2023 7:57 pm

  Fed’s Kashkari: Inflation is still too high

  

  Minneapolis Federal Reserve President Neel Kashkari said noted on Tuesday that he is feeling good about the progress on inflation but added that it was still too high, per Reuters.“The question is, have we done enough, or do we need to do more,” Kashkari added said that they have been …

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• 15 August 2023 3:57 pm

  Unemployment in Britain rose to 4.2% in the second quarter of 2023

  

  The UK unemployment rate rose to 4.2% in the second quarter of 2023, the highest level since late 2021 and above market expectations and the previous level of 4%. This rise was supported by the number of unemployed persons for a period of up to 6 months. The rate of …

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• 15 August 2023 2:45 pm

  German ZEW Economic Sentiment Index improves to -12.3 in August

  

  According to the German ZEW headline figure, the Economic Sentiment Index improved to -12.3 in August from -14.7 in July. This number was higher than the -14.4 predicted by the market. Similarly, the Eurozone Economic Sentiment Index increased to -5.5 from -12.2 during the same period. On the negative side, …

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• 15 August 2023 2:44 pm

  European stocks fell under pressure from the decline in real estate stocks

  

  European stocks opened slightly lower on Tuesday, as declines in real estate stocks amid higher bond yields offset gains in retail stocks, led by British department store Marks & Spencer, which raised its profit forecasts. And by 0720 GMT, the European Stoxx 600 index fell 0.1 percent, with real estate …

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