Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 26 May 2023 12:26 pm

  Nikkei rose for the seventh week, thanks to chip stocks

  

  The Japanese Nikkei index rose on Friday, supported by gains in chip companies, as the strong profits achieved by the US company Nvidia continued to enhance the gains of the sector. The Nikkei index closed up 0.37 percent to 30,916.31 points, achieving gains for the seventh consecutive week, the longest …

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• 26 May 2023 11:23 am

  Dollar is heading for a third weekly gain, amid expectations of continuing interest rate hikes

  

  The dollar fell on Friday, but remained close to the highest level in two months against major currencies, amid expectations that US interest rates will remain high for a longer period. Tension still hangs over the market due to the US debt ceiling negotiations between President Joe Biden and Republican …

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• 26 May 2023 1:56 am

  Market Drivers – US Session – 25/05/2023

  

  US data pointed to a resilient economy while progress on US debt ceiling talks remained elusive, helping Treasury yields higher and the US Dollar to score its highest level in over two months. Traders were wary of a possible default in early June while US President Joe Biden and top …

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• 25 May 2023 11:47 pm

  Gold price retreats to March lows after US data

  

  Gold price has retreated to $1,940.00, during Thursday’s US session after US GDP revised up to 1.3% in the first quarter of 2023, while Jobless Claims come in below expectations.Core PCE inflation rises by 5% in Q1, the strong US data was dragging gold to its lowest level since March …

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• 25 May 2023 10:38 pm

  US debt-ceiling concerns drag EUR/USD to two-month low

  

  The EUR/USD pair hits a two-month low amid US debt-ceiling concerns as well as positive US economic data though Fitch places US “AAA” debt rating on negative watch despite lower unemployment claims and a rise in Q1 GDP. Germany’s Q1 GDP plunge puts additional pressure on the Euro, with central …

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• 25 May 2023 9:49 pm

  USD/CAD surges amid higher T-yields; US default uncertainty

  

  The USD/CAD pair surged past the 1.3600 mark amidst rising US bond yields and US political uncertainty. The US economy displayed recovery signs with lower-than-expected jobless claims and an upwardly revised Q1 GDP, while the Fed hints at a pause in rate hikes. On the Canadian front, Manufacturing Sales declined …

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• 25 May 2023 9:08 pm

  ECB’s Knot: We need at least two more rate hikes

  

  ECB policymaker Klaas Knot said that the ECB needs to raise the policy rate at least two more times. Knot further argued that rates should stay put for a significant period of time following these increases.“Headline inflation peak behind us but not sure if at peak of underlying inflation”, Knot …

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• 25 May 2023 8:36 pm

  US, China set to start a new round of trade talks to ease tensions

  

  This week, senior American trade officials will meet with China’s Minister of Commerce Wang Wentao in the US. The meetings will be another attempt by the two largest economies in the world to warm chilly bilateral relations. Beijing said on Thursday that Wang Wentao plans to use his trip to …

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• 25 May 2023 7:48 pm

  CANADA STOCKS-TSX retreat amid mixed bank earnings

  

  Canadian shares hit a near-two month low on Thursday, as the losses in the country’s top lenders overshadowed the gains in tech stocks. The Toronto Stock Exchange’s S&P/TSX composite index was down 99.28 points, or 0.5%, at 19,828.41. Royal Bank of Canada slid 2.0% on a quarterly earnings decline, while …

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• 25 May 2023 7:18 pm

  Oil price declines on US data boosting US dollar

  

  Oil price declines as traders take profit. The US dollar continues rallying after US macroeconomic data reinforces an optimistic view of the economy. Oil, however, is supported by EIA inventory data, showing a steep drawdown in the prior week, reflecting rising demand.The comments by the Saudi Oil Minister warning short-sellers …

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• 25 May 2023 6:15 pm

  Q1 Earnings Season Highlights: Top 5

  

  Despite fears of an economic slowdown or recession, Wall Street’s first-quarter earnings season provided a ray of hope, as the results largely suggested that things may not be as bad as previously anticipated. The data are in, and they reflect a narrative of resilience, with over 95% of S&P 500 …

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• 25 May 2023 4:55 pm

  US: Real GDP grows at an annual rate of 1.3% in Q1

  

  The US Bureau of Economic Analysis’ (BEA) second estimate revealed that the country’s real Gross Domestic Product (GDP) rose at an annualised rate of 1.3% in the first quarter. This number was higher than the advance estimate and the market forecast of 1.1%. “The increase in real GDP reflected increases …

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• 25 May 2023 4:47 pm

  Best Buy posts first-quarter earnings beat amid discretionary spending pressures

  

  Best Buy Co. Inc. reported higher-than-expected net income in the first quarter and reaffirmed its full-year forecast, as gaming and services demand helped offset a drop in discretionary spending that has hit other retail competitors. The retailer known for high-priced products such as televisions and computers reported adjusted net earnings …

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