Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2023

• 1 March 2023 9:48 pm

  What does Wednesday’s ISM Manufacturing PMI data mean for US economy?

  

  With the ISM Manufacturing PMI creeping up to 47.7 from 47.4, the economic activity in the US manufacturing sector continued to shrink in February, though at a slower rate than it did in January. This figure was lower than the market forecast of 48.The report’s supporting information showed that the …

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• 1 March 2023 8:43 pm

  Statements By Fed Officials Sound More Hawkish

  

  Bostic: Fed’s policy rate needs to remain at 5.00%-5.25% range well into 2024Atlanta Fed President Raphael Bostic stated in an essay published on Wednesday that he still holds the opinion that the policy rate needs to increase to the 5.00%-5.25% range and stay there far into 2024.Bostic continued, “A narrative …

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• 1 March 2023 7:46 pm

  GBP/USD hits daily low following US ISM Manufacturing PMI

  

  Following the US ISM Manufacturing PMI, the GBP/USD pair moved into negative territory. Despite the market’s optimism on the favourable economic data from China, the pair is seen falling. Moreover, a BoE official expressed more hawkish views than anticipated, which helped boost the GBP/USD. At the time of writing, the …

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• 1 March 2023 6:05 pm

  5 Factors That Will Make March a Month to Remember on Wall Street

  

  Wall Street stocks closed February on a noticeably shaky note, raising concerns about the resilience of a rise that began in early 2023. The Dow Jones Industrial Average had a solid start to the year in January, but it declined by 4.2% in February, bringing the blue-chip index’s annual decline …

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• 1 March 2023 5:02 pm

  Germany: Annual HICP edges higher to 9.3% in February

  

  Inflation in Germany, as measured by the Consumer Price Index (CPI), stayed unchanged at 8.7% on a yearly basis in February. This reading came in higher than the market expectation of 8.5%. On a monthly basis, the CPI was up 0.8%. Meanwhile, the annual Harmonised Index of Consumer Prices (HICP), …

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• 1 March 2023 4:04 pm

  UK house prices fall by most since 2012, mortgage approvals drop

  

  British house prices last month dropped by the most in more than 10 years, mortgage lender Nationwide said on Wednesday, adding to signs of a slowdown in the housing market in the face of high inflation and rising borrowing costs. The 1.1% fall was the biggest year-on-year drop since November …

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• 1 March 2023 2:30 pm

  Russian ruble depreciates after the end of the tax repayment period

  

  The Russian ruble fell on Wednesday, March 1, as it lost the support it received from a period to pay taxes, and the Russian currency is still under pressure due to Western restrictions on Moscow’s energy exports, which reduces its foreign exchange earnings. At 07:12 GMT, the ruble fell 0.3% …

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• 1 March 2023 1:32 pm

  European stocks start the month of March on a stable note

  

  European stocks rallied thanks to miners and luxury products on Wednesday, after strong data from China reassured investors fearing an economic slowdown, while a decline in BNP Paribas, the euro zone’s largest bank, limited gains. The pan-European STOXX 600 index was up 0.2% by 0812 GMT, kicking off the month …

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• 1 March 2023 12:44 pm

  Japan’s Nikkei index closed higher as sentiment improved on Chinese data

  

  Japan’s Nikkei index extended gains to close higher on Wednesday as sentiment improved after data showed manufacturing activity in China expanded in February at the fastest pace in more than a decade. The Nikkei index closed up 0.26 percent at 27,516.53 points, after falling as much as 0.5 percent earlier …

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• 1 March 2023 12:04 pm

  China’s Caixin Manufacturing PMI expands to 51.6 in February

  

  China’s Caixin Manufacturing PMI returns to expansion with 51.6 in February vs. 50.2 expected and 49.2 previous, courtesy of the renewed increases in output, new orders and employment. Wang Zhe, Senior Economist at Caixin Insight Group said, “The recovery in manufacturing activity came as the most recent wave of Covid-19 …

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• 1 March 2023 11:16 am

  Oil rose by about 2%, supported by China’s growth hopes

  

  Oil prices rose nearly 2 percent on Tuesday, erasing losses from the previous session, as hopes for a strong economic recovery in China offset concerns about a US interest rate hike that led to lower consumption in the world’s largest economy. Brent crude futures for April delivery, which expired on …

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• 1 March 2023 10:39 am

  Gold continues to rise as the dollar declines and interest rate concerns limit gains

  

  Gold prices continued to climb for a third session on Wednesday as the dollar weakened, however concerns over US interest rate hikes on the back of high inflation globally curbed gains. Spot gold rose 0.2 percent to $1,831.43 an ounce by 0536 GMT. US gold futures rose 0.1 percent to …

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• 1 March 2023 3:08 am

  Market Drivers – US Session 28/02/2023

  

  The US dollar managed to recover some of its early losses, but the day still ended unevenly. In spite of month-end flows, correlations were off, but risk aversion was unaffected. As Wall Street ended neutral, the majority of European indexes closed the day in the red.Key DevelopmentsThe focus was on …

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