Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 1 May 2023 11:20 pm

  Oil retreats on US manufacturing data

  

  Oil prices were down sharply on Monday after the latest manufacturing data showed that the sector contracted for the 5th straight month in April, ending a 30-month period of expansion. Brent crude was down 1.8% to $79.15 per barrel at 11:30 ET, marking the first time it has slipped below …

  Read More »
• 1 May 2023 9:27 pm

  Mercedes proves strategy strength by Q1 earnings

  

  Mercedes is showing off the strength of its more traditional pricing strategy in the Q1 earnings report, which has crushed investor expectations. Group earnings grew 5% year-over-year to 5.5 billion euros ($6.04 billion) and revenues grew 8% to 37.5 billion euros ($41.19 billion). The discrepancy between earnings and revenue growth …

  Read More »
• 1 May 2023 8:29 pm

  IMF doesn’t see alternative to US dollar soon

  

  “De-dollarization isn’t on top of my worry list,” International Monetary Fund’s (IMF) Managing Director Kristalina Georgieva said on Monday and added that the doesn’t see an alternative to the US Dollar any time soon.“There may be more vulnerabilities exposed in the banking sector,” Georgieva warned and further noted that they …

  Read More »
• 1 May 2023 7:47 pm

  Gold dips below $2000 on improved ISM report

  

  Gold price dropped below $2000 on a report by the Institute for Supply Management (ISM), showing that manufacturing activity in the US improved. However, prices jumped compared to last month’s data, sparking speculation that the Federal Reserve (Fed) will tighten monetary conditions next Wednesday. The precious metal is trading between …

  Read More »
• 1 May 2023 7:02 pm

  SM Manufacturing PMI improves above expectations

  

  The ISM Manufacturing PMI increased to 47.1 from 46.3 in April as the economic activity in the US manufacturing sector continued to decrease, albeit at a slower rate than it did in March. This result was little higher than the 46.6 market forecast.According to further information in the report, the …

  Read More »
• 1 May 2023 6:12 pm

  Canada: S&P Global Manufacturing PMI improves in April

  

  In April, the S&P Global Manufacturing PMI for Canada rose above 50. USD/CAD remains within the daily range at roughly 1.3550.The S&P Global Manufacturing PMI increased to 50.2 from 48.6 in March, reflecting a modest increase in business activity in the Canadian manufacturing sector. This figure was lower than the …

  Read More »
• 1 May 2023 4:28 pm

  Oil prices fell amid concerns about economic growth

  

  Oil prices fell on Monday amid concerns about the economic impact of a possible interest rate hike by the Federal Reserve and weak Chinese manufacturing data, which are enough to offset the supportive impact on oil prices of the new OPEC+ production cuts that took effect this month. The Federal …

  Read More »
• 1 May 2023 3:52 pm

  Dow futures largely flat; First Republic is taken over

  

  Investors are absorbing the buyout of First Republic Bank at the start of a week that contains additional corporate results, a Federal Reserve policy meeting, and the eagerly anticipated monthly employment report. The Dow futures contract was up barely 3 points at 10:45 GMT, the S&P 500 futures were mostly …

  Read More »
• 1 May 2023 3:20 pm

  UK inflation expectations ease as BoE considers next rate hike

  

  Inflation expectations in the United Kingdom fell in April, according to Citi, providing some respite to the Bank of England, which is anticipated to announce its 12th consecutive interest rate hike next week, with investors banking on additional hikes after that. Citi said its monthly poll, conducted by market research …

  Read More »
• 1 May 2023 1:22 pm

  The dollar is edging upward, with all eyes on Fed

  

  The US dollar rose in early holiday-affected European trade Monday, kicking off a week that features policy-setting meetings from the Federal Reserve and the European Central Bank, as well as the monthly US employment report. The dollar index, which measures the value of the US currency against a basket of …

  Read More »
• 1 May 2023 12:21 pm

  Japan’s Nikkei crosses 29,000 with yen falling

  

  The Japanese Nikkei index rose to its highest level in more than eight months on Monday, surpassing the key level of 29 thousand points, after the Bank of Japan continued its easy monetary policy that pushed the yen to its lowest level in nearly two months. The railways and airlines …

  Read More »
• 1 May 2023 11:07 am

  Gold fell amid the rise of the dollar and anticipation of the US Central Bank meeting

  

  Gold prices fell on Monday, weighed down by a stronger dollar, as investors cautiously await the Federal Reserve’s decision to raise interest rates later this week. By 0531 GMT, spot gold fell 0.5 percent to $1980.42 an ounce, and US gold futures fell 0.5 percent to $1989.10. The dollar index …

  Read More »
• 1 May 2023 10:09 am

  Oil prices dip on U.S. rate hike expectations, weak China PMI

  

  Oil prices dipped on Monday as investors worried about the possibility of the Federal Reserve raising interest rates, which would impede growth and reduce gasoline demand, and concerns over lower Chinese manufacturing data combined to wipe out previous gains. Brent futures for July delivery were down 61 cents, or 0.8%, …

  Read More »