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Market Analysis

November, 2023

  • 20 November 2023 6:01 pm

    The Japanese Petroleum Association expects an extension of the oil supply cuts from OPEC+

    Japan

    The head of the Japan Petroleum Industry Association said on Monday that he expects OPEC+ to extend supply cuts beyond December to support oil prices. Three OPEC+ sources told Reuters that the alliance is scheduled to study whether to impose additional oil cuts when it meets on November 26, after …

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  • 20 November 2023 4:21 pm

    European stocks are flat after a strong week

    European stocks stabilized on Monday after a strong weekly performance that was driven by increased bets on lowering interest rates, while a decline in the health care sector erased gains in energy sector stocks. There was no significant change in the European STOXX 600 index by 0810 GMT, after it …

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  • 20 November 2023 2:06 pm

    Nikkei falls from 33-year high after sharp gains spark caution

    Japan’s Nikkei index rose to its highest level in more than three decades on Monday before changing course and closing lower as investors remained wary of the index’s recent significant gains. The Nikkei fell 0.59 percent to 33,388.03 points at the close, after earlier rising to its highest level since …

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  • 20 November 2023 1:20 pm

    Oil consolidates its gains and OPEC+ is considering reducing production further

    Oil futures rose on Monday, continuing their gains based on expectations that the OPEC+ group will reduce supplies further to support prices that have been declining for four weeks due to waning fears of disruption to Middle East supplies due to the war between Israel and the Palestinian Hamas movement. …

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  • 20 November 2023 2:50 am

    Financial Markets’ Weekly Recap, November 13-17

    The US dollar has experienced its worst week since July 2023, with negative momentum dominating the market. Next week will be shorter in the US due to Thanksgiving. US – China Talks US President Joe Biden and Chinese counterpart Xi Jinping had a positive conversation about climate change and improving …

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  • 18 November 2023 3:44 am

    Market Drivers – US Session, Nov. 17

    The US dollar experienced its most significant drop in one week since May, with negative momentum dominating. Next week will be shorter in the US, with the preliminary November PMIs being the important economic report to keep an eye on. The Fed will publish the minutes of its most recent …

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  • 18 November 2023 2:31 am

    Dollar closes worst week since July on interest rate path bets

    The DXY Index has fallen by around 0.40%, marking a 1.60% weekly decline. The Fed’s hawkish stance on the matter is attributed to the cooling inflation and labour market conditions, which have led to the US Dollar’s decline. The US Bureau of Labor Statistics reported that October’s Core Consumer Price …

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  • 17 November 2023 11:57 pm

    Oil surges on Saudi plan to extend output cuts

    US and international oil prices jumped on Friday by more than 4% after a week-long slump. Saudi Arabia is considering prolonging production cuts into 2024, the Financial Times reported. WTI crude is trading at $76.02 per barrel at the time of writing.OPEC+ is set to convene in Vienna on November …

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  • 17 November 2023 10:43 pm

    Treasury yields slide amid bets on Fed’s expectations

    On Friday, US Treasury yields slipped further as markets are busy gauging whether the US central’s recent campaign of interest rate hikes has reached its peak following a week of soft inflation data. The 2-year Treasury yield, which is highly sensitive to rate expectations, had dropped by 4 basis points …

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  • 17 November 2023 9:30 pm

    GBP/USD Struggles for gains despite risk-on pulse

    The GBP/USD is trading flat but but erratic as it attempts to stay above the 1.2400 handle. The midweek rally in the Pound Sterling remains vulnerable as markets pare back gains. The GBP is consolidating due to weak UK data.As the pair struggles to break above the upper end of …

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  • 17 November 2023 8:27 pm

    Gold’s gains pared after Fed speakers’ hawkish comments

    The Gold Index, XAU/USD, advanced to $1,980 after hitting $1,995 earlier in the North American session.US housing data for October surprised to the positive side. Notably, the most recent spike in the price of precious metal was suppressed by hawkish Fed speakers and rising US yields.Gold saw a minor increase …

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  • 17 November 2023 7:51 pm

    UK’s Hunt: The British economy has passed a dangerous turning point

    Jeremy Hunt, the British Finance Minister, pledged on Friday not to take any action that would “hinder the battle against inflation” amid calls for more significant tax cuts from the right wing of the Conservative Party.“The UK economy has crossed a dangerous turning point in the recent period after the …

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  • 17 November 2023 6:12 pm

    Oil prices react to EU sanctions and global demand fears

    Crude oil prices experienced an uptick on Friday, fueled by speculations of impending European Union sanctions against Russia. Meanwhile, the US dollar faced a decline, displaying a form of correlation. While Friday’s trading witnessed a marginal increase, oil prices are on course for their fourth consecutive weekly downturn after touching …

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