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Market Analysis

October, 2022

  • 6 October 2022 2:34 pm

    The Kremlin: The OPEC + decision to reduce oil production aims to stabilize the market

    A Kremlin spokesman said on Thursday that the decision of the OPEC + group of major oil producers to cut production by two million barrels per day aims to stabilize the market. Spokesman Dmitry Peskov stated that by agreeing to the production cut, OPEC+ confirmed its credibility as an organization …

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  • 6 October 2022 1:37 pm

    Oil near a 3-week high after the OPEC + agreement to cut production

    Oil prices stabilized near a three-week high on Thursday after the OPEC + alliance agreed to cut global crude supplies by reducing production by about 2 million barrels per day, the largest cut since 2020. Brent crude futures for December settlement rose four cents to $93.41 a barrel by 0538 …

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  • 6 October 2022 12:43 pm

    European shares rise ahead of key data

    European shares rebounded on Thursday after falling in the previous session. Investors awaited more economic data and the European Central Bank’s September meeting minutes to indicate the pace and path of interest rate hikes. The Stoxx 600 index was up 0.6 percent by 0710 GMT, tracking Wall Street. Until the …

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  • 6 October 2022 12:30 pm

    Japan’s Nikkei index jumps to its highest level in two weeks

    Japan’s Nikkei index closed higher on Thursday after touching a two-week high during the session, as markets continued their recovery from multi-month lows supported by energy-related stocks and chips. The Nikkei rose 0.7 percent to 27,311.30 points at the close, after hitting 27,399.19 points, a level not seen since September …

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  • 6 October 2022 3:18 am

    Market Drivers – US Session 05/10/2022

    The US dollar ended the trading session with mixed performance after a brief surge on Wednesday. Risk-off flows returned amid tensions between Europe and Russia, as well as claims that North Korean-Japan tensions have been renewed, although the sentiment improved during US trading hours as the United States released positive …

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  • 6 October 2022 3:03 am

    Gold aims to extend recovery ahead of NFP data

    Gold price has resumed its upside trend after a pullback to near $1,700.00. Escalating Japan-North Korea tensions are turning the risk to the negative side.After bumper US ADP data, positive NFP data could mean a next 75 bps rate hike in November. The gold index turned sideways after sensing demand …

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  • 6 October 2022 2:20 am

    North Korea suspected of firing missiles towards Japan

    North Korea is suspected to have fired missiles again according to the Japanese coast guard.Earlier in the week, Japan urged residents to take shelter after North Korea had been reported to have fired a ballistic missile over the north of the country.It was the North’s first missile launch over Japan …

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  • 6 October 2022 12:14 am

    Fed’s Bostic: Fed’s fight against inflation is “still in early days.”

    On Wednesday, in the context of prepared remarks to the Northwestern University Institute for Policy Research, Atlanta Fed president Raphael Bostic noted that the US Federal Reserve’s fight against inflation is “still in early days”. Despite “glimmers of hope” in recent data, Bostic said “the overarching message I’m drawing…is that …

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  • 5 October 2022 10:50 pm

    Gold slides on stronger US dollar

    Gold price was down by 0.7% by midday in New York, trading below the highs of the day of $1,727.84 and reaching as low as the psychological $1,700 level. The US dollar derived momentum from Wednesday’s strong in US yields which is putting a barrier up against gold’s recent resurgence.The …

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  • 5 October 2022 10:15 pm

    AUD/USD falls on risk aversion

    The AUD/USD pair is falling due to weaker risk appetite and the stronger US dollar on the back of soaring Treasury bond yields. Therefore, the pair drops for the second consecutive day as the US dollar snaps five days of losses, as risk aversion accelerates on the speculation that central …

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  • 5 October 2022 9:13 pm

    US stocks pulled back on OPEC+ decision

    Wednesday pullback of US stocks proved that the previous two day rally was short-lived. The scene is set for further volatility, after a stormy trading day. The S&P 500 tumbled 1.4%, while the Dow Jones Industrial Average slid 340 points, or 1.1%. The technology-heavy Nasdaq Composite led the way down …

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  • 5 October 2022 8:02 pm

    OPEC+ decision slammed by White House

    US President Joe Biden is disappointed by the OPEC+ group’s ‘shortsighted decision’, the White House said on Wednesday, as reported by Reuters. Following its 33rd Ministerial Meeting, OPEC+ announced that they will adjust downward the overall production by 2 million barrels per day starting November from the August-2022 required production …

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  • 5 October 2022 7:14 pm

    EUR/USD falls from around parity on stronger US dollar

    The EUR/USD pair fell as speculation on Fed’s intentions regarding interest rate pace has decreased. The EUR/USD is erasing some of Tuesday’s gains as US T-bond yields are seen rising again, while US Services PMI data, even though slowed, is still at expansionary territory. At the time of writing, the …

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