Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 25 August 2023 2:36 am

  Market Drivers – US Session, August 24

  

  All key financial assets, including Thursday’s firmer US dollar, await Fed’s Powell speech on Friday before the Jackson Hole Symposium. Volatility is expected, and it could lead to sharp moves across financial markets.All eyes are on the Kansas City Fed’s Jackson Hole Symposium. On Friday, ECB’s Lagarde and the Fed’s …

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• 25 August 2023 2:18 am

  New members to join BRICS

  

  The BRICS bloc has expanded by bringing on six new countries, including Iran, Saudi Arabia, and Egypt. This expansion is seen as a significant victory for China and Russia, increasing China’s political clout and helping to reduce Russia’s isolation.However, Russia and China face growing economic headwinds that could undermine the …

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• 25 August 2023 1:50 am

  White House ponders shortening economic data one-hour rule

  

  The Biden administration is proposing a change to the one-hour gag rule on economic data, which has prevented officials from weighing in on critical data. The proposed change would allow officials to weigh in 30 minutes after the release of key data, allowing them to enter the dialogue thirty minutes …

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• 25 August 2023 12:31 am

  WTI ignores hawkish signals, rebounds ahead of Powell’s speech

  

  The WTI crude oil is climbing to $79.05 per barrel, up 0.20%, at the time of writing, as hawkish signals by Fed officials initially dent but later fail to suppress oil prices.Iran announces plans to ramp up crude oil production to 3.4 million bpd by the end of September. The …

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• 24 August 2023 11:46 pm

  US stocks drop more than 1% after Jackson Hole kicks off

  

  The US stock market experienced losses due to a stronger USD and hawkish remarks by Federal Reserve officials at the Jackson Hole Symposium. The SPX erased gains from Wednesday, retreating to 4,380. Fed officials Thomas Barkin and Susan Collins sounded hawkish at the beginning of the symposium. Jerome Powell’s speech …

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• 24 August 2023 9:32 pm

  Can China Overcome Local Debt Crisis?

  

  Over the past ten years, China has witnessed the largest infrastructure boom in history, making it one of the key factors in the Asian country’s economic expansion. However, businesses who took out loans to support the development boom are now under unheard-of debt strain. The future of China’s whole economy …

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• 24 August 2023 8:39 pm

  Fed chair could lay the groundwork for a new era of higher interest rates

  

  President Jerome Powell is expected to deliver new monetary policy cues later this week, but while many aren’t expecting the Fed chief’s remarks to be laced with the ‘pain’ warning from last year, there are concerns that he may raise the prospect of higher longer-term interest rates. According to Goldman …

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• 24 August 2023 7:46 pm

  Fed’s Collins suggests US central bank can hold steady

  

  Susan Collins of the Fed indicated on Thursday that the US central bank may be in a position where it doesn’t need to hike rates once more, while she left the door open for further action. These remarks had no immediate response from the US Dollar Index, which was last …

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• 24 August 2023 5:37 pm

  US jobless claims fall as labor market remains tight

  

  The number of Americans filing new unemployment claims declined last week, indicating that labour market conditions remained tight despite the Federal Reserve’s aggressive rate hikes. The Labour Department said on Thursday that initial claims for state unemployment benefits fell by 10,000 to a seasonally adjusted 230,000 for the week ending …

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• 24 August 2023 4:29 pm

  The Turkish Central Bank raises interest by 750 basis points

  

  The Central Bank of Turkey raised the main interest rate “repo” by 750 basis points to 25%, which shocked the markets that were priced at a hike of only 250 basis points, which pushed borrowing costs to their highest levels since January 2004. The central bank’s decision to raise interest …

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• 24 August 2023 2:05 pm

  Gold reaches its highest level in two weeks as Treasury yields decline

  

  Gold prices rose to their highest levels in two weeks on Thursday, as a decline in the dollar and Treasury yields increased the appetite of investors for bullion, as they awaited clues about the path of interest rates during a meeting of central bankers in Jackson Hole. And by 0629 …

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• 24 August 2023 12:41 pm

  Nikkei rises for the fourth day in a row, with the rise of technology stocks

  

  Japan’s Nikkei rose for the fourth straight session on Thursday, posting its longest winning streak since mid-June, after record earnings from US chip designer NVIDIA lifted shares of Japanese technology companies. The Nikkei index increased 0.87 percent to 32,287.21 points at the close, approaching its highest level during the day, …

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• 24 August 2023 12:16 pm

  Oil declines after weak economic datat

  

  Oil prices fell on Thursday with the release of disappointing economic data from major economies, while investors await Federal Reserve Chairman Jerome Powell’s speech on Friday, looking for any indications on the path of interest rates. And by 0619 GMT, Brent crude fell 19 cents, or 0.2 percent, to $ …

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