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Market Analysis

May, 2023

  • 25 May 2023 11:47 pm

    Gold price retreats to March lows after US data

    Gold price has retreated to $1,940.00, during Thursday’s US session after US GDP revised up to 1.3% in the first quarter of 2023, while Jobless Claims come in below expectations.Core PCE inflation rises by 5% in Q1, the strong US data was dragging gold to its lowest level since March …

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  • 25 May 2023 10:38 pm

    US debt-ceiling concerns drag EUR/USD to two-month low

    The EUR/USD pair hits a two-month low amid US debt-ceiling concerns as well as positive US economic data though Fitch places US “AAA” debt rating on negative watch despite lower unemployment claims and a rise in Q1 GDP. Germany’s Q1 GDP plunge puts additional pressure on the Euro, with central …

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  • 25 May 2023 9:49 pm

    USD/CAD surges amid higher T-yields; US default uncertainty

    Bank of Canada

    The USD/CAD pair surged past the 1.3600 mark amidst rising US bond yields and US political uncertainty. The US economy displayed recovery signs with lower-than-expected jobless claims and an upwardly revised Q1 GDP, while the Fed hints at a pause in rate hikes. On the Canadian front, Manufacturing Sales declined …

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  • 25 May 2023 9:08 pm

    ECB’s Knot: We need at least two more rate hikes

    ECB policymaker Klaas Knot said that the ECB needs to raise the policy rate at least two more times. Knot further argued that rates should stay put for a significant period of time following these increases.“Headline inflation peak behind us but not sure if at peak of underlying inflation”, Knot …

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  • 25 May 2023 8:36 pm

    US, China set to start a new round of trade talks to ease tensions

    This week, senior American trade officials will meet with China’s Minister of Commerce Wang Wentao in the US. The meetings will be another attempt by the two largest economies in the world to warm chilly bilateral relations. Beijing said on Thursday that Wang Wentao plans to use his trip to …

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  • 25 May 2023 7:48 pm

    CANADA STOCKS-TSX retreat amid mixed bank earnings

    Canadian shares hit a near-two month low on Thursday, as the losses in the country’s top lenders overshadowed the gains in tech stocks. The Toronto Stock Exchange’s S&P/TSX composite index was down 99.28 points, or 0.5%, at 19,828.41. Royal Bank of Canada slid 2.0% on a quarterly earnings decline, while …

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  • 25 May 2023 7:18 pm

    Oil price declines on US data boosting US dollar

    Oil price declines as traders take profit. The US dollar continues rallying after US macroeconomic data reinforces an optimistic view of the economy. Oil, however, is supported by EIA inventory data, showing a steep drawdown in the prior week, reflecting rising demand.The comments by the Saudi Oil Minister warning short-sellers …

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  • 25 May 2023 6:15 pm

    Q1 Earnings Season Highlights: Top 5

    Despite fears of an economic slowdown or recession, Wall Street’s first-quarter earnings season provided a ray of hope, as the results largely suggested that things may not be as bad as previously anticipated. The data are in, and they reflect a narrative of resilience, with over 95% of S&P 500 …

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  • 25 May 2023 4:55 pm

    US: Real GDP grows at an annual rate of 1.3% in Q1

    The US Bureau of Economic Analysis’ (BEA) second estimate revealed that the country’s real Gross Domestic Product (GDP) rose at an annualised rate of 1.3% in the first quarter. This number was higher than the advance estimate and the market forecast of 1.1%. “The increase in real GDP reflected increases …

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  • 25 May 2023 4:47 pm

    Best Buy posts first-quarter earnings beat amid discretionary spending pressures

    Best Buy Co. Inc. reported higher-than-expected net income in the first quarter and reaffirmed its full-year forecast, as gaming and services demand helped offset a drop in discretionary spending that has hit other retail competitors. The retailer known for high-priced products such as televisions and computers reported adjusted net earnings …

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  • 25 May 2023 3:43 pm

    UK retail sales dip in May

    The CBI said sales balance decreased to -10 in May from +5 the previous month, falling short of consensus estimates of +10. “Retailers continue to face a challenging trading environment, with firms reporting disappointing sales and formidable inflationary pressures,” said CBI chief economist Martin Sartorius. As a result, they must …

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  • 25 May 2023 2:54 pm

    Bank of America raises S&P 500 EPS outlook on strong Q1 earnings

    BofA

    As the first quarter earnings season proved to be stronger than expected, Bank of America analysts increased their forecast for what the S&P 500 may earn in 2023. The updated S&P 500 profits per share forecast is $215, up from $200 before, marking a 5% earnings beat in Q1. According …

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  • 25 May 2023 1:24 pm

    European stocks fall; Germany enters recession after 1Q GDP falls

    European stock markets fell on Thursday as statistics revealed that Germany, the region’s largest economy, fell into recession in the first quarter of the year. At 03:15 ET (07:15 GMT), the DAX index in Germany was down 0.2%, the FTSE 100 in the United Kingdom was down 0.4%, and the …

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