Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 27 May 2023 2:54 am

  Market Drivers – US Session – 26/05/2023

  

  Tech stocks pushed solid gains for Wall Street on Friday after another chipmaker reported strong demand related to artificial intelligence. The gold market suffered another week of losses, falling for the third week as markets shifted expectations from a rate pause to a rate hike at the Fed’s policy meeting …

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• 27 May 2023 2:31 am

  US equities sharply higher on debt ceiling deal optimism

  

  US stocks finished sharply higher on Friday on hopes that talks on raising the US debt ceiling could further progress and a deal could eventually be made, while chip stocks surged for a second straight day on optimism about artificial intelligence.After several rounds of talks, US President Joe Biden and …

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• 27 May 2023 1:16 am

  US Sec. Yellen extends deadline for default to June 5

  

  The US Treasury Secretary Janet Yellen spoke on Friday and extended the deadline for raising the federal debt limit, saying the government could default on its debt as early as June 5 without increasing the country’s $31.4 trillion debt ceiling. Yellen had previously put that date as in early June, …

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• 26 May 2023 11:54 pm

  IMF suggests US interest rates needs to be higher for longer

  

  Kristalina Georgieva, Managing Director of the International Monetary Fund, has crossed the wires with the following comments:US economy has proven resilient in face of significan fiscal and monetary tightening -article iv review statement.Expects US growth to be around 1.2% in 2023, picking up momentum later in 2024.US unemployment to rise …

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• 26 May 2023 10:36 pm

  Following three week losses, Wall Street divided on gold price direction

  

  The gold market suffered another week of losses, falling for the third week as markets shifted expectations from a rate pause to a rate hike at the Fed’s policy meeting in June. The sentiment on Wall Street is now split on whether gold is done falling. Upbeat macro data and …

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• 26 May 2023 10:17 pm

  US debt ceiling talks get closer to a deal

  

  The US debt ceiling talks are nearing agreement as the default deadline looms, with Wall Street and European shares rising as the White House and congressional Republicans work on the final touches of a package to present to Congress. House speaker Kevin McCarthy arrived at the US Capitol on Friday …

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• 26 May 2023 8:39 pm

  Oil is watching contradicting OPEC, Russian messages

  

  Oil prices ticked up on Friday by 1%, as the market weighed conflicting messages from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude was last up 53 cents at $76.79 a barrel, while US WTI rose 63 cents to $72.46 a barrel. Russian President Vladimir …

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• 26 May 2023 7:34 pm

  AUD/USD declines for four consecutive days on economic data

  

  The AUD/USD pair is currently trading at its year-low due to positive economic developments and hot Core PCE inflation from the US. However, the Australian Retail Sales from April data indicated no variation in sales levels compared to the previous period. This lackluster performance reflects the challenges faced by consumers …

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• 26 May 2023 4:53 pm

  US Core PCE inflation rises to 4.7% vs. 4.6% expected

  

  The change in the Personal Consumption Expenditures (PCE) Price Index in the United States increased to 4.4% on an annual basis in April, up from 4.2% in March, according to the US Bureau of Economic Analysis on Friday. This number was higher than the market’s forecast of 3.9%. The annual …

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• 26 May 2023 3:38 pm

  Sterling gains as UK shoppers weather high inflation and rates

  

  The pound surged on Friday as statistics indicated that retail sales volumes in the United Kingdom increased at their quickest rate in nearly two years, as restored consumer confidence helped offset the pain of high inflation and interest rates. According to figures from the Office for National Statistics, sales increased …

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• 26 May 2023 2:10 pm

  UK retail sales rise more than expected in April

  

  Retail sales climbed by 0.5% after falling by 1.2% in March. This was more than the 0.3% growth predicted by experts. Food shop sales increased by 0.7%, while non-food store sales increased by 1%. Other retail and department store sales increased by 2.1% and 1.7%, respectively, month over month. ONS …

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• 26 May 2023 1:09 pm

  European stocks are rising from their lowest levels in 8 weeks

  

  European stocks rose on Friday, supported by the mining and technology sectors, although the main indices were on their way to incur big weekly losses, as investors feared the US debt ceiling crisis and the global economic slowdown. The pan-European STOXX 600 index was up 0.4 percent by 0707 GMT, …

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• 26 May 2023 12:26 pm

  Nikkei rose for the seventh week, thanks to chip stocks

  

  The Japanese Nikkei index rose on Friday, supported by gains in chip companies, as the strong profits achieved by the US company Nvidia continued to enhance the gains of the sector. The Nikkei index closed up 0.37 percent to 30,916.31 points, achieving gains for the seventh consecutive week, the longest …

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