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Market Analysis

May, 2023

  • 24 May 2023 7:27 pm

    Oil rallies on Saudi Minister’s remarks, inventory drawdown

    Oil has been buoyed by comments from Saudi Oil Minister, Prince Abdulaziz bin Salman, who warned Oil speculators to “watch out” and that they might suffer as they did “in April”. His comments have been taken as warning to short-sellers that the Oil price might rise. Abdulaziz defended OPEC and …

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  • 24 May 2023 3:07 pm

    German business sentiment worsens in May

    According to a poll released on Wednesday, German business confidence fell further than predicted in May, owing mostly to a steep drop in future expectations, indicating that Europe’s largest economy is suffering persistent economic headwinds. The Ifo Institute said that its business environment index was 91.7 in May, down from …

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  • 24 May 2023 2:41 pm

    UK house prices up 4.1% year-on-year in March

    The Office for National Statistics (ONS) said on Wednesday that home prices in the United Kingdom climbed by 4.1% in the year to March, easing from an upwardly revised 5.8% increase in February. According to the ONS, London saw the weakest yearly rise, with prices rising 1.5%. Recent home market …

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  • 24 May 2023 1:54 pm

    Oil prices are rising amid falling US inventories

    Oil prices rose on Wednesday after data showed a decline in US oil and fuel stockpiles, along with increasing speculation of new production cuts by the OPEC + alliance, after a warning from the Saudi Energy Minister to speculators. Brent crude futures rose 88 cents, or 1.2 percent, to $77.72 …

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  • 24 May 2023 11:55 am

    Dollar is hovering near a two-month high

    The dollar hovered near a two-month high on Wednesday as investors flocked to the safe-haven currency as debt ceiling talks in the United States continued to stall. And US Treasury Secretary Janet Yellen warns that the federal government may not have enough money to pay all its obligations by June …

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  • 24 May 2023 1:52 am

    Bitcoin surges as Hong Kong gives green light

    Hong Kong’s Securities and Futures Commission (SFC) announced that it would accept applications from exchanges to offer crypto trading to retail investors from June 1, adding that approved tokens need a 12-month track record and substantial market capitalization. The SFC said registered exchanges would be barred from providing stablecoin and …

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  • 24 May 2023 12:46 am

    Gold slides amid US debt ceiling uncertainty, retreating US equities

    Gold price dips slightly as uncertainty around US debt-ceiling discussions causes US Treasury bond yields to rise, negatively impacting XAU/USD’s recovery. Despite productive talks between President Biden and House Speaker Kevin McCarthy, an agreement on raising the debt ceiling is yet to be reached. US is set to run out …

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  • 23 May 2023 11:41 pm

    US stocks tumble on debt ceiling uncertainty

    The Wall Street indexes were down on Tuesday as negotiations to raise the US debt ceiling continued, putting investors on edge about the possibility of a historically large government default. According to S&P Global statistics, the US economy experienced significant growth in the services sector in May, driving business activity …

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  • 23 May 2023 10:49 pm

    US new home sales jump to 13-month highs

    US new home sales jumped to a 13-month high in April, boosted by a persistent shortage of previously owned houses on the market and a sharp decline in prices from last year’s lofty levels. The Commerce Department report followed on the heels of data showing a surge in permits for …

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  • 23 May 2023 9:39 pm

    Oil rallied after Tuesday’s strong US economic data

    Tuesday saw a rally in oil prices, and a bullish triangle appeared on the 4-hour chart, indicating that the bearish trend might be changing. The release of API inventory data later on Tuesday may cause some volatility in the movement of Crude Oil prices. A recent EIA report highlights increased …

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  • 23 May 2023 8:41 pm

    China escalating tech war by restrictions on US Micron

    The Chinese ban’s impact on US Micron will vary depending on how China defines critical information structure. Without Micron products, Chinese companies are likely to turn to South Korean chip makers like Samsung. Micron Technology, the largest US memory chip maker, is assessing its losses following a partial sales ban …

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  • 23 May 2023 7:43 pm

    After PMI data, the dollar jumps to a fresh two-month high.

    As a result of equities and bonds doing poorly, the US Dollar Index erased the losses it had incurred on Monday. After mixed sector readings for the Purchase Manager’s Index were released, with Services remaining robust and Manufacturing shrinking, the dollar has maintained its gains. The dollar has stabilised and …

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  • 23 May 2023 4:55 pm

    Saudi minister warns oil short-sellers ahead of OPEC meeting

    Saudi Arabia’s energy minister has cautioned oil speculators to “be careful” ahead of the latest OPEC+ meeting, after the group decided to cut output in early April. “I would just tell them to watch out,” Prince Abdulaziz bin Salman remarked on Tuesday, implying that those wagering against oil price hikes …

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