The US Dollar experienced a pullback on Friday, primarily driven by profit-taking after a recent surge. Investors are keenly focused on upcoming speeches by Federal Reserve officials, which could provide clues about the central bank’s monetary policy trajectory.Housing Data Shows WeaknessMeanwhile, US housing data released earlier in the day revealed …
Read More »Mark Carney Takes the Helm: Canada’s New PM Faces Trump and Global Trade Challenges
Newly-appointed Canadian Prime Minister Mark Carney officially assumed office on Friday morning, suc…
Oil Gains Amidst Geopolitical Tempest and Shifting Demand Forecasts
Despite a week dominated by fluctuating geopolitical tensions and evolving economic forecasts, oil p…
Fresh Deadline Drama: Senate Poised to Avert Shutdown
Funding Bill on the Brink of PassageThe Senate is set for a pivotal test vote this afternoon on the …
PPI Shadowed: GBP/USD Wobbles Amid GDP Shock and Surging US Inflation Fears
The Pound Sterling (GBP) faced renewed pressure against the US Dollar (USD) this week, with GBP/USD …
Changpeng Zhao Denies Ties of Trump Family Ties and Binance Amid Controversy
Changpeng Zhao (CZ), the founder and former CEO of Binance, the globe’s largest cryptocurrency…
Gold Shatters $3,000 Barrier: Historic Safe-Haven Surge Amid Global Uncertainty
In a landmark moment, gold prices surged past the $3,000 per ounce threshold on Friday, marking an a…
Bristol Myers Squibb Gains Expanded EU Approval for CAR-T Therapy Breyanzi
The European Commission has granted Bristol Myers Squibb (NYSE: BMY) an expanded approval for its CA…
Forex Market Overview: Yen Weakens, Pound Slips, Dollar Recovers
The Japanese yen weakened on Friday after concluding union wage negotiations, while the British poun…
Oil Prices Rebound as Ukraine Conflict Persists, Trade War Concerns Loom
Oil prices bounced back on Friday, recovering some of the previous session’s losses, as the Uk…
Gold Prices Hold Near Record Highs Amid Trade Tensions, Rate Cut Expectations
Gold prices remained steady at all-time highs in Asian trading on Friday, driven by escalating U.S.-…
Market Analysis
October, 2024
-
18 October 2024 10:55 pm
Dow climbs to fresh highs following positive earnings
The Dow Jones Industrial Average (DJIA) continued its upward trajectory on Friday, reaching a new record high. This surge was primarily driven by strong Q3 earnings reports from various companies, which surpassed market expectations and bolstered investor confidence. Additionally, positive economic data, including upbeat Retail Sales and construction figures, eased …
Read More » -
18 October 2024 9:45 pm
Market Oversupply Looms as Demand Forecasts Weaken
The global oil market is facing a significant oversupply next year, according to recent forecasts from both OPEC and the International Energy Agency (IEA). Both organizations have revised their oil demand projections downwards, indicating a potential surplus in the market.Commerzbank commodity analyst Carsten Fritsch noted that OPEC now expects global …
Read More » -
18 October 2024 8:36 pm
T-yields plunge following fresh us data
U.S. Treasury yields have declined, pressured by a fresh batch of positive economic data and uncertainty surrounding the 2024 U.S. presidential election and the Federal Reserve’s future interest rate path. Treasury yields dropped to 4.074%, compared to the previous day’s close of 4.096%. Yields on these sovereign securities had reached …
Read More » -
18 October 2024 7:25 pm
This is why Volvo’s earnings slipped
Volvo has reported a significant decline in earnings for the third quarter of 2024, primarily driven by a slowdown in the demand for trucks and construction equipment. Reduced economic activity in the construction sector and a model changeover in Europe have contributed to this decline.While Volvo’s bus operations have shown …
Read More » -
18 October 2024 3:53 pm
U.S. Stock Futures Rise on Tech Gains, Netflix Surges After Strong Results
U.S. stock futures edged higher on Friday, driven by technology sector gains, particularly in the Nasdaq 100. Leading the charge was Netflix, whose shares jumped 6.5% in premarket trading after exceeding Wall Street expectations for subscriber growth and projecting continued growth through the end of the year. Other “Magnificent Seven” …
Read More » -
18 October 2024 2:02 pm
European Markets Rally as Tech and Luxury Stocks Surge, STOXX 600 Set for Weekly Gains
European shares advanced on Friday, buoyed by a tech stock rebound and positive corporate earnings. The Europe-wide STOXX 600 index climbed 0.3% by 0840 GMT, with the tech sector leading the charge after a turbulent week. The index appeared set for its second consecutive weekly gain, bolstered by the European …
Read More » -
18 October 2024 12:34 pm
Gold Prices Hit Record High Amid Safe Haven Demand Ahead of U.S. Election and ECB Rate Cut
Gold prices soared to a new record in Asian trading on Friday, driven by strong safe haven demand as the U.S. presidential election looms and geopolitical tensions escalate. Spot gold rose 0.4% to a record high of $2,705.26 an ounce, while December futures climbed 0.5% to $2,720.15 an ounce. Safe …
Read More » -
18 October 2024 11:53 am
European Shares Hold Steady Amid Mixed Sector Movements and ECB Rate Cuts
European shares opened on a cautious note on Friday, following strong gains from the previous session, which were driven by the European Central Bank’s (ECB) interest rate cut and upbeat earnings reports. The Europe-wide STOXX 600 index dipped slightly, down 0.05% as of 0718 GMT. Real estate companies led the …
Read More » -
18 October 2024 11:10 am
Crude Oil Futures Stabilize as Mixed Signals Cloud Global Demand Outlook
Crude oil futures steadied on Friday after an uptick in U.S. retail sales, but concerns about global demand weighed on the market as mixed economic indicators from China persisted. Prices remained on course for their largest weekly loss in over a month. As of 0338 GMT, Brent crude futures edged …
Read More » -
18 October 2024 3:13 am
Market Drivers, US Session
The U.S. Dollar’s strength continued unabated, driven by robust domestic economic data and a marginally dovish stance from the European Central Bank. This positive sentiment for the U.S. Dollar was evident in its continued appreciation against major currencies.Key economic indicators and events to watch on Friday, October 18, included the …
Read More » -
18 October 2024 2:30 am
Ignoring Good Data, stronger dollar, Gold Rallies Near $2700
Gold is currently rallying and enjoying a resurgence in price. This report traces the intricate factors driving this rally, examining both macroeconomic fundamentals and technical indicators. Gold prices surged to a new all-time high near $2,700 on Thursday, driven by a combination of factors, including heightened uncertainty surrounding the upcoming …
Read More » -
18 October 2024 12:35 am
DXY Strengthens on Positive Economic Data and Easing Fed Expectations
The US Dollar continued its winning streak, gaining for the fifth consecutive day, as markets digested recent economic data and adjusted their expectations for Federal Reserve interest rate cuts. The US Dollar Index (DXY) climbed to near 104.00, buoyed by a combination of factors. First, the European Central Bank’s (ECB) …
Read More »