12/05 Market report
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
Weekly News 2023/11/27-2023/12/01
Index / Stocks / Crypto / Metals / Commodity & Futures / Forex
Market Wrap: Stocks, Bonds, Commodities
Bitcoin Breaks Above $40,000, Alaska Air Acquires Hawaiian Holdings, Spotify Announces Layoffs
WTI Predicted to Fall as OPEC+ Cuts Production
The prediction for this week is that Gold is likely to continue its upward trend. This is due to the influence of lower interest rates, which reduce the opportunity cost of buying gold with zero yield.
Stocks Pick of The Week - Stock Momentum Persists Amid Overwhelming Expectations for Fed Rate Cut
Investors remain optimistic that the Fed has wrapped up its rate-hiking regime and that the economy is on track for a soft landing.
Asia-EMFX Pairs Climb; Bond Yields Tumble, US Stocks Rally
The Dollar slid against the Japanese Yen to 146.90 from 148.25 Friday weighed by a fall in US Treasury yields. The 10-year bond yield plummeted to 4.20% from 4.36% while the 2-year rate slid to 4.54% from 4.72%. Other global bond yields were lower.
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Visa shares rise amid positive market trend, nears year's high
Visa Inc (NYSE: V) registered yet another day of notable progress on Wednesday, achieving a consecutive two-day surge. The company's stock exhibited a growth of 0.47%, concluding the day at an impressive closing price of $248.11. This upswing comes despite the stock being just shy of its annual peak of $250.06, which was recorded on September 13th.
MARKET VISION: EURO
The euro held steady above $1.09, remaining near its highest levels since August 10, as investors digested a series of statements from ECB officials while anticipating upcoming inflation data.
World Platinum Investment Council Quarterly Report
Last week saw the release of the latest quarterly update from the WPIC and also an update on their 2023 estimates. For followers of platinum it will be music to your ears with the already record deficit blowing out even further. Here are the headlines and then deeper dive:
USD Index Hovers Around 105.50, Awaits Jerome Powell’s Speech for Direction
The USD Index (DXY) finds itself in a consolidative phase, trading near the 105.50 level as the European trading session commences on Thursday. Market participants are exhibiting a general lack of direction, with their attention firmly fixed on the upcoming speech by Federal Reserve Chair Jerome Powell.
NZD/USD remains depressed blow 0.5900 mark, seems vulnerable near one-week low
The NZD/USD pair lures in new sellers after climbing to the 0.5935-0.5940 area earlier in the day. It subsequently declines to a level not seen in over a week during Friday's Asian session. Nevertheless, spot prices undergo a slight recovery in the last hour, and they are presently trading slightly below the 0.5900 mark, marking a decrease of approximately 0.15% for the day.
DOLLAR struggles to consolidate above $900
The peso dollar has commenced its trading above the highest value recorded yesterday, currently standing at 903.75. The initial starting point for the local currency's upward trajectory is marked by copper's decrease of 0.36% at 3.62 dollars per pound. This decline serves as a stepping stone for the peso dollar to reinforce its position in the 900s range and sustain the ongoing positive trend.
Brent oil prices bounced back from the multi-month low touched on Wednesday
Brent oil prices bounced back from the multi-month low touched on Wednesday, hedging just over the $80 per barrel level in early morning trading. Crude prices suffered this week, dropping more than 5% on future demand concerns, as well as lowered perceived supply risks from the Israel and Gaza situation. Inflation data from China, the world’s top oil importer, revealed a disinflationary trend that could be the precursor to a slowdown in economic activity that may lead to reduced energy consumption.
MHMarkets：Gold surged by $72 at the opening after a dovish speech by Fed Chairman Powell.
At the end of the Asian market on Monday (December 4), the Fed Chairman Powell said in his opening speech at Bellman College in Atlanta on December 1 local time. It is too early to confidently conclude that we have taken sufficient restrictive positions or speculate on when policies may be relaxed.
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