The financial markets are rather steady in Asian session today, showing little reaction to the brief “uprising” in Russia. Major indexes generally traded in tight range, with the exception of China which is just catching up the holidays on Thursday and Friday. In the currency markets, Aussie is the worst performer for now, followed by
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Prior was -29.1 Output -4.2 vs -1.3 prior New orders -16.6 vs -16.1 prior Prices paid for raw materials +1.4 vs +13.8 prior Prices paid for finished goods -1.9 vs +0.4 prior Capex +0.3 vs -3.7 prior Employment +2.2 vs +9.6 prior Company outlook -10.7 vs -22.3 prior Comments in the report: Chemical manufacturing We
Gold prices climbed Rs 170 to Rs 59,350 per 10 grams in the national capital on Monday amid strong cues in international markets, according to HDFC Securities. The precious metal had closed at Rs 59,180 per 10 grams in the previous trade. Silver also jumped Rs 350 to Rs 71,300 per kilogramme. “Gold trading on
Today sees Swiss Franc making notable gains due to an array of risk-averse factors at play. Disheartening data on German business sentiment fuels concerns about a protracted recession in the country and by extension, the broader Eurozone. While the weekend’s events surrounding Wagner mutiny may not have triggered a seismic response in the markets, the
Japan finance minister Suzuki says will respond in FX moves are excessive Saudi Aramco says China India are especially driving oil demand despite economic headwinds OPEC forecasts rising global oil demand, to 110mn barrels per day by 2045 S&P cuts its China GDP forecast for 2023 to 5.2% from 5.5% – expects uneven growth pace
Gold prices edged higher in early Asian trade on Monday, helped by a weaker U.S. dollar, although chances of more interest rate hikes by the Federal Reserve this year to tame sticky inflation weighed on bullion’s appeal.FUNDAMENTALS * Spot gold rose 0.3% to $1,926.29 per ounce by 0051 GMT. U.S. gold futures were up 0.3%
Wagner leader Yevgeny Prigozhin said he gave the order to return convoys headed to Moscow back to their bases in order to avoid bloodshed. Belarus President Lukashenko, acting with Putin, said he spoke to Prigozhin and put an agreement on the table that would guarantee the safety of Wagner fighters. To me, this sounds more
Spot gold closed the week with a loss of 1.90% at $1921.47. The highlight of the week was the UK’s core CPI inflation rising to a 31-year high, which stoked concerns among investors as elevated inflation calls for further aggressive rate hikes by the Bank of England amid slowing growth. Bank of England (BoE) hiked
A cloud of recession fears dominated a week full of significant events, with disappointing PMI data, particularly from Eurozone and US, dampening sentiment towards the end. Investors also grappled with mismatched expectations concerning Chinese fiscal stimulus, which added additional pressure on global stock indexes, driving them lower by the end of the week. Nevertheless, the
The Kremlin says Yevgeny Prigozhin will leave for Belarus is a deal that was brokered by Belarusian President Alexander Lukashenko. He agreed to leave the country in exchange for charges being dropped. Kremlin spokesman Dmitry Peskov also said that Wagner fighters who didn’t take part in the uprising will sign contracts with the Ministry of
Oil prices settled lower on Friday, posting a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower U.S. crude stocks. In a second straight day of losses, Brent crude closed down 29 cents, or 0.4%, to $73.85 a barrel. U.S. West Texas Intermediate (WTI) crude fell
A civil war has broken out in Russia with Wagner Group leader Yevgeny Prigozhin leading a convoy towards Moscow and loyal parts of the Russian military attacking it. Reports are scattered and unreliable but helicopters are engaging the column and images suggest three of them were shot down. There are scattered videos of battles along
COMEX Gold prices are poised for the steepest weekly decline since January, as major central banks keep hiking rates and markets are pushing back against rate cuts later this year. The move came against the backdrop of elevated core inflation and a tight jobs market in most economies. Earlier in March, interest rate swaps were
There was a very late bid in the oil market today that may have materialized as major events started to unfold in Russia. In a video last week, Wagner founder Yevgeny Prigozhin appeared to say that his 25,000 strong militia was heading to Moscow to oust the leadership of the defense ministry. “Those who destroyed
Gold prices on Friday were on track for their biggest weekly drop since February as prospects of additional interest rate hikes by the U.S. Federal Reserve this year weighed on bullion’s appeal. FUNDAMENTALS * Spot gold was up 0.1% at $1,915.39 per ounce by 0040 GMT, although prices hovered close to a three-month low. U.S.
Dollar saw a significant rebound overnight, a rally that carried on into the Asian trading session today. This surge is mainly attributable to short covering, particularly as central bank rate hikes this week failed to drive an extended selloff in the greenback. In fact, Dollar is currently the second strongest performer for the week, closely
Fifth consecutive improvement in services Prior was 54.9 Manufacturing 46.3 vs 48.5 expected Composite 53.0 vs 54.3 prior Services new orders grew at a strong rate Full report The manufacturing and services PMIs are headed in opposite directions. The services upturn was led by strong customer confidence and new client acquisitions, according to S&P Global.
Bullion traded in the red on Friday on account of a strong dollar index (DXY), which was trading positive above the 102.50 mark against a basket of six top currencies. Both gold and silver futures were in the red in the opening trade on the MCX. The August Gold futures were trading at Rs 58,114