The story here is as much to do about the outlook for copper prices as it is for the Chinese economy, with the latter also having consequences towards the global growth outlook in general. Chinese copper product makers are saying that they will cut output for Q2 this year, as there is a lack of
News
The forex markets appear stable in today’s Asian session, with most major pairs and crosses remaining within yesterday’s range. Stabilization of US stocks helped calm investors for now, but overall sentiment remains vulnerable. Australian Dollar continues to be the week’s worst performer, facing a triple blow of risk aversion, declining copper prices, and RBA speculation.
Gold price jumped Rs 590 to Rs 61,040 per 10 grams in the national capital on Wednesday amid strong global trends, according to HDFC Securities. The precious metal had settled at Rs 60,450 per 10 grams in the previous trade. Silver also climbed Rs 420 to Rs 75,070 per kilogramme. “Spot gold prices in the
The price of WTI crude futures are settling at $74.30. That’s down $2.77 or -3.59%. The low for the day has reached $74.26, just below the settlement level. The high reached $77.93. Technically, the gap from the the OPEC+ production cut decision from March 31 between $75.70 and $79 was filled today. The initial low
Euro is leading European majors higher today, with a little boost from improving consumer sentiment in Germany. However, it is likely that the rise is more due to concerns over regional bank woes in the US, which are triggering some risk-off sentiment. Australian Dollar is the worst performer for the day, with selloffs deepening, followed
Gold remained flat on Wednesday as market participants waited for the US GDP data and US core PCE inflation data due later this week. Also, better-than-expected earnings of some of the major IT companies as released overnight have improved risk appetite to some extent today. The June gold futures were trading at Rs 60,240 per
After a slow start to the day, EUR/USD is seeing a quick rise in the past two hours in a push from 1.0980 to 1.1020 currently. Buyers have seized back near-term control on a push back above both the 100 (red line) and 200-hour (blue line) moving averages, as seen above. The catalyst for the
Risk aversion is intensifying as US stocks tumbled significantly overnight, following First Republic Bank’s earnings report, which reignited concerns about the broader banking sector. The troubled regional bank’s shares plummeted by nearly half. Concurrently, bonds surged higher, pushing 10-year yield below 3.4% handle. Japanese Yen and Swiss Franc surged following the shift in sentiment, trailed
Gold ETFs schemes have witnessed an exodus of funds over the first three months of this year as investors returned to riskier assets amid record high gold prices. The net outflows for the quarter ended March 31, 2023, stood at Rs 232 crore. Amid this backdrop, should you look to invest in the bullion via
Big Tech leaders Microsoft and Alphabet will lead the earnings release is after the close. Microsoft’s growth is likely to have slowed down in the last quarter as economic concerns dampened corporate demand for its software and cloud services. Analysts anticipate 3% revenue growth for the company, a significant decrease from the 18% growth a
Selloff in Australian and to a lesser extent Canadian Dollar is the main theme in the markets today, but market directions are not clear elsewhere. Euro’s rally attempt against Dollar and Yen faltered following deep retreat in European benchmark yields. But the common currency is making progress in upside breakout against Sterling. Meanwhile, Yen and
Gold gained on a softer dollar index on Tuesday, though the uptick was capped as Street eyes monetary policy outcomes from major economies. The June gold futures were trading Rs 79 or 0.13% higher at Rs 60,080 per 10 grams on MCX at 11:04 am. Meanwhile, May silver futures were at Rs 74,848 per kg,
There is a bit of a risk-off take as we get things going on the session, as equities fall alongside bond yields. 2-year Treasury yields are down over 8 bps to 4.063% while 10-year yields are down 6.5 bps to 3.450% at the moment. 10-year German bund yields are also seen down 5 bps to
Euro is making broad gains in Asian session, fueled by hawkish comments from a top ECB official who suggested that the next rate hike could be a 50bps one. Euro’s strength is also lifting the Swiss Franc, while Sterling remains firm but lags slightly behind. In contrast, Australian and Canadian dollars are underperforming, with the
Gold prices declined Rs 345 to Rs 60,065 per 10 grams in the national capital on Monday amid a fall in the precious metal prices overseas, according to HDFC Securities. In the previous trade, the yellow metal had ended at Rs 60,410 per 10 grams. Silver also plunged Rs 675 to Rs 74,400 per kg.
Goldman Sachs is out with a new note, looking at the US economy and while they note that the consensus forecast is for a technical recession for Q3-Q4 they don’t believe it. They forecast 0.6% growth in Q3 and 0.9% in Q4 and say that overall the American consumer is displaying strong employment, income, wealth
Japanese Yen suffers broad sell-off today, following comments from BoJ Governor Kazuo Ueda that seem to have quashed hopes of even a minor shift in monetary policy this week. Meanwhile, overall market sentiment remains steady, with Australian and Canadian Dollars also facing selling pressure. On the other hand, European majors are showing strength for the
Trading in gold remained subdued on Monday ahead of monetary policy outcomes from major economies. The June gold futures were trading Rs 51 or 0.09% lower at Rs 59,794 per 10 grams on the MCX at 11:15 am. Meanwhile, the May silver futures were trading at Rs 74,295 per kg, down Rs 359 or 0.48%