Author: FX

© Reuters. FILE PHOTO: A security guard stands near a delivery center of Chinese electric vehicle (EV) maker Nio in Nanxiang, Shanghai, China March 23, 2023. REUTERS/Aly Song/File Photo SHANGHAI (Reuters) – Nio (NYSE:) has held exploratory talks with Mercedes-Benz (OTC:) for a tie-up that would see the German automaker invest in the Chinese electric vehicle startup in exchange for technology, two people with direct knowledge of the matter said. Nio’s founder and chief executive William Li discussed the potential collaboration with Mercedes CEO Ola Kaellenius earlier this year, seeking an investment from the latter in exchange for loss-making Nio…

GOLD OUTLOOK & ANALYSISHawkish Fed speak and resilient US jobs market keep gold upside limited.Fed speakers in focus later today.Threatening signs as triangle breakout coupled & death cross develops. Recommended by Warren Venketas Get Your Free Gold Forecast XAU/USD FUNDAMENTAL BACKDROPGold prices have dropped to levels last seen in March as the Fed’s hawkish narrative gains traction through Fed speakers. Minneapolis Fed President Neel Kashkari (a known hawk) added stated that the Fed may need hike one more time as well as maintain rates at elevated levels throughout 2024. This has translated through to the higher US Treasury yields and…

It looks like the more hawkish than expected FOMC Dot Plot last week was kind of a wakeup call for the market as it’s been selling off with almost no pullback ever since. The resilience in the economy is keeping the Fed on the hawkish camp as it wants to see more weakness in the data, especially on the labour market front. We’ve seen a huge rally since the lows back in October 2022 as the market continued to see a soft landing but even Fed Chair Powell said that it’s not his base case, although they are aiming for…

CRUDE OIL ANALYSIS AND TALKING POINTSUS crude hit its highest point for over a monthSupply is on market minds as production cuts look set to continueInventory levels also weigh on traders’ minds Recommended by David Cottle Get Your Free Oil Forecast Crude oil benchmark prices hit their highest points in more than a year on Thursday as the market worried about the likely effects of ongoing production cuts on a global economy tentatively struggling out of its latest inflationary shock.The United States’ West Texas Intermediate bellwether made a short foray above $95 for the first time since last August, as…

Share: Strategists at ANZ Bank analyze Copper’s outlook. Upward pressure on prices remains in place Copper demand is likely to grow by nearly 4% this year, which will keep the market marginally undersupplied. With inventories sitting near multi-year lows, upward pressure on prices remains in place. We expect Copper to trade near the $9,000 level by the end of this year. See: Source link

POUND STERLING ANALYSIS & TALKING POINTSWeaker dollar today gives pound some relief.US GDP report & Fed speak the focal points for today.1.21 provides support for GBP/USD. Recommended by Warren Venketas Get Your Free GBP Forecast GBPUSD FUNDAMENTAL BACKDROPThe British pound remains vulnerable despite a slight pullback this morning as the greenback (DXY) trades marginally lower. Ultra-hawk Neel Kashkari continued his aggressive monetary policy stance on both CNN and Fox Business respectively by citing the potential need for another interest rate hike by the Fed.From a Bank of England (BoE) perspective, money markets have ‘dovishly’ repriced expectations for 2024 in terms…

If you’ve just tuned in, you should know that crude oil prices grabbed a few headlines earlier today. U.S. crude oil prices recently flirted with the $95.00 levels, which brought the possibility of the Black Crack hitting the $100 mark on the table. There were no new catalysts for the commodity but there were trend players who continued to price in the tight global supply and optimistic demand prospects. EUR/CAD 1-Hour Forex Charts by TV Meanwhile, a CPI report from Spain suggested that inflation remains stubbornly high in the Eurozone despite the ECB’s tightening efforts. The prospect of the ECB…

Stock markets sold off across Asia, with Nikkei and Hang Seng underperforming. China jitters and the sharp rise in oil prices are weighing on sentiment. USOIL lifted above USD 94 per barrel, stoking inflation concerns and fueling speculation of additional rate hikes, which pushed up the 10-year Treasury yields to the highest level since 2007.  The stronger than expected durable goods report and hawkish comments from the Fed dove Kashkari weighed too. Wall Street closed narrowly mixed. Japan’s 10-year rate hit a 20-year year high, with the debt selloff likely to test the BoJ’s resolve…

Evergrande stock trading suspended in Hong Kong as chairman under surveillance Source link

© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. REUTERS/Brendan McDermid/File photo By Tom Westbrook SINGAPORE (Reuters) – Oil prices scaled one-year highs on Thursday while world stocks eyed their longest losing streak in two years as worries deepened about persistently high interest rates, sending investors to shelter in the safety of a surging U.S. dollar. A surprisingly big drop in stocks has stoked concern that fuel demand is outstripping production right when markets least needed another supply-side shock. U.S. crude rose 3.6% on Wednesday and another…