The NASDAQ is on pace for its 2nd consecutive day to the downside. The price has been down 4 of the last 5 trading days. That sounds ominous, but the price is only down -0.85% over that period - with today's decline of -0.78% the bulk of the decline. Also for the...
Atlanta Fed GDPNow estimate for Q4 growth comes in at 1.8% from 2.1%
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Saudi Arabia says that voluntary cut will be gradually tapered starting in April
The good news here is that they're not bringing back the barrels all at once, the bad news is that barrels are definitely coming in Q2.Update: Russia says its 500k bpd voluntary cut will extend until the end of Q1, which is up from 300k bpd.I think there's some logic...
European equity close: Tie a bow on a great month
The major European indices are closing the day mostly higher. The exception is Spain's Ibex which is closing near unchanged.On the day:STOXX 600 +0.51%German DAX, +0.30%France CAC, 0.59%UK FTSE 100 0.41%Spain's IBEX -0.04%Italy's FTSE MIB, 0.20%For the trading month,...
OPEC+ statement says the next meeting will be in June but offers little else
There have been all kinds of reports of OPEC+ cuts and voluntary cuts but the press release is out and it says nothing about cuts. That's probably not a big surprise because of earlier reports saying they will be voluntary and announced by individual members but it's...
NZDUSD rebounds from support and eyes upside momentum
The NZDUSD moved lower with the USDs run higher, but has snapped back higher after testing the high of a swing area going back to the end of July/early August between 0.6104 and 0.6117 (see red numbered circles on the chart below). The low price reached 0.6118 and...
Sui Surpasses $150M in TVL, Showcasing Blistering DeFi Momentum
Sui, the pioneering Layer 1 blockchain and smart contract platform created by the technology team that emerged from Meta’s Diem Blockchain project, has accelerated beyond expectations in just over six months since its mainnet launch, surpassing $150 million in Total...
OPEC meeting ends, oil down more than $2
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BOE’s Greene: Policy may have to be restrictive for an extended period of time
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USDCAD volatility continues as traders remain cautious of recent technical break.
The USDCAD is currently experiencing volatility, influenced by the rising oil prices following the OPEC decision. Despite a recent technical break below its 100-day moving average near 1.3560, traders remain cautious. This caution stems from an earlier instance this...
Oil doesn’t like the sound of ‘voluntary’ oil production cuts
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OPEC+ cuts to be announced by members individually and will all be voluntary
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
OPEC cuts will last all of Q1 – report
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Ford says there is no remaining pent-up demand for cars and no pricing upside
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Fed’s Williams: Says he’s not losing sleep over market views of Fed funds path
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Brazil will join OPEC+ — report
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US pending home sales for October -1.5% versus -2.0% expected
Pending home sales reaches its lowest level on record (2001)Prior month +1.1% (they were expecting -1.8%) revised to 1.0%Pending home sales -1.5% versus -2.0% expectedPending home index 71.4 versus 72.5 last month (revised from 72.6). This is the lowest level on...
US indices higher but well off the pre-open implied levels
It is a month end today and US stocks have enjoyed a banner month. The S&P and NASDAQ index remain on track for the best month since July 2022. Incredibly the S&P has not experienced back-to-back losses this month. Yesterday the index fell marginally. Having...
OPEC+ agrees on 1 mbpd of extra supply cuts – report
This is a pretty big cut. It's not clear from the report how long the agreement is for. If it's through Q1, that would be extra bullish.OPEC+ is showing unprecedented unity and discipline right now but history shows there is a time bomb there and now there's more than...
The USD moves higher in early US trading as markets react to data and OPEC. What next?
There is a lot of fundamental news to digest in trading today. The initial jobs claims in continuing claims showed weakness in employment, but the USD moved higher despite that weakness. OPEC+ is threatening to cut production by more than expectations which has oil...