Market Overview - Page 94

The single currency edged against most of its peers on Wednesday and managed to return to territory above 1.05, helped in no small part by published economic data. In the morning, Germany surprised with a less sharp drop in industrial.

WTI crude is down to $73, while Brent is approaching $78, losing 2% since the start of the day and almost 10% since the beginning of the month. Despite rumours about possible quotas cut, OPEC+ keep them for another two.

Last month, China’s harsh lockdown measures negatively impacted foreign trade. Exports fell by 8.7% YoY; imports lost 10.6% YoY. Economists, on average, were expecting half the rate of decline. Trade surplus shrank to $69.84B in November from $85.15B a month.

Market picture The crypto market remains detached from movements in traditional financial markets. Bitcoin continues to hover around $17K, despite the S&P 500 is down 1.5% and the Nasdaq down 2%. The capitalisation of the entire crypto market is unchanged.

Since the end of last month, the inverse dependence of major stock indices on US data has become more pronounced. Following the positive surprise of the November employment report (so-called ‘hard data’), markets received a better-than-expected ‘soft data’ batch. ISM.

The Reserve Bank of Australia raised its key rate by 0.25 percentage points to 3.1% on Tuesday morning, meeting expectations. The current rate level is the highest in 10 years and the eighth consecutive hike, but the RBA has signalled.

According to a new ADP report, the US private sector created 127K new jobs in November – the lowest since January 2021 and significantly below expectations (196K) and past data (239K). The accompanying commentary says that the labour market and.

In addition to the riots against tight covid restrictions since the weekend, China is also facing broader adverse effects of the strict anti-Covenant policy, PMI data shows. The official survey showed the manufacturing index falling from 49.2 to 48.0 –.

Germany’s consumer price index fell by 0.5% in November, slowing the year-on-year gain to 10.0%, according to the published Destatis preliminary estimate. The fall exceeded the expected 0.2% m/m decline and maintained the year-over-year rate at 10.4%. We previously pointed.

The UK’s money supply and credit data showed a much stronger-than-expected slowdown – an important signal of a slowing economy. Broad money supply (M4) was unchanged in October and added 4.8% y/y, significantly below inflation at 11.1% y/y. The money.

The dollar index started on Monday with a pullback and made an impressive reversal, adding 1.3% to the intraday lows. Comments from Fed officials again dashed hopes of an interest rate cut soon. The dollar gained significant support, one step.

Oil is losing over 3% on Monday due to concerns about demand in China caused by strengthening lockdowns. Also, demand for risky assets, including oil, declined due to massive protests in China against the zero-covid policy. In addition, the news.