What are the opening hours?

Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm

Master Select 1, Pasay City (2025)

19/01/2024

Gold bulls beware! Analysts warn: Recovering 2049 is needed to resume bullish momentum

During the Asian market on Friday (January 19), spot gold was basically stable after yesterday's sharp rise. The price of gold is currently at $2,023 per ounce. FXStreet chief analyst Valeria Bednarik recently wrote an article analyzing the technical prospects of gold.
Bednarik pointed out that on Thursday, gold prices rebounded from levels close to $2,000 per ounce, giving short sellers a temporary break. Gold corrects recent oversold conditions.
Spot gold closed up $16.86, or 0.84%, on Thursday at $2,023.04 per ounce. Analysts pointed out that the safe-haven demand brought about by the conflict in the Middle East has driven up the price of gold.
Iran said that on Thursday local time, the Pakistan Air Force launched an air strike against Iran, allegedly targeting terrorist camps in Iran. The attack killed at least nine people.
The United States on Wednesday added Yemen-based Houthi rebels to its list of terrorist groups after the militants attacked a U.S. ship in the Red Sea for the second time this week.
Gold short-term technical outlook analysis
Bednarik said there is still a risk that gold prices will fall. The daily chart shows gold prices trading below a mildly bearish 20-day simple moving average (SMA); while the 100-day and 200-day moving averages are well below current gold price levels and provide no directional clues. Meanwhile, technical indicators have lost their bearish strength but remain in negative territory, giving no hint that gold has hit a short-term bottom.
Bednarik added that in the short term, gold's recovery appears to be corrective based on the 4-hour chart. Gold remains well below all of its moving averages, with the 20-period SMA moving firmly lower below the directionless longer-term moving average. Finally, technical indicators rebounded from oversold data, but only with limited strength and remain well below their mid-lines. Gold needs to at least rise back above $2,049.20 an ounce to have a chance to resume its bullish momentum.
(Spot gold 4-hour chart)
Bednarik gives the latest key support and resistance levels for gold prices:
Support levels: $2001.60/ounce; $1988.60/ounce; $1973.00/ounce
Resistance level: $2033.10/ounce; $2049.20/ounce
At 11:22 Beijing time, spot gold was trading at $2,022.32 per ounce.

19/01/2024

Inflation slows for second consecutive month as Bank of Japan hopes to end negative interest rates weaken

Zhitong Finance APP has learned that Japan’s latest inflation report gives the Bank of Japan another reason to end its negative interest rate policy after next week’s meeting, while also increasing the possibility of raising interest rates in the coming months.
Japan's Ministry of Interior reported on Friday that the consumer price index (CPI) excluding fresh food slowed to 2.3% year-on-year in December, marking the second consecutive month of cooling and in line with market expectations. Further declines in electricity and natural gas prices, along with slower gains in processed foods, weighed on the index.
Services prices rose 2.3% for the second straight month, the fastest pace in three decades excluding a period distorted by a sales tax hike.
The data supports the view that there is no urgent need for the Bank of Japan to rush into raising interest rates for the first time since 2007 at its January meeting, which many economists believe is most likely to begin in April.
Friday's data also provided further evidence that cost-driven inflationary pressures in Japan are easing, in line with the Bank of Japan's forecast. Previous data showed that the country's producer price index (PPI) in December was unchanged from the same period last year, the lowest level in nearly three years. That same month, consumer price growth in Tokyo fell to its lowest level in more than a year.
Yuichi Kodama, chief economist at Meiji Yasuda Research Institute, said: "Cost-push inflation has eased, but whether this will translate into demand-push inflation cannot yet be confirmed."
However, the market generally expects that this price data will not cause the Bank of Japan to deviate from the path of eventual policy normalization. The 2.3% rise in service prices suggests underlying inflation may have outweighed temporary cost drivers.
"The continued slowdown in inflation does not mean that normalization by the Bank of Japan is impossible," said Taro Saito, director of economic research at NLI Research Institute. "I don't think inflation will be as strong as the Bank of Japan expects, but it will stabilize at 1 Between % and 2%, the Bank of Japan will likely continue to forecast inflation around 2% so that they can change policy." He predicted that a rate hike could happen in April.
Economists polled in a survey unanimously predict that the Bank of Japan will maintain negative interest rates at its meeting ending on January 23, as authorities are still assessing the impact of the New Year's Day earthquake on the country's northwest coast.
The central bank will also release its latest quarterly outlook at the meeting, and board members may discuss lowering their core CPI forecast for the fiscal year starting in April to about 2.5% from 2.8% due to falling oil prices, people familiar with the matter said.
Friday's report showed that electricity and natural gas prices fell nearly 21% in December from a year earlier. Subsidies for electricity and natural gas reduced overall inflation by 0.49 percentage points. Processed food prices rose more slowly, at 6.2%. Among some outliers, accommodation prices soared 59%, reflecting the end of separate government subsidies and stronger demand from a recovery in inbound tourism.
Core CPI, which excludes fresh food and energy prices, fell to 3.7% year-on-year, also in line with expectations. Some economists say this price measure gives a more realistic picture of inflation because it strips out fluctuations in energy prices, which are also affected by government subsidies.
Taro Kimura, an economist at Bloomberg Economics, said: “Overall, the CPI report does not convince the Bank of Japan that the 2% target is safe. We expect the Bank of Japan to maintain policy on hold at the January 22-23 meeting. Change."
Bank of Japan Governor Kazuo Ueda has previously said inflation will pick up again after a temporary cooling, and a key focus will be annual wage talks due to end in March. People familiar with the matter said BOJ officials believe their price expectations of around 2% or higher are high enough, and their focus now is whether certainty in the outlook will increase sufficiently.
Although the Bank of Japan continues to focus on sustainable inflation as part of a virtuous wage-price cycle, rising prices have been one of the factors affecting the approval ratings of Prime Minister Fumio Kishida and his cabinet as households bear the pressure of rising living costs.
Since April 2022, Japan’s inflation rate has been above the Bank of Japan’s 2% target. As wage growth lags behind prices, the real income of Japanese households has fallen for 20 consecutive months as of November last year.
Kishida Fumio stepped up efforts to encourage companies to raise wages faster than inflation at a meeting with small and medium-sized business executives on Monday.
The yen has recently fallen back to around 148 against the US dollar, which may intensify pressure on import prices in the coming months. In December, the yen averaged around 143.80 against the dollar, compared with 149.81 in November.

17/01/2024

Gold market analysis: Fed Governor Waller hawks gold, down $30

Gold prices fell more than 1% on Tuesday (January 16) to US$2,027.26 per ounce, down US$30 throughout the day. Gold's decline on the day was mainly affected by Federal Reserve Governor Waller's hawkish remarks on cutting interest rates this year, the dollar strengthened and U.S. Treasury yields rose.

Federal Reserve Governor John Waller said on Tuesday that the United States is "very close" to the Fed's 2% inflation target, but that the Fed should not rush to cut interest rates until it becomes clear that lower inflation will continue. Waller said that whenever a rate cut begins, it should be done "methodically and carefully" rather than the kind of big, rapid cuts the Fed uses when trying to save the economy from a shock or impending recession. "The key is that the economy is doing well. That gives us the flexibility to move cautiously and methodically. We can see how the data goes and see if the progress is sustained." Waller's speech coincided with market expectations for the Fed's March meeting It went against expectations that it would start cutting interest rates and lower the benchmark policy rate by 1.5 percentage points before the end of the year. After his speech, traders reduced bets that the Fed would cut policy rates in March. The central meaning of Waller's speech actually represents the mainstream trend of the Fed, that is - before supporting interest rate cuts, more information needs to be obtained in the next few months to confirm that inflation is falling sustainably towards the Fed's inflation target. View. The Fed remains on the sidelines and is trying to reduce market expectations that the Fed will cut interest rates in March. To this end, the U.S. 10-year Treasury bond yield surged above 4% on Tuesday. Investors are also weighing the possibility that the Federal Reserve will soon cut interest rates significantly. This week is packed with data that could influence decisions by major central banks. Despite the market's aggressive stance, most analysts remain cautious. With multiple Fed officials speaking this week, any signs of delaying or scaling back interest rate cuts could impact gold. Taking into account the current economic indicators and the central bank's stance, the central bank may overturn the market's expectations of a sharp interest rate cut. In the short term, gold prices may still be under certain downward pressure.

From a technical perspective, looking at the 4-hour chart, gold continues to fluctuate downward as a whole. The price continues to fluctuate and retrace below the Bollinger Band. The moving averages are also under pressure to move downward. Gold is facing downward pressure to adjust in the short term. The top short-term focus is on the first-line resistance of 2045-2048, and the bottom short-term focus is on the first-line support of 2025-2020.

Wang Gang, Bank of China Guangdong Branch
, only holds personal views and does not represent the views of his institution.
Screenshot provided by Yihuitong

17/01/2024

Schroder Investments: Will the Suez Canal shipping disruption affect interest rate cut expectations?

Zhitong Finance APP learned that on January 17, Schroders Investment issued a document stating that geopolitical tensions in the Middle East continue to rise and have affected the global supply chain. Major shipping lines say there will be serious delays in cargo deliveries as the Houthis attack ships that need to transit the Red Sea, the Suez Canal and the world's major economies. Satellite images show that few ships are currently sailing through the Red Sea, instead detouring through South Africa to major European ports, the United States and the United Kingdom.

Before the suspension of shipping in the Suez Canal, the Panama Canal was also facing some problems, including droughts caused by climate change and changes in rainfall caused by the El Niño phenomenon, which in turn caused the Panama Canal's water levels to drop. At the same time, wet weather in Europe caused excessive water levels in the Rhine River, Germany's main shipping route. Global supply chains appear to be facing a storm.

These questions evoke the difficult experiences caused by supply chain issues during the epidemic. These factors may have contributed to the recent outbreak of a new round of high inflation in financial markets, ultimately forcing global central banks to significantly raise interest rates. Financial markets are currently digesting expectations of significant interest rate cuts in Europe, the United Kingdom, and the United States, with interest rate cuts expected to begin as soon as the first half of 2024.

This raises another question: Will new supply chain problems push up inflation and force policymakers to reassess the economic outlook?

Much depends on how long the Red Sea disruption lasts. Since the current global economic environment is different in at least three aspects, the Red Sea problem is unlikely to lead to a significant rise in inflation.

First, the current market demand is weak. In the early stages of the epidemic, in response to supply chain disruptions, countries around the world adopted large-scale monetary and fiscal stimulus measures to boost the economy. However, global economic growth is currently showing a slowdown. Schroders expects global GDP growth to be only 2.5% in 2024 and 2025. The eurozone may already be in recession, with UK growth weak and US economic activity cooling.

Secondly, in the past, countries around the world implemented blockade measures to curb the spread of the new coronavirus epidemic, which caused market demand during the epidemic to be concentrated in the field of commodities. However, the current consumption pattern has returned to equilibrium. In fact, in the context of economic restart, market demand has shifted back to the service industry in the past few years, leading to a recession in the global manufacturing industry.

Third, the supply side of the global economy has also improved significantly. By contrast, ongoing lockdown measures during the pandemic have shut down production, but the current level of disruption is not as severe as it was then. While ships detouring around southern Africa will extend delivery times, goods will still get to their destinations, so extreme supply shortages are unlikely.

15/01/2024

Six major currency pairs, US dollar index and gold resistance/support levels on January 15

This article provides support and resistance levels for the U.S. dollar index, euro, pound, Japanese yen, Swiss franc, Australian dollar, Canadian dollar and gold.

15/01/2024

There is a "death cross" on the daily chart of the US dollar. Let's see what analysts say.

A closely watched indicator of the U.S. dollar's performance against other major currencies showed a "death cross" on the daily chart on Friday (Jan. 12) - an ominous technical development that is often seen as a trend. Confirmation of negative changes.

The Intercontinental Exchange (ICE) U.S. Dollar Index DXY, which tracks the U.S. dollar against a basket of six major currencies, was trading around 102.16 in early U.S. trading on Friday, down 0.1% on the day, but has risen by about 0.8% since the beginning of the new year. The index fell sharply in December.

This price action brought the index's 50-day moving average close to or below its 200-day moving average near 103.40, triggering a death cross (see chart below).

While death crosses sound bearish, currency analysts question whether they provide much of a signal, preferring instead to confirm a downward trend that has already begun. The U.S. dollar index hit the so-called golden cross at the end of September last year, when the 50-day moving average rose above the 200-day moving average, which is considered a positive indicator.

Data going back to 1985 shows that death crosses do tend to see the index decline in the subsequent 1-month, 3-month and 6-month periods. The U.S. dollar index fell 1.2% over the next month, 1% over the next three months and 0.4% over the six months, according to Dow Jones Market Data. The probability of decline in 1 month and 3 months is 60%, and the probability of decline in 6 months is 52%.

Brad Bechtel, global head of foreign exchange at Jefferies, said in a note: "In my opinion, the death cross is generally a relatively meaningless indicator because I don't think its predictive power has any value, but you You may hear about it in the media."

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note that the death cross is a lagging indicator and "does not necessarily mean that the dollar will not rebound." "

On the contrary . "I think the Fed's dovish expectations have been much ahead of schedule since late last year and the dollar has some room for a positive correction," she said.

The dollar fell sharply in December as investors expected the Federal Reserve to cut interest rates by about 25 basis points in 2024.

10/01/2024

Dollar gains before inflation data, bitcoin slips

By Karen Brettell

NEW YORK (Reuters) - The dollar rose against the euro and yen on Tuesday as traders awaited inflation data on Thursday for clues on when the Federal Reserve is likely to cut rates.

In cryptocurrencies, bitcoin dipped but remained near its strongest level since April 2022 as anticipation mounted the Securities and Exchange Commission will imminently approve spot bitcoin exchange-traded funds (ETFs).

The dollar index had hit a five-month low in December when investors priced for the likelihood that the Fed will cut rates sooner rather than later as inflation eases closer to its 2% annual target and economic data shows signs of softness.

It has recovered from some of that weakness this year, with the sell-off seen by some as overdone heading into year-end. But Fed expectations are likely to continue to drive dollar moves.

“Throughout December the theme was really the Fed pivoting amidst weaker data,” said Bipan Rai, North American head of FX strategy at CIBC Capital Markets in Toronto.

“At this point we’re pricing in a significant amount of easing from the March meeting and the risk/reward is tilted to a degree. Maybe there are some market participants out there that look at what’s priced in and are easing up on their dollar shorts that were initiated in December,” he added.

The release on Thursday of the consumer price inflation report for December will be the main piece of economic data this week. It is expected to show headline inflation rose 0.2% in the month and by 3.2% on an annual basis.

If the data confirms that inflation is continuing to moderate it could boost expectations for a March rate cut, though if it comes in above expectations it could also reverse some of that pricing.

Fed funds futures indicate a 64% probability of a March rate cut, down from 70% a week ago, according to the CME Group’s FedWatch Tool.

"The market is still trying to find its feet in terms of the trajectory and timing of the first U.S. rate cut," said Kamal Sharma, senior G10 FX strategist at Bank of America (NYSE:BAC), who expects the Fed to start cutting rates at the March meeting.

"Our base case scenario is for a soft landing, lower dollar, bull steepening and that broadly should be supportive of risk assets more generally," Sharma added.

Data on Tuesday showed that the U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.

The U.S. dollar index, which measures the greenback against a basket of six currencies, was last up 0.26% at 102.57.

The euro dipped 0.23% to $1.09250, while sterling slipped 0.39% to $1.26990.

In Asia, data on Tuesday showed core inflation in Japan's capital slowed for the second straight month in December, taking some pressure off the Bank of Japan to rush into exiting ultra-loose monetary policy.

The dollar was last up 0.25% at 144.54 yen.

Bitcoin fell 0.26% to $46,874, after reaching a 21-month high of $47,281 on Monday.

Investment managers had on Monday disclosed the fees they plan to charge for their proposed spot bitcoin ETFs, in another step toward approval this week by the U.S. securities regulator.

10/01/2024

Australia CPI inflation falls in Nov, but still above RBA target

Investing.com-- Australian consumer inflation fell more than expected in November, helped chiefly by a decline in fuel costs as oil prices fell, although core inflation remained elevated and well above the Reserve Bank of Australia’s annual target.

Consumer price index (CPI) inflation grew at an annualized 4.3% in November, data from the Australian Bureau of Statistics showed on Wednesday. The reading was slightly below expectations of 4.4%, and slowed from the 4.9% seen in October.

A sustained drop in fuel costs was the biggest driver of the softer headline CPI reading, as concerns over oil demand and a supply glut battered global crude prices in late-2023.

But housing and service cost inflation remained elevated, while electricity prices continued to trend higher despite government rebates. Food inflation also continued to grow.

Still, the headline CPI reading for November was its slowest pace of growth since January 2022.

Excluding volatile items such as fuel, fresh food and holiday travel, core CPI inflation grew 4.8% in November, compared to a 5.1% rise seen in October, the ABS reading showed. While the reading did ease in November, it still remained relatively sticky.

Wednesday’s data shows inflation moving further away from a 30-year peak hit at the beginning of 2023. But the reading still remained well above the RBA’s 2% to 3% annual target.

The central bank had hiked interest rates sharply over the past two years to combat overheated inflation in the wake of the COVID-19 pandemic. While it logged some progress on this front, RBA Governor Michele Bullock warned that price pressures were likely to remain sticky for longer.

CPI inflation is only expected to fall within the RBA’s target range by mid-to-late 2025.

The Australian dollar rose 0.2% after the reading, given that it fueled some bets that the RBA will keep rates higher for longer to combat sticky inflation. High inflation also brewed some uncertainty over the central bank’s plans for interest rates during an upcoming meeting in February.

Bullock has warned that interest rates could still increase further if inflationary pressures persist.

The mix of high inflation and interest rates have battered Australian consumers over the past year. But retail spending has remained steady, although its pace of growth largely stagnated through 2023.

Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon INVSPRO2024 to avail a limited time discount on our Pro and Pro+ subscription plans. Click here to know more, and don't forget to use the discount code when checking out!

05/01/2024

Another dollar bull "capitulates"! Morgan Stanley abandons bullish bets on the dollar

Another dollar bull "capitulates"! Morgan Stanley abandons bullish bets on the dollar
Financial News Agency, January 5 (Editor Bian Chun) As one of the few U.S. dollar bulls in the market, Morgan Stanley lowered its outlook for the U.S. dollar on Thursday, citing falling U.S. Treasury yields after the Federal Reserve turned dovish.

The bank adjusted its outlook for the U.S. dollar to neutral from bullish , but noted that seasonal factors and short positions could still push the dollar higher.

Morgan Stanley has been betting on a stronger dollar since at least mid-November, with the bank forecasting that the U.S. Dollar Spot Index (DXY) would rise about 8% from current levels in the second quarter.

In December last year, hedge funds and major banks, including Goldman Sachs, began to turn bearish on the U.S. dollar after Federal Reserve Chairman Powell hinted that he would turn to interest rate cuts this year.

The U.S. dollar index subsequently fell to a five-month low, but rebounded in the first four days of January this year. The index fell 0.2% on Thursday.

After the Federal Reserve signaled a policy shift at its last meeting, market expectations for an interest rate cut have increased significantly. But in recent days, markets have scaled back bets on the Fed to cut interest rates.

The minutes of the Federal Reserve policy meeting released on Wednesday were viewed by market participants as mildly hawkish. Better-than-expected U.S. labor market data (ADP data) released on Thursday dampened expectations that the Federal Reserve will cut interest rates multiple times this year. On Friday, the United States will release the latest non-farm payrolls report, which may provide more clues about the Fed's policy outlook.

The London Stock Exchange Interest Rate Probability Application shows that after the release of ADP data on Thursday, U.S. interest rate futures lowered their expectations for the number of interest rate cuts in 2024 to four, with each rate cut of 25 basis points, from about six on Wednesday night.

The dollar is long and one less

"Our confidence in the strength of the U.S. dollar has weakened significantly," Morgan Stanley strategists including David Adams wrote in a report released on January 4.
Morgan Stanley lowered its outlook for the U.S. dollar, which means there is one less dollar bull in the market.
In December, a handful of institutions, including Fidelity International, JPMorgan Chase and HSBC, went against the consensus view and warned that the U.S. dollar would unexpectedly strengthen in 2024 as the U.S. economy performed well.

These dollar bulls expect the rest of the world's economies to have a harder time dealing with high interest rates and a looming recession than the United States. While the Fed has signaled it plans to cut interest rates by 75 basis points in 2024, it expects other major economies from Europe to emerging markets to take similar or even faster cuts, causing spreads to widen.

Among analysts surveyed by foreign media, most people believe that the dollar will weaken.

Morgan Stanley also withdrew its short EUR/USD trading recommendation and instead advised investors to short EUR/JPY. The bank forecasts that the yen will appreciate as U.S. interest rates fall, while the euro will weaken as the euro zone economy continues to weaken.

03/01/2024

Crude Oil Trading Alert: Interest Rate Concerns Bring Economic Resistance, Red Sea Crisis Eases Oil Price Rebound, Blocked, Daily Line Welcomes "Four consecutive negative days"

On Tuesday (January 2), the dollar strengthened, putting oil under pressure as investors lowered their expectations for interest rate cuts. At the same time, oil prices fell on the first trading day of 2024, with international crude oil futures settlement prices falling by more than 1% as concerns that tensions in the Red Sea could disrupt supply eased.

WTI February crude oil futures closed down $1.27/barrel, or 1.78%, to $70.38/barrel, marking the fourth consecutive trading day of decline.

(U.S. West Texas Intermediate (WTI) crude oil futures trend chart)

As of 05:48, Brent crude oil futures closed at $76.01 per barrel on Tuesday, a decrease of 1.34%.

[Market News Analysis]

"The market is correcting itself because there are no supply disruptions, and they think it is unlikely that the Iranian warships will engage the U.S. warships," said Andrew Lipow, president of Lipow Oil Associates. "Obviously, if a shot is fired, the oil market will move higher."

On Sunday, U.S. helicopters repelled an attack by Iran-backed Houthi rebels on a container ship operated by Danish shipping company Maersk (MAERSKb.CO) in the Red Sea. An Iranian warship entered the Red Sea on Monday, the semi-official Tasnim news agency reported.

Denmark's Maersk Group and German rival Hapag-Lloyd HLAG.DE said their container ships would continue to avoid the Red Sea route to the Suez Canal. A wider conflict could close vital waterways for oil transport.

France's CMA-CGM announced on its website on Tuesday that from January 15, container freight rates from Asia to the Mediterranean region will increase by up to 100% compared to January 1, and the freight rates for 40-foot long containers will increase from January 1. The limit on January 1st was raised from $3,000 to $6,000. Shares in shipping companies have been rising since Yemen's Houthi rebels attacked some ships in the Red Sea on expectations that longer shipping routes will lead to higher freight rates. Shipping giant Maersk said it would decide on Tuesday whether to resume Red Sea ship traffic through the Suez Canal or continue to change routes like rival Hapag-Lloyd. A spokesman for CMA CGM said it did not have any information to add at this time and was ready to reassess and adjust its plans as necessary. Shipping giant Maersk said, "We will continue to suspend all cargo transportation through the Red Sea while we further evaluate the evolving situation. Vessels will change routes and continue sailing around the Cape of Good Hope where it makes the most sense for our customers."

According to shipping intelligence company Kpler, OPEC production increased by 48,000 barrels per day in December 2023, reaching 26.53 million barrels per day. In addition, according to representatives, OPEC+ will hold an online meeting early next month to resume routine oil market monitoring. A person familiar with the matter said the meeting is planned for February 1. The Organization of the Petroleum Exporting Countries (OPEC) and its allies began a new round of production cuts this month in an attempt to avoid a global supply glut in the first quarter and defend crude prices. Oil prices fell nearly 20% in the fourth quarter as record supply from the United States and other countries offset OPEC+ production cuts and strong fuel demand. Oil consumption growth is expected to slow sharply this year, prompting forecasts of a supply glut. Angola announced its withdrawal from the Organization of the Petroleum Exporting Countries after sixteen years of membership, amid disputes over production quotas. However, this is not expected to have any impact on supply from the country and the OPEC+ alliance.

China's manufacturing activity shrank for a third straight month in December, government data showed on Sunday, raising investor expectations for economic stimulus measures. Leon Li, an analyst at CMC Markets in Shanghai, said, "Oil prices may be affected by the upgrade...the peak demand season during the Red Sea and China's Spring Festival over the weekend." According to the latest data on Tuesday, U.S. economic data once again fell short of expectations. , the S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to a four-month low of 47.9 in December, adding to downward pressure. The number is widely expected to hold steady at November's 48.2, with crude oil prices falling further as investors return to the safe-haven dollar and sell off stocks and shares as a weaker U.S. economic outlook is weighing on risk appetite. Any such stimulus could boost oil demand and support crude prices.

A survey of economists and analysts predicts that Brent crude oil prices will average $82.56/barrel in 2024, slightly higher than the average price of $82.17/barrel in 2023, with weak global economic growth expected to limit demand. However, geopolitical tensions may support prices.

[Wednesday’s trading day focuses on financial data and events (Beijing time)]

①16:55 The number of unemployed people in Germany after seasonal adjustment in December, the unemployment rate in Germany after seasonally adjustment in December
②21:30 Fed Barkin gave a speech on the economic outlook
③23:00 ISM manufacturing PMI in the United States in December
④23:00 JOLTs positions in the United States in November were empty
⑤ At 03:00 the next day, the Federal Reserve released the minutes of the monetary policy meeting
⑥05:30 the next day U.S. API crude oil inventories for the week to December 29

Master Select 1

19/01/2024

19/01/2024

17/01/2024

17/01/2024

15/01/2024

15/01/2024

10/01/2024

10/01/2024

05/01/2024

03/01/2024

Address

Opening Hours

Telephone

Website

Alerts

Shortcuts

Share

Category

Our Story

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm