ForexMart's Forex News

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  1. #421
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    ForexMart's Forex News
    Bullish sentiment in gold is growing​​​​​​​

    Gold's bounce off a two-year low, followed by a nearly 3% gain on Friday, is creating solid bullish momentum among Wall Street analysts; however, some also point out that the precious metal still has some work to do to reverse the months-long downward trend.

    The latest survey shows that market sentiment continues to improve and most market analysts expect prices to rise in the near future. Retail investors are also looking positively.

    Bullish sentiment has been on the rise all week after gold prices ended October with their seventh straight monthly drop, the longest losing streak in 50 years.

    Rising bond yields and the US dollar, which is at its highest level in 20 years, remain critical headwinds for gold; however, some analysts note that growing fears of a recession are driving demand for gold as a safe-haven asset.

    Ole Hansen, head of commodity strategy at Saxo Bank, said the US recession would force the Federal Reserve to end its tightening cycle before it reaches its 2% inflation target. He added that a stagflationary environment of low economic growth and high inflation would be bullish for gold.

    However, in anticipation that gold prices will have enough momentum to rise, a return to $1,680 will simply return the market to neutral territory.

    Christopher Vecchio, senior market analyst at DailyFX.com, said he is neutral on gold as he would also like to see an initial push above $1,680 leading to $1,730.

    Last week, 20 market professionals took part in the Wall Street survey. Ten analysts, or 50%, said they are optimistic this week. Two analysts, or 10%, said they were bearish. Eight analysts, or 40%, said they were neutral about the precious metal.

    As for retail, 520 respondents took part in online surveys. A total of 240 voters, or 46%, called for an increase in the price of gold. Another 169, or 33%, predicted a fall in prices. While the remaining 111 voters, or 21%, were in favor of a side market.

    Friday's rally helped gold prices end the week positively.

    Problems in the labor market adds to the recession fears. On Friday, the Bureau of Labor Statistics said 261,000 jobs were created in October, exceeding all expectations. However, some analysts believe that if you delve into the essence, you can see a growing weakness.

    Along with rising bullish fundamentals for gold, many analysts note that the technical outlook has turned positive as well.

    "Gold had been building a technical base above $1,620 support and appears to be starting to launch up off of there," said Colin Cheshinsky, chief market strategist at SIA Wealth Management.

    He added that bond yields remain well above 4%, which would be a deterrent for gold. And the Fed continues to raise interest rates, and in these conditions, gold's rally may turn towards sales.
    Regards, PR-Manager ForexMart

  2. #422
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    November 10. Amazon's market value has fallen below $1 trillion

    Amazon became the first public company to lose $1 trillion in market value. On Wednesday, the company's shares fell 4.3% to $86.14, bringing its market value now to $879 billion. For comparison, back in July 2021, it was almost $1.9 trillion.

    Analysts note that such a decline is almost equivalent to the loss of the market value of Google's parent company Alphabet, which now stands at about $1.13 trillion.

    In 2022, Amazon shares lost about 48% of their value. The company's market value fell below the $1 trillion mark on November 1, a few days after the publication of the third quarter report and the forecast of the slowest growth in the fourth quarter in history.

    Experts note that not only Amazon has suffered losses: due to rising inflation and other macroeconomic shocks, 5 other leading American technology companies have lost almost $4 trillion of their market value this year. The reason for this, analysts call the impoverishment of people's budgets, still high inflation and rising energy costs.
    Regards, PR-Manager ForexMart

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    November 14. The oil market is growing at the beginning of a new trading week

    Oil prices have been showing growth for the third consecutive session amid expectations of demand growth in China as a result of changes in the policy of the country's authorities to combat coronavirus, as well as the introduction of new measures to support the economy.

    As it became known, Beijing announced the reduction of mass testing of people for Covid-19, as well as the dissolution of «quarantine camps». The Chinese authorities have announced that they are planning further changes, thanks to which covid restrictions will become more focused, but not soft. Thus, China's adjustment of the «zero tolerance» for coronavirus has given a powerful incentive for the growth of the oil market.

    The current price of Brent oil is $96.70 per barrel. North American WTI oil is trading near the level of $89.60 per barrel.

    Analysts note that the increase in oil consumption by China may coincide with a reduction in supply on the market (due to the upcoming entry into force of the European embargo on the import of Russian oil and a reduction in OPEC+ production).

    Earlier, US Treasury Secretary Janet Yellen said that the entry into force of the European embargo on the purchase of oil in Russia on December 5 is likely to force Moscow to sell some oil at a price not exceeding the ceiling set by the US and its allies if Russia wants to avoid a significant reduction in oil exports.
    Regards, PR-Manager ForexMart

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    November 16. Inflation in the UK accelerated to the highest since 1981​​​​​​​

    According to the British Office for National Statistics, inflation in Great Britain accelerated to 11.1% in annual terms in October, which was the highest since 1981.

    The rate of acceleration of inflation turned out to be higher than the expectations of experts, who predicted a price increase of 10.7%. In August, inflation was 9.9%, and in September – 10.1%.

    Analysts call the increase in electricity tariffs the main driver of price growth. In addition, the rise in food prices had a strong impact on the dynamics of inflation. In particular, products in October rose in price by 16.4%, which was the highest in 45 years. The prices of milk, cheese and eggs have soared the most.

    Thus, if we consider the poorest British families with a low level of expenses, who spend most of their earnings on paying bills and buying groceries, then for them the increase in inflation was more than 16% in October. The ONS also estimated that middle-income Britons spend about a third of the family budget for these purposes.

    In the autumn, the British economy entered a recession, and the head of the Ministry of Finance of the kingdom said that Russia was responsible for this. According to him, it was Moscow that created a situation in the world that led to inflation and an increase in interest rates.
    Regards, PR-Manager ForexMart

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    November 17. Wall Street: 3 oil companies whose stocks are worth paying attention to

    Experts say that the tense situation on the world oil market does not bode well for many countries of the world that are still heavily dependent on fossil fuels.

    However, despite this, Wall Street recommends that investors pay attention to the shares of 3 oil companies, which can bring substantial profits next year.

    Shell is a multinational energy giant operating in more than 70 countries and producing about 3.2 million barrels of oil per day.

    Shell has a stake in 10 refineries, and last year the company sold 64.2 million tons of LNG. The company's shares are listed on the London Stock Exchange, the Euronext exchange in Amsterdam and the New York Stock Exchange. It is worth noting that the shares registered on the NYSE have increased by 26% since the beginning of the year. Shell is trading at about $56 per share today.

    Chevron is another major oil company benefiting from the commodity boom.

    For the third quarter, Chevron made a profit of $11.2 billion, which is 84% more than in the same period last year, and the company's sales and other operating income for the quarter amounted to $64 billion, which exceeded last year's figures by 49%. Chevron approved a 6% increase in quarterly dividends to $1.42 per share, meaning its dividend yield was 3.0%. Over the year, the company's shares have grown by 57%.

    Exxon Mobil has the largest market capitalization — more than $460 billion, which is more than Shell and Chevron.

    In addition, the oil company boasts the strongest share price dynamics among all 3 companies in 2022: its shares have increased by 79% since the beginning of the year. In the first 9 months of 2022, Exxon earned $43.0 billion in profit, which is significantly more than $14.2 billion last year. Exxon Mobil's free cash flow for the first 9 months of 2022 was $49.8 billion compared to $22.9 billion for the same period last year. The company pays a quarterly dividend of 91 cents per share, which corresponds to an annual yield of 3.2%.
    Regards, PR-Manager ForexMart

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    November 18. Inflation in Japan has reached its highest since January 1991

    According to the Ministry of Internal Affairs and Communications of Japan, consumer prices in October increased by 3.7% compared to the same month last year. This was the highest value since January 1991, while the rise in prices was marked for the 14th month in a row.

    In September, the inflation rate was fixed at 3%. Analysts had expected a 3.5% price increase.

    On a monthly basis, consumer prices rose by 0.6% (the fastest pace since April 2014). In September, the indicator increased by 0.3%.

    Consumer prices excluding fresh food (a key indicator tracked by the Bank of Japan) in October increased by 3.6% year-on-year after rising by 3% in September. This growth was the highest since February 1982.

    In particular, food prices in Japan rose by 6.2%, fuel, electricity and water supply - by 14.6%, electricity – by 10.9%. The cost of transport and telecommunication services increased by 2%.

    It is worth noting that the central bank's target is at the level of 2%, and the current inflation rate exceeds it for the seventh month in a row.
    Regards, PR-Manager ForexMart

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    in ro ham eslah kon:
    November 29. Oil prices rise in anticipation of OPEC+ meeting

    World oil prices started to rise on Tuesday, reaching $86.68 per barrel. Investors are waiting for the weakening of quarantine measures in China and are assessing the prospects for the OPEC+ meeting scheduled for Sunday.

    The current quotation of Brent crude oil is $86.00 per barrel, North American WTI oil is trading at $79.35 per barrel.

    Yesterday, the quotes showed a noticeable decline: the Brent price fell below the level of $81 per barrel for the first time since January 11, 2022.

    As you know, a record increase in Covid-19 infections was recorded in China for several days in a row, as a result of which some quarantine restrictions were tightened, and riots and protest actions took place in a number of cities. Now the markets expect that the Chinese authorities may move to ease restrictive measures. And since China is one of the largest consumers and importers of oil, expectations about the country's economy affect the prospects for demand for this type of raw material.

    In addition, market participants are waiting for the OPEC+ meeting scheduled for Sunday. Traders evaluate what measures the alliance can take against the background of supply and demand risks. Also, the market dynamics are influenced by the results of meetings of EU countries, at which European diplomats are trying to agree on the introduction of a specific price limit for Russian oil. At the moment, the countries have again failed to come to an agreement.
    Regards, PR-Manager ForexMart

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