22/11/2024 Evening Reports
Will the euro continue its slide, or can the ECB steady the ship?
Euro Slides to $1.0335
- The euro tumbles to its weakest level since 2022, losing over 1% in a single session.Markets Eye Aggressive ECB Cuts
- Traders now see a 50% chance of a half-point rate cut next month, up from 15% just a day earlier.
Economic Data Sparks Concer
- Germany and France, the eurozone’s powerhouses, report unexpected contractions in business activity.
Parity Risks Loom
- Bets on the euro falling to parity with the dollar surge as export-dependent economies face pressure.
Bond Yields Plunge
- Two-year German bond yields drop 13 basis points, hitting 1.98%, the lowest since 2022.
Options Hedging Demand Rises
- Traders pile into hedges against further euro losses, pushing premium levels to a five-month high.
Ukraine-Russia Tensions Weigh
- Escalating conflict adds to economic uncertainty, deepening the eurozone’s challenges.
ECB’s Balancing Act
- Officials debate the pace of easing amid inflation risks, geopolitical tensions, and weakening growth.
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Cautious Markets Await Key Economic Signals
Stock futures edged lower Friday as investors remained cautious ahead of key economic data, including the flash Composite Purchasing Managers’ Index and consumer sentiment figures. The S&P 500, Dow Jones, and Nasdaq futures all posted slight declines in premarket trading, signaling a mixed opening.
Bitcoin’s steady rally continued, edging higher alongside energy and metals markets. Oil slipped, with crude dipping below $70 a barrel, while gold and silver climbed, buoyed by safe-haven demand.
In sectors, healthcare and technology saw minor losses, while consumer staples held firm. Industrial stocks showed resilience, and energy equities softened on company-specific news.
As the trading week winds down, market attention focuses on upcoming economic indicators and their implications for Federal Reserve policy, keeping investors on edge.
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Oil erases weekly gains as dollar strength outweighs war concerns
Oil pared its biggest weekly gain in a month, with Brent dipping below $74 but still up nearly 4%. The rally, fueled by the Russia-Ukraine war, was tempered by a stronger dollar. The conflict escalated with both sides using longer-range missiles, while a stronger dollar and shrinking Euro-area business activity added pressure. However, there were positive signs for oil, including tighter supplies and higher refining profits. The US sanctioned Gazprombank, raising concerns over potential disruptions to Russian gas supplies to Central Europe.
