https://forextk.com/wp-content/uploads/2022/08/BRENT-1.png 1600 2000 TK Analysis https://forextk.com/wp-content/uploads/2022/07/logo-white-300x151.png TK Analysis2022-11-07 12:53:022022-11-07 13:06:21Daily analysis 07 NOVEMBER 2022
- Indices from Asia-Pacific traded higher during the first session of a new week. Nikkei gained 1.2%, S&P/ASX 200 moved 0.6% higher and Kospi added 1%. Indices from China traded higher with Hang Seng rallying 3%
- European and US index futures trade flat compared to Friday’s cash close
- Spokesman for the Chinese health commission said China is not abandoning its Covid-zero policy and will continue to take actions as soon as new outbreaks emerge
- According to The Guardian report, UK Chancellor of the Exchequer Hunt plans to propose 60 billion GBP in tax hikes and spending cuts, with around 25 billion GBP coming from spending cuts and 35 billion GBP from tax hikes
- ECB Villeroy said that it may take 2-3 years for inflation in the euro area to return to ECB target. He also said that ECB is not far from neutral rate and warned that tightening may slow in December
- Apple lowered its iPhone production forecast by 3 million units. Company named Chinese lockdowns as a reason at first but later blamed it on the back of slowing demand
- According to Wall Street Journal, Meta Platforms plans to launch large-scale lay-offs this week, that may affect thousands of employees
- Chinese exports dropped 0.3% YoY in October (exp. +4.3% YoY) while imports were 0.7% YoY lower (exp. +0.1% YoY)
- Cryptocurrencies are trading mostly lower. Bitcoin drops 1.2%, Ethereum trades 1.4% lower and Dogecoin declines 1.6%
- Oil is trading lower with China commiting to zero-Covid policy being a reason. Brent drops 1% while WTI trades 1.1% lower
- In spite of USD weakening, precious metals are trading lower at the beginning of a new week. Gold drops 0.6% while silver and platinum trade over 1% lower
- EUR and NZD are the best performing major currencies while JPY, USD and CAD lag the most
WTI (OIL.WTI) retested the $93 area at the end of the previous week but failed to break higher. Crude launched a new week with a bearish price gap after Chinese officials said the country remains committed to its zero-Covid policy and will continue to take actions against virus outbreaks.
Leave a ReplyWant to join the discussion?
Feel free to contribute!