Agriculture
Asking prices for 12.5% milling soft wheat added $2 a tonne and were quoted between $292 and $303 per tonne FOB Black Sea, the consultancy said in a report. The agriculture ministry has caused uncertainty by going back and forth in recent weeks on policies seeking to ensure ample food supplies by limiting international shipments of corn. MARKET NEWS Chicago soybeans snapped a three-session losing streak, but gains were limited as rains across South America eased supply worries.
Currencies
Although none of that seemed to matter for Japanese Yen traders, who drove the currency higher versus the euro and U.S. dollar. Note that gold prices have seen wild swings this year amid higher US bond yields, strengthening dollar, and US stimulus announcement. Many investors and experts predicted a surge in renewable stocks and a collapse in the US dollar and large American corporations and none of it happened as expected. Limiting the downside are the weaker dollar, US stimulus hopes and Saudi Arabia’s unilateral production cuts.
The technical picture has become much more bullish, as riskier currencies such as the Pound have all strengthened against a weaker U.S. Dollar over the previous day. Chile Sells Biggest Latin American Sovereign Sustainability Bond Chile raised a total of about $4.25 billion in euro and U.S. dollar markets. The focus was to see what priorities the new Biden’s administration and the possible implications for the U.S. dollar and the fixed-income market.
The net result is more record highs for stocks and more downside pressure on the US Dollar. While it looks bearish for the dollar, it is actually a slight tightening process if we look at it from a percentage point of view. Meanwhile, the Canadian dollar was the day’s best-performing currency.
The technical picture has become much more bullish, as riskier currencies such as the Pound have all strengthened against a weaker U.S. Dollar over the previous day. Chile Sells Biggest Latin American Sovereign Sustainability Bond Chile raised a total of about $4.25 billion in euro and U.S. dollar markets. The focus was to see what priorities the new Biden’s administration and the possible implications for the U.S. dollar and the fixed-income market.
The net result is more record highs for stocks and more downside pressure on the US Dollar. While it looks bearish for the dollar, it is actually a slight tightening process if we look at it from a percentage point of view. Meanwhile, the Canadian dollar was the day’s best-performing currency.
Metals
In global markets, gold prices dipped today on profit-taking after the sharp jump in the previous session. In Indian markets, gold prices rose in early trade extending the sharp gains of the previous session. In the previous session, gold prices had risen 1.2%. S&P 500 futures pointed to a small rise at the open, the 10-year Treasury yield was at 1.089%, oil slipped and gold was broadly unchanged. Copper prices advanced as investors wagered a massive stimulus package under U.S. President Joe Biden’s administration would likely offset damage wreaked by the COVID-19 pandemic and boost global assets.
On MCX, February gold futures were up 0.3% to Rs 49,674 per 10 grams in its fourth straight day of gains. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought. WTI crude futures are down by 0.41% to $53.09, while gold futures are trading higher by 0.16% at $1,869.50.
If one struck gold or oil the spectacular returns would dwarf the other losses. Gold prices are trading up by 0.3% at Rs 49,680 per 10 grams.
On MCX, February gold futures were up 0.3% to Rs 49,674 per 10 grams in its fourth straight day of gains. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought. WTI crude futures are down by 0.41% to $53.09, while gold futures are trading higher by 0.16% at $1,869.50.
If one struck gold or oil the spectacular returns would dwarf the other losses. Gold prices are trading up by 0.3% at Rs 49,680 per 10 grams.
Oil
The firm had a great track record investing in metals and oil stocks, proudly boasting many “10-baggers.” They focused on high risk, extraordinary return investments and attracted like-minded investors. The impact of this decision on policy surrounding domestic oil and gas production and the refining industries needs to be seen. The weakness was led by a report from the American Petroleum Institute with data showing a surprise 2.6 million barrels build in US crude inventories.
February CFR naphtha-Brent cracks were $0.10 higher at $2.04/bbl; 2Q ’21 traded $0.23 higher at $1.04/bbl while the 2H Cal ’21 advanced $0.21 at -$0.08/bbl. February 92 RON-Brent cracks were $0.06 higher at $4.09/bbl; 2Q ’21 traded $0.10 higher at $4.79/bbl while the 2H Cal ’21 was unchanged at $4.35/bbl. The oil is also a key feedstock for biodiesel. April ICE Brent futures were $0.74 lower at $55.65/bbl, while the rest of the 48-month forward contracts traded between -$0.77 and -$0.57.
Front month March WTI futures were down $0.62 at $52.98/bbl, with the other 49-month forward contracts traded between -$0.64 and -$0.53.
The February 92 RON Gasoline contracts declined $0.65 at $59.75/bbl; 2Q ’21 was down $0.66 at $59.76/bbl and the 2H Cal ’21 contract declined $0.74 at $58.10/bbl. WTI closed 0.5% higher on Tuesday and was trading 0.1% lower at $53.18/bbl.
February CFR naphtha-Brent cracks were $0.10 higher at $2.04/bbl; 2Q ’21 traded $0.23 higher at $1.04/bbl while the 2H Cal ’21 advanced $0.21 at -$0.08/bbl. February 92 RON-Brent cracks were $0.06 higher at $4.09/bbl; 2Q ’21 traded $0.10 higher at $4.79/bbl while the 2H Cal ’21 was unchanged at $4.35/bbl. The oil is also a key feedstock for biodiesel. April ICE Brent futures were $0.74 lower at $55.65/bbl, while the rest of the 48-month forward contracts traded between -$0.77 and -$0.57.
Front month March WTI futures were down $0.62 at $52.98/bbl, with the other 49-month forward contracts traded between -$0.64 and -$0.53.
The February 92 RON Gasoline contracts declined $0.65 at $59.75/bbl; 2Q ’21 was down $0.66 at $59.76/bbl and the 2H Cal ’21 contract declined $0.74 at $58.10/bbl. WTI closed 0.5% higher on Tuesday and was trading 0.1% lower at $53.18/bbl.
United States
Mr. Biden signed 15 executive orders and two executive actions on his first day in office, reversing some of former President Trump’s key policies. President Biden also signed an executive order for the nation to re-join the 2015 Paris Climate Agreement, which former President Trump has exited during his tenure. less Yesterday marked a historical milestone in the international stage – four years of Trump policies end with the lowest ever support for a leaving President.
President Biden immediately moved to unwind a raft of Trump-era policy in a blitz of executive orders. The Trump presidency saw a surge in stocks, an all-time low yield in US debt and record levels of employment, rising real wages and strong growth before the pandemic. As noted earlier, the change in the monetary base is a direct function of the Fed’s monetary policy actions. US stock futures are trading higher today, indicating a positive opening for Wall Street. In my view, they are not statistically different from what you’d expect if the Fed’s new AIT policy were completely credible.
Equity and currency traders welcomed the new administration with fresh records for the S&P 500 and NASDAQ. During his term, Trump reversed many of the policies implemented by his predecessor (i.e., Obama) in the previous eight years.
President Biden immediately moved to unwind a raft of Trump-era policy in a blitz of executive orders. The Trump presidency saw a surge in stocks, an all-time low yield in US debt and record levels of employment, rising real wages and strong growth before the pandemic. As noted earlier, the change in the monetary base is a direct function of the Fed’s monetary policy actions. US stock futures are trading higher today, indicating a positive opening for Wall Street. In my view, they are not statistically different from what you’d expect if the Fed’s new AIT policy were completely credible.
Equity and currency traders welcomed the new administration with fresh records for the S&P 500 and NASDAQ. During his term, Trump reversed many of the policies implemented by his predecessor (i.e., Obama) in the previous eight years.
China
They may have inferred that Mr. Ma is now back in Beijing’s good graces and the regulatory storm will be over.
Europe
Germany s virus fatalities passed 50,000 today, underscoring the urgency facing Chancellor Angela Merkel s government to slow the spread of the disease. German Chancellor Angela Merkel will hold a press conference later with the death toll passing 50,000. In Europe, the Stoxx 600 Index had gained 0.5% by 5:50 a.m. as investors waited for the latest ECB decision. No one expects the ECB to boost asset purchases, having just done so in December. The ECB will take all of this into consideration when it meets tomorrow.
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