Agriculture
In the classic example, a farmer grows wheat, consumes some of it, and saves some of it. But stored wheat can go bad so he sells some of it for money. Mish on Coffee and Sugar Exchange less (Video length 00:00:55) Amazon will buy MGM for $8.45 billion.
Currencies
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. The yuan has also appreciated below 6.4 per dollar this week, its strongest level since 2018. less Share Bitcoin’s volatility has limited its adoption for payments, so entrepreneurs created stablecoins: cryptocurrencies pegged to assets such as the U.S. dollar. US Dollar Index holds the majority of gains from the previous session as investors brace themselves for tomorrow’s inflation print.
less A wave of US Dollar selling came to a halt on Wednesday, though as far as catalysts go, there wasn’t really much to grab at. That is mostly down to dollar weakness, though the yuan has also done better than most other major currencies this year. The dollar index edged down, while gold prices slipped. The dollar index inched down, while gold prices slipped. The DXY US Dollar index edged higher to 90.11 this morning, exerting downward pressure on bullion.
Ultimately, things have been rather uneventful, with the exception of some outlier price action in the New Zealand Dollar.
less A wave of US Dollar selling came to a halt on Wednesday, though as far as catalysts go, there wasn’t really much to grab at. That is mostly down to dollar weakness, though the yuan has also done better than most other major currencies this year. The dollar index edged down, while gold prices slipped. The dollar index inched down, while gold prices slipped. The DXY US Dollar index edged higher to 90.11 this morning, exerting downward pressure on bullion.
Ultimately, things have been rather uneventful, with the exception of some outlier price action in the New Zealand Dollar.
Metals
Iron ore production and sales by NMDC Ltd stood at 3.13 million tonnes and 3.09 million tonnes, respectively. Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 48,630 per 10 grams. Gold prices are trading up by 0.1% at Rs 48,793 per 10 grams. Both global and domestic iron ore prices have soared manifold during the past twelve months of strong upcycle in several commodity prices. Meanwhile, silver prices are trading up by 0.2% at Rs 71,433 per kg.
We also recap the strong month of May for gold and how gold and silver are set up for June. less Gold prices retreated further during Thursday’s Asia-Pacific trade, pulling back sharply from Wednesday’s intraday high of $1,912. >> Fabrice Drouin Ristori on Twitter is an independent investment analyst and studies the gold and silver market and their future role in the international monetary system. He follows regularly since 1970 the gold, silver and foreign exchange markets. S&P 500 futures pointed to a slightly lower open, the 10-year Treasury yield was at 1.582%, oil was trading below $66 a barrel and gold was flat.
We also recap the strong month of May for gold and how gold and silver are set up for June. less Gold prices retreated further during Thursday’s Asia-Pacific trade, pulling back sharply from Wednesday’s intraday high of $1,912. >> Fabrice Drouin Ristori on Twitter is an independent investment analyst and studies the gold and silver market and their future role in the international monetary system. He follows regularly since 1970 the gold, silver and foreign exchange markets. S&P 500 futures pointed to a slightly lower open, the 10-year Treasury yield was at 1.582%, oil was trading below $66 a barrel and gold was flat.
Oil
Gasoline stocks fell by 1.7 million bbl while distillate inventories fell by 3.0 million bbl. U.S. crude inventories meanwhile fell by 1.7 million barrels in the week to May 21 to 484.3 million barrels, compared with analysts’ expectations a 1 million-barrel drop. Vertex will also buy co-related logistics infrastructure and hydrocarbon inventory, including more than 3 million barrels of crude oil and product storage. BEFORE THE BELL Futures for Canada’s main stock index fell as oil prices dropped on concerns over a potential increase in Iranian supplies.
INSIGHT The little engine that could, and the oil giant that couldn’t Companies with a market value of $250 billion like Exxon rarely face, much less lose, shareholder battles. PIMCO Activists Climate concerns have moved front and center for some of the world s largest oil companies. In one particular corner of the market—bonds issued by oil companies including Shell—investors appear to be juggling their holdings to get ahead of possible changes.
On the same day, Exxon Mobil Corp. shareholders elected board members nominated by an activist investor that wants the oil giant to prepare for a post-fossil-fuel world. Benchmark futures Brent closed 0.3% higher on Wednesday while WTI futures closed 0.2% higher. Oil prices dropped on concerns over a potential increase in Iranian supplies.
INSIGHT The little engine that could, and the oil giant that couldn’t Companies with a market value of $250 billion like Exxon rarely face, much less lose, shareholder battles. PIMCO Activists Climate concerns have moved front and center for some of the world s largest oil companies. In one particular corner of the market—bonds issued by oil companies including Shell—investors appear to be juggling their holdings to get ahead of possible changes.
On the same day, Exxon Mobil Corp. shareholders elected board members nominated by an activist investor that wants the oil giant to prepare for a post-fossil-fuel world. Benchmark futures Brent closed 0.3% higher on Wednesday while WTI futures closed 0.2% higher. Oil prices dropped on concerns over a potential increase in Iranian supplies.
United States
Meanwhile, Friday’s US core PCE price index data will also be under the spotlight as traders assess inflationary pressure and its ramifications for the Fed’s policy outlook. Don’t rule out >4% core CPI inflation, which will increase the tapering pressure on the Fed even more. However, the Nasdaq is in a trading range and until this breaks, any action within the bounds of support and resistance is just noise. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis.
Clearly, Wall Street will remain focused on inflation, and a large, sustained rise in prices might force the Fed’s hand.
The Nasdaq is trading above key moving averages with a MACD trigger ‘buy’ and a fresh ‘buy’ trigger in stochastics. Wall Street has, however, seen buyers step in when they felt things were overdone, with the S&P 500 finding support above its 50-day moving average. This has become a popular way for later-stage, venture-backed start-ups to list on public markets quickly this year.
The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
Clearly, Wall Street will remain focused on inflation, and a large, sustained rise in prices might force the Fed’s hand.
The Nasdaq is trading above key moving averages with a MACD trigger ‘buy’ and a fresh ‘buy’ trigger in stochastics. Wall Street has, however, seen buyers step in when they felt things were overdone, with the S&P 500 finding support above its 50-day moving average. This has become a popular way for later-stage, venture-backed start-ups to list on public markets quickly this year.
The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
China
Recent comments from some researchers at China’s central bank may have triggered hopes that Beijing could allow the yuan to strengthen further.
Europe
Thus the ECB has not yet given feedback to individual banks on its outcome,” an ECB spokeswoman said in a statement to Bloomberg. Five years after the Brexit vote, the EU is making an effort to achieve comparability of current practices at the banks it supervises and ensures they meet certain benchmarks. While that hasn’t yet threatened London’s status as a global financial center, the EU says it expects these trends to continue. European Union chiefs Ursula von der Leyen and Charles Michel hold their first summit with Japanese Prime Minister Yoshihide Suga by videoconference today.
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