2023-11-30 15:21:54
Daily Market Summary 30 November 2023
Central Bank News
① the U.S treasury yield on the 10-year fell 4 basis points to 4.348% after falling to 4.332%, its lowest since Sept 20. Meanwhile, the two-year, which typically moves in step with interest rate expectations, was down 9 basis point to 4.765% on the session.
②Bank of England (BOE) Governor Andrew Bailey said getting inflation down to the central bank's 2% target will be "hard work" as most of its recent fall was due to the unwinding of the jump in energy costs last year.
③China's central bank said on Monday that it expects the annual GDP growth target of around 5 percent will be reached.
Gold Futures News
①Front Month Comex Gold for December (new front month) delivery gained $7.10 per troy ounce, or 0.35%(rounded) to $2047.10 today.
②Front Month Comex Silver for December (new front month) delivery gained 13.70 cents per troy ounce, or 0.55%(rounded) to $25.072 today.
③The most-actively traded gold futures contract on Tuesday rose 0.3% to $2,067.10 a troy ounce, settling at the highest level since its record close of $2,069.40 hit in August 2020.
Crude Oil News
① Stocks of crude oil in the US dropped by 0.817 million barrels in the week that ended November 24th, 2023, following 1.335 million barrels jump in the previous week.
②Brent crude futures settled down 84 cents, or 1%, at $80.58 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.56, or 2%.
③Brent crude futures fell 28 cents, or 0.3%, to $82.90 a barrel by 0024 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.3%, to $77.68 a barrel.
④The oil market has been pricing in an OPEC-Oil rose today as investors digested the latest news. Still, it isn't a sure bet that an added cut would push up prices further amid better-than-expected supply growth in the U.S. and flagging demand growth in Europe and some emerging markets.
Economic News
①Black Friday e-commerce spending popped 7.5% from a year earlier, reaching a record $9.8 billion in the U.S.
②Data from the National Bureau of Statistics (NBS) showed, the 2.7% year-on-year rise sees profit growth narrow back to single-digits, following an 11.9% increase in September and a 17.2% gain in August, this indicates that China still faces deflationary pressure and will remain fragile until the end of the year.
③The Japanese government revealed that The Core Consumer Price Index (core CPI), a measure of inflation that does not include food prices, rose 2.9% year-on-year in October. Japan's inflation is higher than the 2% target of the Bank of Japan (BOJ).
④Financial News Agency the Times reported that Barclays Bank is considering plans to phase out thousands of investment banking clients as part of a strategic overhaul. This will help create profits and reduce costs by £1 billion.
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