Account

New to ADSS? Open an
account now to get started.

OR

Already have an account?

Add funds to your ADSS account

Account

New to ADSS? Open an
account now to get started.

Add funds to your ADSS account

Trends & Analysis
News

Crude oil rebounds as Trump wins US elections

News

US stocks at record highs on Trump’s election win

News

Ride Uber to record highs?

News

Latest market reactions to Trump as US President

News

Shares of Yum! Brands rally despite earnings miss

News

USD falls to 2-week low amid political uncertainty

Trends & Analysis
News

Crude oil rebounds as Trump wins US elections

News

US stocks at record highs on Trump’s election win

News

Ride Uber to record highs?

News

Latest market reactions to Trump as US President

News

Shares of Yum! Brands rally despite earnings miss

News

USD falls to 2-week low amid political uncertainty

News

Crude oil ends 5-day losing streak

Friday, October 18, 2024

Today’s headlines

What’s happening: Crude oil prices edged higher on Thursday, as investors assessed the latest stimulus measures by China.

What happened: Investors continued to weigh concerns over global crude supplies against ongoing geopolitical concerns.

An unexpected decline in crude supplies last week lent some support to oil prices, which settled higher for the first time in five days.

Why it matters: Oil prices had risen steeply earlier this month on escalating geopolitical concerns, which sent the WTI to its strongest level since August.

Oil prices cooled for five straight days on prospects of an increase in supply from the OPEC+ (Organization of the Petroleum Exporting Countries and its allies).

On the demand side, traders were disappointed by the long-awaited stimulus measures from the Chinese authorities.

Oil prices received some support after the release of supply data from the Energy Information Administration. The EIA said that US commercial crude inventories had declined by 2.2 million barrels in the week ended October 11. This compared to market expectations of a gain of 1.7 million barrels.

Data also showed weekly gasoline supplies falling 2.2 million barrels and distillate supplies contracting 3.5 million barrels. Markets were expecting gasoline supplies to decline by only 1 million barrels and distillate supplies by 2.5 million barrels.

US oil production rose by 100,000 barrels to a record high of 13.5 million barrels per day (bpd) this week.

Strength in the US dollar limited the overall gains for crude prices, as a higher greenback makes commodities more expensive for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained 0.2% to 103.83 on Thursday.

WTI crude for November delivery rose by 28 cents, or 0.4%, to close at $70.67 per barrel on the NYMEX, while December Brent crude gained 23 cents, or 0.3%, to settle at $74.45 a barrel on ICE Futures Europe.

In other energy trading, November gasoline added 0.3% to reach $2.05 a gallon, while November heating oil rose 0.9% to $2.19 a gallon. Natural gas for November delivery bucked the trend and shed 0.8% to close trading at $2.35 per million British thermal units on Thursday.

What to watch: Investors await the release of data on Baker Hughes crude oil rigs today. Crude oil rigs in the US rose to 481 in the week of October 11, compared to 479 in the previous week.

Rising geopolitical concerns and data on the progress of the Chinese economy will also remain in focus.

The markets today

US stocks in focus today ahead of a couple of major economic reports

Context: Equity markets in the US settled mostly higher on Thursday, as investors monitored the latest earnings and economic reports.

Details: Data released from the Commerce Department showed better-than-expected retail sales, while the Labor Department’s jobless claims came in below market estimates.

US initial jobless claims came in at 241,000 for the week ending October 12. This marked an unexpected decline of 19,000 from the previous week’s level of 260,000. Meanwhile, retail sales climbed by 0.4% in September, better than market expectations of 0.3% growth. The Philadelphia Fed Manufacturing Index also surged to a reading of 10.3 in October, from September’s 1.7.

Tech stocks, mainly those of chipmakers, were among the top gainers on Thursday, after Taiwan Semiconductor Manufacturing reported better-than-expected quarterly earnings and projected strong revenue growth in the fourth quarter.

Stronger-than-expected earnings reports from M&T Bank, KeyCorp and other banks also provided a boost to the stock of regional banks.

The Dow Jones index jumped 161.35 points, or 0.37%, to close at 43,239.05, while the Nasdaq 100 gained 0.08% to settle at 20,190.42 on Thursday. The S&P 500 slipped slightly by 0.02% to 5,841.47.

What to watch: Investors await the release of economic data on housing starts and building permits from the US today. Housing starts in the US, which surged by 9.6% to an annualised rate of 1.356 million units in August, are expected to rise by 1.8% in September.

Analysts expect building permits to decline 0.1% in September, following a 4.6% surge in the previous month.

Other Markets: European indices closed higher on Thursday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.67%, 0.77%, 1.22% and 0.83%, respectively.

The news shaping the markets

The US announced sanctions against China-based companies for producing “complete weapons systems” in partnership with Russian companies. The news sent the RUB/USD higher in forex trading this morning.


China’s retail sales grew 3.2% year-over-year in September, accelerating from 2.1% in the previous month. The latest reading also topped market estimates of 2.5% growth and lent support to the CNY/USD forex pair.


Japan’s annual inflation rate eased to 2.5% in September, from 3.0% in August. The latest reading being the lowest since April sent the JPY/USD pair higher in forex trading this morning.


The Central Bank of Egypt held its benchmark interest rate at 27.25% at its latest meeting, lending support to the EGP/USD forex pair.


Denmark’s central bank slashed its benchmark interest rate by 25 basis points to 2.85%, which sent the DKK/USD pair lower in forex trading this morning.

What else to watch today

UK’s retail sales, Eurozone’s current account and construction output, Spain’s consumer confidence and balance of trade, Italy’s construction output and current account, South Africa’s value of building plans passed, India’s bank loan growth, foreign exchange reserves and deposit growth, as well as Argentina’s leading economic index and balance of trade.


Site by Pink Green
© ADSS 2024


Investing in CFDs involves a high degree of risk that you will lose your money due to the use of leverage, particularly in fast moving markets, where a relatively small movement in the price can lead to a proportionately larger movement in the value of your investment. This can result in loses that exceed the funds in your account. You should consider whether you understand how CFDs work and you should seek independent advice if necessary.

ADS Securities LLC – S.P.C (“ADSS”) is authorised and regulated by the Securities and Commodities Authority (“SCA”) in the United Arab Emirates under First Category: Dealing in Securities and Fifth category: Arrangement and advice (Introduction). ADSS is a Limited Liability Company – Sole Proprietorship Company incorporated under United Arab Emirates law. The company is registered with the Department of Economic Development of Abu Dhabi (No. 1190047) and has its principal place of business at 8th Floor, CI Tower, Corniche Road, P.O. Box 93894, Abu Dhabi, United Arab Emirates.

The information presented is not directed at residents of any particular country outside the United Arab Emirates and is not intended for distribution to, or use by, any person in any country where the distribution or use is contrary to local law or regulation.

ADSS is an execution only service provider and does not provide advice. ADSS may publish general market commentary from time to time. Where it does, the material published does not constitute advice, or a solicitation, or a recommendation to a transaction in any financial instrument. ADSS accepts no responsibility for any use of the content presented and any consequences of that use. No representation or warranty is given as to the completeness of this information. Anyone acting on the information provided does so at their own risk.