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Trends & Analysis
News

Goldman Sachs shares surge after earnings beat

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Keep an eye on these key S&P 500 levels

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US big banks report better-than-expected earnings

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Crude oil declines on profit taking

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Delta Air Lines shares crash despite earnings beat

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GBP spikes ahead of major economic data

Trends & Analysis
News

Goldman Sachs shares surge after earnings beat

News

Keep an eye on these key S&P 500 levels

News

US big banks report better-than-expected earnings

News

Crude oil declines on profit taking

News

Delta Air Lines shares crash despite earnings beat

News

GBP spikes ahead of major economic data

Weekly Market Preview

Week Ahead Preview:

27th of November

Friday, Nov 24, 2023

US dollar prices experienced a decline last week as the markets increasingly believe that US interest rates have reached their peak, and the Federal Reserve’s forthcoming move may involve a cut in rates over the upcoming year. This conviction solidified in response to October’s inflation levels and US job data. Gold prices tested the $2000/oz threshold and then slipped with decreased liquidity due to the US Thanksgiving holiday.

The euro and British pound values received a boost from the release of November’s purchasing managers’ data for the industrial and services sectors, surpassing expectations. Despite remaining below 50 (indicating contraction), the stronger-than-anticipated rebound suggests that the worst phase may be over, especially as most of the central bank officials favour maintaining interest rates unchanged at present.

Investor focus will now turn to key economic indicators, notably European inflation levels for November. Projections anticipate a monthly drop from 0.1% in October to (-0.2%) in November, indicating a decrease in the CPI headline YoY from 2.9% to 2.8%. Expectations also forecast a decline in core inflation from 4.2% to 3.9%. A lower-than-expected outcome, or even meeting these expectations, would reinforce the view that European interest rates have peaked, potentially paving the way for the European Central Bank to consider interest rate reductions in the first half of the next year. Additionally, investors will closely monitor Federal Reserve Chairman Jerome Powell’s speech, seeking any clues about the timeline for reducing US interest rates in 2024.

 

Economic Data Highlights (As per UAE time) 

 

Monday 27th of November
  • USD- New Home Sales (Oct)
Tuesday 28th of November
  • AUD- Retail Sales (oct)
  • EUR- GfK consumer confidence (Germany-December)
  • USD- House price index (Sep)
  • USD- Consumer Confidence (Nov)
  • Fed members Waller, Haskel and Bowman speeches
Wednesday 29th of November
  • RBNZ rates decision and press conference
  • EUR- Inflation rates (Germany- Nov)
  • EUR- Consumer confidence (Nov)
  • USD- GDP (Q3)
  • US crude oil inventories
Thursday 30th of November
  • JPY– Industrial production (Oct)
  • CNY- Manufacturing and services PMIs (Nov)
  • GBP – Home price index (Nov)
  • EUR- Retail Sales (Germany- Oct)
  • EUR- Unemployment rates (Germany Nov)
  • EUR- inflation rates (Nov)
  • EUR- Unemployment rates (Oct)
  • USD- PCE price index (Oct)
  • CAD GDP (Q3)
  • Fed Williams speech
Friday 1st of December 
  • CHF- GDP (Q3)
  • EUR- Manufacturing PMI (Nov)
  • GBP- Manufacturing PMI (Nov)
  • CAD- Unemployment rate (Nov)
  • USD- ISM Manufacturing PMI (Nov)
  • Fed Chairman Powell speech

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