The ECB is likely to start reducing its asset repurchase program in the next quarter
The situation in the oil market is getting more complicated. Yesterday, China began selling oil from its strategic reserves to ease inflationary pressures in the country. Such news led to a sharp drop in oil prices. Asian buyers of oil from the US Gulf of Mexico platforms, which were shut down due to Hurricane Ida, are now looking for alternatives from Russia and the Middle East, which also puts pressure on prices. On the other hand, US oil inventories decreased by 1.5 million barrels per week, which plays in favor of higher prices.
The uncertainty over the timing of QE program cuts puts pressure on gold prices. With a high probability, investors will not see significant growth before the start of the “tapering”, so both gold and silver are likely to trade in a wide corridor.
China’s Shanghai Composite closed at its highest level in six years. A phone call between the US and Chinese leaders added to investors’ optimism. Asian stock indexes increased on Friday as Chinese tech stocks recovered. Stocks added more than 1% in Japan and Hong Kong.
S&P 500 (F) 4,493.28 −20.79 (−0.46%)
Dow Jones 34,879.38 −151.69 (−0.43%)
DAX 15,623.15 +12.87 (+0.08%)
FTSE 100 7,024.21 −71.32 (−1.01%)
USD Index 92.52 −0.13 (−0.14%)
News feed for: 2023.07.04
- UK GDP (q/q) at 09:00 (GMT+3);
- UK Manufacturing Production (m/m) at 09:00 (GMT+3);
- Canada Unemployment Rate (m/m) at 15:30 (GMT+3);
- US Producer Price Index (m/m) at 15:30 (GMT+3).
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
