Global Economic Daily - 14/11/2023
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Quote of the Day: Faith is the strength by which a shattered world shall emerge into the light. – Helen Keller
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Equities: The markets were mixed today. The?S&P 500?ended Monday’s session near the flat line as traders prepared for the release of key inflation data. The broad-market index ended the day down 3.69 points to close at 4,411.55. The?Nasdaq 100?closed 46.33 points lower to end at 15,482.79. The?Dow Jones Industrial Average?advanced adding 54.77 points and closing at 34,337.87. Investors were looking ahead to October’s reading of the consumer price index, due Tuesday, as the next catalyst for markets. Headline inflation is expected to have grown 3.3% from 12 months earlier, according to economists polled by Dow Jones. The metric is also forecasted to have advanced 0.1% from the prior month. TECHNICAL OUTLOOK - The Dow and the S&P are both above the 14, 21 day moving average.
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Crude Oil: Oil prices rose by more than 1% on Monday after OPEC's monthly market report eased worries about waning demand and a U.S. probe into suspected violations of Russian oil sanctions raised concerns about potential supply disruptions. In a monthly report,?OPEC said?oil market fundamentals remained strong and blamed speculators for a drop in prices. OPEC made a slight increase to its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction. The OPEC monthly oil market report appeared to push back against demand concerns, referencing overblown negative sentiment around Chinese demand while raising demand growth forecasts for this year and leaving them unchanged for next. The U.S. Energy Information Administration said last week the country's crude oil production this year will rise by slightly less than expected and?demand will fall. On Monday, the EIA forecast U.S. oil output would decline in December for the second consecutive month. Weak economic data last week from No. 1 crude importer China fed fears of faltering demand. Chinese refiners asked for less supply for December from Saudi Arabia, the world's largest exporter. Last week, top oil exporters Saudi Arabia and Russia, part of the group known as OPEC, confirmed they would continue with additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to drag on crude markets. TECHNICAL OUTLOOK - The crude is below the 14, 21 day moving average.
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Metals: Gold prices?are moderately higher near midday Monday, on some short covering by the shorter-term futures traders and some perceived bargain hunting after recent selling pressure. Gold and?silver prices?overnight hit four-week lows. Technically,?December gold futures prices?hit a four-week low early on today. The bulls and bears are on a level overall near-term technical playing field, but prices are starting to trend down. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. December silver futures?prices hit a four-week low today. The silver bears have the overall near-term technical advantage. Prices are trending lower on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the October high of $23.88. The next downside price objective for the bears is closing prices below solid support at the October low of $20.85. TECHNICAL OUTLOOK – Both metals are below the 14, 21 day moving average.
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DISCLAIMER: The Information and data contained herein was obtained from sources deemed reliable. The accuracy and completeness are not guaranteed
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