Global Economic Overview - 16/11/2023
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Closing Commentary
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Quote of the Day: Hindsight is always twenty-twenty. – Billy Wilder
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Equities: Stocks climbed on Wednesday, building on the strong rally from the previous session, on the back of more encouraging inflation data. The?S&P 500?advanced 7.18 points closing at 4,502.88, while the?Nasdaq 100?inched higher by 4.70 points and ended at 15,817.18. The?Dow Jones Industrial Average?added 163.51 points closing at 34,991.21. October’s producer price index, which measures wholesale prices,?fell by 0.5%?to mark its biggest monthly drop since April 2020. Not all of the economic data was positive, however, since retail sales also declined. TECHNICAL OUTLOOK - The Dow and the S&P both remain above the 14, 21 day moving average.
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Crude Oil: Oil prices tumbled more than 1.5% on Wednesday on a bigger-than-expected rise in U.S. crude inventories and record production in the world's biggest producer, along with mounting worries about demand in Asia. Top oil exporters Saudi Arabia, Russia, and allies, said this month they would continue with their additional voluntary oil output cuts until year end. China's oil refinery?throughput eased in October from the previous month's highs as industrial fuel demand weakened and refining margins narrowed. Still, its?economic activity?perked up in October as industrial output increased at a faster pace and retail sales growth beat expectation. TECHNICAL OUTLOOK - The crude remains below the 14, 21 day moving average.
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Metals: Gold?and?silver prices?are higher in early U.S. trading Wednesday, on follow-through strength after posting good gains Tuesday after a tamer U.S. inflation report that may have changed the trajectory of Federal Reserve monetary policy. Technically, the?gold futures?bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close in December futures 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. The silver bears have the slight overall near-term technical advantage but the bulls have gained momentum this week. Silver bulls' next upside price objective is closing?December futures prices?above solid technical resistance at $24.05. The next downside price objective for the bears is closing prices below solid support at this week’s low of $21.925. TECHNICAL OUTLOOK – Gold is below the 14, 21 day moving average, while silver is above it.
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DISCLAIMER: The Information and data contained herein was obtained from sources deemed reliable. The accuracy and completeness are not guaranteed
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
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