ONLINE FOREX BROKER
2019-11-11 • Updated
US stocks eased substantially after investors shifted to safe-haven assets on the rising US tensions with Russia, North Korea, and Syria. On Wednesday, US equities extended their losses after Trump’s comments on the US dollar and interest-rate policy. Market participants have become concerned with the fact that recent geopolitical developments might distract US President from pursuing pro-business policies (tax cuts, deregulation, higher infrastructure spending) he promised to deliver in the course of the election campaign.
We also need to note here that the passage of pro-growth policies is hindered by a parliamentary branch of power. A failure to repeal Obamacare bill has raised doubts about Trump’s negotiating skills. Now, it is not clear whether he manages to overhaul taxes, loosen Wall Street regulations and increase infrastructure spending and other policies that boosted Wall Street to its record highs.
At the present moment, the S&P 500 is trading mostly sideways within the range of 2321.90 – 2380 seeking for new market drivers to rally to the new highs/slump to the new lows. On the upside, there is a strong hurdle at 2400.32 (S&P 500 historical high) that will unlikely be hit again in the near term. There is a scope for a further downfall, however, towards 2320 (the lower border of the aforementioned consolidation range).
The Dow Jones Industrial Average was down to 20,590 as investors departed from high-risk financial assets. A further downfall to 20,400 (March 27 low) is not ruled out until we get additional clarifications on Trump’s pro-growth policies.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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