Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Oil prices are in focus today
The first June whole working week. What events to expect from the market?
Events of the week
The time zone is GMT+3. Check your timezone here
16:45, Services PMI
17:00, ISM Non-Manufacturing PMI
07:30, RBA interest rate decision
17:00, Ivey PMI in Canada
17:00, BoC interest rate decision
17:30, Crude oil inventories
02:50, GDP in Japan
15:30, US Initial Jobless Claims
15:30, Canadian Employment Change (May)
What moves the market?
OPEC+ meeting. Saudi Arabia agreed to cut the oil production to 9 mb/d. Oil prices skyrocketed. XBRUSD reached its resistance of $77.60
US indices futures are mostly heading down in the morning. We expect that the US stock market will start the week falling. Meanwhile, the Rothschild family fund - reduced its stake in the NVidia shares. That may be a signal that so-called smart money is leaving stocks.
Nvidia’s founder Jensen Huang is going to visit China. He will meet with the representatives of Alibaba, Tencent, ByteDance, Li Auto, BYD, and Xiaomi.
Elon Mask visited China too. Tesla stocks grew by almost 11% during the last week.
Gold started falling. Fundamentally the global situation on the market is more RISK-OFF (according to the market points of view). Indices are rising; the US government reached an agreement about the debt ceiling. Even though the US unemployment rate on Friday grew to 3.7% - the labor market is still strong. That’s why safe haven assets are falling. But globally, the trend in XAUUSD is still bullish.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!
Oil prices are rising while the US government is on the verge of shutting down. How will it affect the market?
US stock markets started falling, while the US dollar is rising. What to expect from