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Markets Update: Bitcoin surges towards $100,000. The dollar strengthens as traders reduce expectations for rate cuts. Concerns over Russia and Ukraine boost gold and oil prices.
Global Markets Roundup: 21 November 2024
FESX1! | Z1! | NI225 | NQ1! | ES1! | EURUSD | USDJPY | DXY | GOLD | CL1! | ZC1! | ZS1! HG1!
Global stocks declined on Thursday after Nvidia, a key player in AI, provided a revenue growth forecast that did not impress investors. Meanwhile, the dollar strengthened, and bitcoin reached a record high, fueled by optimism regarding U.S. President-elect Donald Trump's policies. This week, escalating tensions in the ongoing 33-month conflict between Ukraine and Russia affected risk sentiment, increasing the appeal of safe-haven gold and pushing up oil prices. MSCI's global stock index EURONEXT:IACWI remained largely unchanged after being stable for most of the week. The index had reached a record high just the previous week. Anticipation was high for the results from Nvidia NVDA, the world's most valuable company, which forecasted its slowest revenue growth in seven quarters when it announced its results after Wednesday's market close. Nonetheless, its shares reduced losses to only 1% lower in U.S. premarket trading, with Wall Street set for a slightly higher opening.
The pan-European STOXX 600 SXXPÂ increased by 0.1%. Despite the disappointing forecast, there was a clear indication that the momentum in AI was continuing to grow, with supply issues being a bigger obstacle than demand, analysts noted. Stock exchanges in China 000001Â and Hong Kong showed mixed results, while tech-heavy Taiwanese stocks TWSE:TAIEX fell by 0.6%. Focus was also on the Indian conglomerate Adani Group after U.S. prosecutors announced that Gautam Adani, the billionaire chairman of the group, has been indicted in New York for his involvement in an alleged multibillion-dollar bribery and fraud scheme. This news wiped $27 billion off the market value of Adani Group companies and pulled down India's benchmark equity indexes.
In the foreign exchange markets, Since the U.S. election on November 5, Bitcoin BTCUSDÂ has experienced significant growth, driven by expectations that the Trump administration will ease regulations and support cryptocurrencies. The leading cryptocurrency surged to an unprecedented high of $98,367, approaching the $100,000 mark. Concurrently, the dollar has been gaining strength, fueled by the anticipation that tariffs proposed by the Trump administration might lead to inflation and sustain higher rates for a longer period. The dollar index DXY, which compares the U.S. currency to six others, stood at 106.63, close to the one-year peak of 107.07 reached last week. The index has increased by over 2% since the election. On Friday, the EURUSD briefly surpassed that level and has since remained steady, last recorded at $1.05255. The dollar's rise has pushed the Japanese yen into intervention territory, prompting verbal cautions from officials. On Thursday, the Japanese currency USDJPYÂ strengthened to 154.395 per dollar after previously weakening to 155.86 in the earlier session. EURUSDÂ | USDJPY | AUDUSD | DXY | NZDUSD
In commodities, Oil prices increased due to supply worries caused by the ongoing conflict between Russia and Ukraine, with Brent crude futures rising approximately 2% to $74.22, while U.S. West Texas Intermediate futures went up 1.3% to $69.63. Gold prices rose for the fourth consecutive session as demand for lower-risk assets grew, with spot gold increasing by 0.6% to $2,665 per ounce. BRN1! | CL1! | GOLD | HG1! | KC1! | RC1! | CC1!
Looking forward refer to the economic calendar below to see the upcoming events scheduled for today and the rest of the week.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team