01-03-2024 at 23:40
Agricultural Commodities Updates: Sugar Slumps by 6.60%

Top commodity losers are Sugar (-6.60%), Cotton (-3.94%) and Wheat (-3.07%). Gains are led by Cocoa (4.69%), Soybeans (1.26%) and Rice (1.12%).

01-03-2024 at 23:35
Metals Commodities Updates: Silver Rises by 1.99%

Top commodity gainers are Silver (1.99%), Gold (1.95%) and Platinum (1.27%).

01-03-2024 at 23:32
Mexican Peso at Over 1-Month High

The Mexican peso strengthened toward the 17 per USD mark in early March, marking an over six-week high supported by signs of a resilient economy. S&P Global Manufacturing PMI indicated robust business activity at 52.3, potentially delaying Bank of Mexico's monetary policy easing in March. Additionally, in January, the year-on-year Unemployment Rate rose from 2.6% to 2.9%, surpassing expectations, but reflecting a relatively tight labor market. Furthermore, Deputy Governors Jonathan Heath and Omar Mejia suggested gradual interest rate adjustments, warning against premature cuts. On the US dollar front, the unexpected decline in ISM Manufacturing PMI for February challenges the perceived resilience of the US economy, while rising continuing jobless claims to a three-month high raise concerns about the job market, limiting support for the greenback.

01-03-2024 at 23:30
Energy Commodities Updates: Natural Gas EU Dutch TTF Rises by 3.80%

Top commodity gainers are Natural Gas EU Dutch TTF (3.80%), Natural Gas UK GBP (3.69%) and Crude Oil WTI (2.02%). Biggest losers are Ethanol (-1.64%), Natural gas (-1.38%) and Methanol (-0.66%). In addition, there was a slight change on Brent Crude Oil (1.83%).

01-03-2024 at 23:15
FX Updates: Norwegian Krone Rises by 0.86%

Top currency gainers are Norwegian Krone (0.86%), Swedish Krona (0.54%) and Australian Dollar (0.48%). Biggest losers are Turkish Lira (-0.51%) and Dollar Index (-0.28%). In addition, there was a slight change on Euro (0.33%), British Pound (0.22%) and Japanese Yen (-0.06%).

01-03-2024 at 22:46
Gold Hits Record High on Friday

Gold rose to over $2,080 per ounce on Friday, marking an all-time high and heading for its second consecutive weekly gain, fueled by the weakening of the dollar and lower Treasury yields, amid softening US economic data. February's data continued to show a decline in US manufacturing, and the University of Michigan's consumer surveys indicated a parallel weakness. Furthermore, recent data on Thursday revealed that the annual growth in US inflation for January was the smallest in nearly three years. Meanwhile, New York Fed President John Williams recently expressed his expectation of an interest rate cut later this year, emphasizing the easing inflation and robust economy, noting that the current economic conditions do not necessitate a rate hike.

01-03-2024 at 22:17
Ibovespa Ends Higher, Still Books Weekly Losses

The Ibovespa edged up by 0.22%, closing at 129,314 on Friday, facing headwinds from disappointing domestic GDP updates despite increased demand for US equities. Recently released data indicated an unexpected stagnation in Brazilian GDP for the second consecutive quarter in Q4, raising concerns about potential economic contraction if support from commodity trade diminishes. The impact was somewhat softened by an optimistic manufacturing PMI, which climbed from 52.8 in January to 54.1 in February, driven by improved domestic demand. In corporate news, JPMorgan downgraded Ambev from overweight to neutral due to Q4 2023 results falling below expectations and worse-than-anticipated cost guidance, leading to a 2% decline in shares. Additionally, MRV shares extended their decline by 4% after reporting a net loss of R$104.9 million in Q4 2023, primarily attributed to cost overruns in projects from 2020 to 2022. The Ibovespa concluded the week with losses of 0.22%.

01-03-2024 at 22:07
TSX Ends Week on a Near 2-Year High

The S&P/TSX Composite index rose 0.88% to close at 21,552 on Friday, hitting a nearly two-year peak, driven by advances in energy and technology stocks. Speculation surrounding OPEC+ extending supply cuts fueled a rise in oil benchmarks, resulting in a 1.96% average gain in the heavyweight energy sector. Canadian Natural led the charge with a 3.34% increase, buoyed by positive momentum following upbeat corporate results in the prior session. Similarly, Barrick Gold also saw a 2.43% increase, benefiting from higher bullion prices. Additionally, the technology sector contributed to the overall gains, posting an average increase of 1.54%. Over the week, the Toronto Exchange registered a 0.65% gain.

01-03-2024 at 22:03
S&P 500 and Nasdaq Reach New Record Highs

The S&P 500 and Nasdaq reached new record highs on Friday, driven by a tech rally as concerns lessened regarding the Federal Reserve delaying interest rate cuts. The latest ISM data revealed that factory activity contracted more than anticipated in February, and the Michigan consumer sentiment was sharply revised downward. The PCE inflation report provided some relief on inflationary pressures, while higher-than-expected initial claims reinforced the expectation that the Fed might initiate interest rate cuts in June. On the corporate front, New York Community Bancorp shares plummeted by 25.89% due to identified material weaknesses in loan risk control. In contrast, Nvidia gained over 4%, while Apple lost about 0.6% after being removed from Goldman Sachs' conviction list. The S&P 500 posted a 0.97% weekly gain, and the Nasdaq was up 1.74%, marking their seventh positive week out of the last eight. However, the Dow lagged, down 0.11%.

01-03-2024 at 21:17
Brazilian Real Advanced on GDP Data

The Brazilian real traded around 4.95 per USD, approaching a one-week high of 4.93 per USD on February 27th, as recent GDP figures and a robust manufacturing PMI alleviated pressure for ongoing Selic rate cuts. Just like President Luiz Inácio Lula da Silva's lead, Minister of Finance Fernando Haddad celebrated the 2.9% growth of the Brazilian economy in 2023, surpassing initial expectations. The Brazilian Institute of Geography and Statistics reported that GDP remained stable in the fourth quarter of 2023 compared to the previous quarter but increased by 2.2% compared to the same period in 2022. Haddad acknowledged the positive performance while emphasizing the need for increased investment to ensure sustainable GDP growth. Additionally, S&P Global Manufacturing PMI rose to 54.1, marking the second consecutive month of factory expansion and the strongest since June 2022, driven by improved domestic demand, further supporting the Brazilian currency.

01-03-2024 at 19:29
Crypto currencies

Bitcoin and Ether are on the rise. Ether is leading the charge with a 2.28% gain.

01-03-2024 at 19:24
Agricultural Commodities Updates: Sugar Plunges by 7.00%

Top commodity losers are Sugar (-7%), Wheat (-3.11%) and Cheese (-2.52%). Gains are led by Cocoa (4.69%), Rice (1.62%) and Lumber (1.02%).

01-03-2024 at 19:19
Metals Commodities Updates: Silver Gains by 2.28%

Top commodity gainers are Silver (2.28%), Gold (2.13%) and Platinum (0.60%).

01-03-2024 at 19:14
Energy Commodities Updates: Natural Gas EU Dutch TTF Gains by 3.80%

Top commodity gainers are Natural Gas EU Dutch TTF (3.80%), Natural Gas UK GBP (3.69%) and Crude Oil WTI (2.33%). Biggest losers are Natural gas (-1.36%) and Methanol (-0.66%). In addition, there was a slight change on Brent Crude Oil (2.03%).

01-03-2024 at 18:55
Heating Oil Approaches 2-Week High

US heating oil futures traded above $2.7 per gallon in early March, close to a two-week high driven by increasing oil prices. Speculation around OPEC+ extending supply cuts and ongoing Middle East tensions, coupled with uncertainty related to ceasefire talks and Houthi attacks, added to supply concerns and lifted oil prices. However, the upward momentum was tempered by the EIA's report for the week ending February 23rd showing distillate stockpiles fell by 510 thousand barrels, less than expected and an improvement from the previous week. Similarly, distillate fuel demand declined by 404 thousand barrels, and heating oil inventories decreased by 137 thousand barrels, easing supply pressures. Additionally, the downward pressure on heating oil prices is heightened by slowing demand due to an unusually warm winter, potentially the warmest on record for 20 cities in the Midwest, Northeast, and West.

01-03-2024 at 18:51
Week Ahead - March 4th

Next week, investors will closely track the United States' January labor report and speeches by several Federal Reserve officials, including Fed Chair Powell's Semiannual Monetary Policy Reports to Congress. Also, key US indicators like the ISM Services PMI, JOLTS job openings, factory orders, and foreign trade data will be under scrutiny. Internationally, the focus will be on the European Central Bank and Bank of Canada interest rate decisions, alongside inflation rates in Turkey, Switzerland, the Philippines, South Korea, and Mexico. GDP growth rates for Australia and South Africa will also be monitored. Finally, trade data for major exporters such as Germany, Brazil, France, Australia, China, and Canada will be watched closely, along with services PMIs for China, Spain, Italy, and Brazil.

01-03-2024 at 18:40
Gasoline at Over 5-Month High

Gasoline futures climbed above $2.6 per gallon in early March, marking a more than 5-month high, tracking the surge in oil benchmarks and amid recent evidence of low supply and steady demand. Speculation regarding OPEC+ extending supply cuts and ongoing tensions in the Middle East contributed to a constrained supply outlook. Additionally, in the week ending February 23rd, the latest EIA report revealed a notable increase in gasoline demand, measured by product supplied, with a rise of 267 thousand barrels to reach 8.467 million barrels. This corresponds with the fourth consecutive drawdown in stocks, totaling a significant 2.83 million barrels decline during the period, exceeding expectations for a decrease of 1.46 million barrels. In a related development, the Russian government implemented a six-month ban on gasoline exports starting March 1st, aiming to address the nation's ongoing refinery capacity challenges during a seasonal increase in demand.

01-03-2024 at 18:12
The FTSE MIB Index Closes 1.08% Higher

In Milan, the FTSE MIB Index rose 353 points or 1.08 percent on Friday. Leading the gains are Saipem (7.82%), Iveco Group (4.79%) and Poste Italiane (3.92%).

01-03-2024 at 18:10
European Stocks Close at Decade-High Peaks

European equities closed the week on a positive note, gaining support from evidence of disinflation in the continent. The Eurozone’s Stoxx 50 added 0.3% to a 23-year high of 4,894, and the pan-European Stoxx 600 advanced by a sharper 0.6% to reach a record high of 498. New data showed that inflation in the currency bloc fell to a three-month low of 2.6% in February, broadly in line with ECB President Lagarde’s previous comments that disinflation would continue in the Eurozone. European equities also received support from lower Treasury yields following soft PMI data in the US, lifting rate-sensitive tech shares. Chip giant ASML was among the sharpest gains in the session with a 2.7% jump, while Infineon added 2.6%. Banks were also sharply higher, with BNP Paribas, Intesa Sanpaolo, and BBVA adding between 1.5% and 2.3%. On the earnings front, Daimler Truck surpassed expectations with its pre-tax earnings for 2023, albeit expressing caution regarding challenging economic conditions.

01-03-2024 at 18:07
The FTSE 100 Index Closes 0.69% Higher

In London, the FTSE 100 Index rose 52 points or 0.69 percent on Friday. Leading the gains are Pearson (5.51%), Standard Chartered (4.19%) and Anglo American (4.17%). Top losers were Ocado Group (-6.22%), Hikma Pharmaceutical (-1.83%) and Melrose (-1.54%).

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