Sign in
Gold prices bounced back yesterday, lifted by a weaker USD and expectations that weak US job-opening data could signal the economy is cooling — and that the Fed might consider going to a rate cut of more than a quarter point this month, Reuters reports. The report showed job openings in July were at their lowest level in 3.5 years.
REMEMBER- All eyes are on tomorrow’s US jobs report for insights into the US economy and the Fed’s next moves after Fed boss Jay Powell’s emphasized the risks of a weaker labor market. A soft August labor figure could stoke fears of a sharper economic slowdown and tip the scales towards a 50 bps rate cut.
Gold could see a short-term dip on the back of the elevated positioning, Suki Cooper, an analyst at Standard Chartered told Bloomberg, noting that gold prices are higher than in any previous rate-cutting cycle. However, Cooper sees gold prices reaching USD 2.7k per ounce by 2025.
THE MARKETS THIS MORNING-
Asian markets are thoroughly mixed in early trading this morning, with the Nikkei and Hang Seng down slightly, the Kospi leading the gainers (+1.1%), the ASX 200 up nearly 0.4%, and Shanghai flat.
Futures point to European equities dipping at the opening bell, while Wall Street and Bay Street are on course to open mostly flat.
|
TASI |
12,128 |
-0.4% (YTD: +1.3%) |
|
|
MSCI Tadawul 30 |
1,512 |
-0.4% (YTD: -2.5%) |
|
|
NomuC |
25,946 |
-0.4% (YTD: +5.8%) |
|
|
USD : SAR (SAMA) |
USD 3.75 Sell |
USD 3.75 Buy |
|
|
Interest rates |
6.5% repo |
5.5% reverse repo |
|
|
EGX30 |
30,998 |
-0.1% (YTD: +24.5%) |
|
|
ADX |
9,367 |
-0.1% (YTD: -2.2%) |
|
|
DFM |
4,365 |
-0.1% (YTD: +7.5%) |
|
|
S&P 500 |
5,520 |
-0.2% (YTD: +15.7%) |
|
|
FTSE 100 |
8,270 |
-0.4% (YTD: +6.9%) |
|
|
Euro Stoxx 50 |
4,848 |
-1.3% (YTD: +7.2%) |
|
|
Brent crude |
USD 72.71 |
-1.4% |
|
|
Natural gas (Nymex) |
USD 2.1 |
-2.6% |
|
|
Gold |
USD 2,526 |
+0.1% |
|
|
BTC |
USD 57,669.71 |
-0.6% (YTD: +30.5%) |
THE CLOSING BELL: TADAWUL-
The TASI fell 0.4% yesterday on turnover of SAR 7.5 bn. The index is up 1.3% YTD.
In the green: Sfico (+9.9%), Al Baha (+7.7%) and SSP (+5.9%).
In the red: Alistithmar Reit (-5.0%), Al Ahli Reit 1 (-3.3%) and Knowledge Economic City (-3.3%).
THE CLOSING BELL: NOMU-
The NomuC fell 0.4% yesterday on turnover of SAR 32.8 mn. The index is up 5.8% YTD.
In the green: Al Ashghal Al Moysra (+8.2%), Leaf Global (+7.7%) and Al Naqool (+6.2%).
In the red: NGDC (-10.5%), Al Rashid Industrial (-6.1%) and Naba Al Saha (-5.0%)
CORPORATE ACTIONS-
#1- Riyadh Cables Group will distribute SAR 224.6 mn in dividends at SAR 1.5 per share for 1H 2024, it said in a disclosure to Tadawul.
#2- ASG Plastic Factory Co. will distribute SAR 3.9 mn in dividends at SAR 0.55 per share for 1H 2024, it said in a disclosure to Tadawul.
#3- Al Baha Investment and Development’s board withdrew its recommendation to list subsidiary Elegant Centers on Tadawul’s parallel market Nomu, according to a filing to the exchange. No further information was provided.
#4- The board of Al Baha Investment and Development has recommended a 26.5% capital reduction to SAR 218.3 mn to offset accumulated losses, it said in a disclosure to Tadawul.
