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.
|
ADX |
9,367 |
-0.1% (YTD: -2.2%) |
|
|
DFM |
4,365 |
-0.1% (YTD: +7.5%) |
|
|
Nasdaq Dubai UAE20 |
3,820 |
-0.3% (YTD: -0.6%) |
|
|
USD : AED CBUAE |
Buy 3.67 |
Sell 3.67 |
|
|
EIBOR |
5.0% o/n |
4.4% 1 yr |
|
|
TASI |
12,128 |
-0.4% (YTD: +1.3%) |
|
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EGX30 |
30,998 |
-0.1% (YTD: 24.5%) |
|
|
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%) |
|
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Brent crude |
USD 72.94 |
+0.3% |
|
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Natural gas (Nymex) |
USD 2.14 |
-0.4% |
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Gold |
USD 2,525.10 |
0.0% |
|
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BTC |
USD 58,023.40 |
-0.3% (YTD: +37.2%) |
THE CLOSING BELL-
The ADX fell 0.1% yesterday on turnover of AED 1 bn. The index is down 2.2% YTD.
In the green: Abu Dhabi National Company for Building Materials (+15.0%), Al Khaleej Investment (+15.0%) and Takaful (+14.9%).
In the red: Gulf Medical Projects (-10.0%), Union Ins. Company (-6.4%) and NMDC Group (-4.7%).
Over on the DFM, the index also fell 0.1% on turnover of AED 329.5 mn. Meanwhile Nasdaq Dubai closed down 0.3%.
