Copper extends gains 🔥

Copper futures rose more than 3% above $3.8 in November to levels last seen in June. Lower inflation in the US lowered expectations for the next rate hikes by Fed, sending other metals higher too. This supports industrial demand, and another covid outbreak in China could send copper even higher.

More market movers from category

Saudi Aramco x China 🛢

Saudi Aramco is working with China to build a $12.2 billion oil refinery. The refinery will be in northeast China, and it is expected to be fully operational in 2026. About 300,000 barrels of oil a day will be housed at the refinery.

Gold hits $2,000

Gold rose above $2,000 for the first time in one year. This is because of the ongoing fears about the crash of the banking system. Gold is up 10% so far in 2023.

WTI Crude falls below $70

WTI crude fell by more than 5% to $67.5. This is the lowest level since December 2021, marking the end of the commodity rally for now.

WTI crude drops amid high volatility

WTI crude fell by more than 5% to below $73, close to a level not seen since early December. The decline is likely caused by financial contagion fears following the Sillicon Valley Bank and Signature Bank collapses.

Commodities fall after Fed’s press

Silver tumbled from $21 to $20 in the midst of a global selloff. The commodity fell by almost 5% in a single day. Platinum also dropped by 4.7%, and gold declined by 1.8%.

US natural gas drops 10% 📉

US natural gas tumbled 10% when the market opened. This is after the commodity bottomed out and rose almost 50% in less than two weeks.

More market movers

Saudi Aramco x China 🛢

Saudi Aramco is working with China to build a $12.2 billion oil refinery. The refinery will be in northeast China, and it is expected to be fully operational in 2026. About 300,000 barrels of oil a day will be housed at the refinery.

Alibaba soars 13% after announcement

The announcement of Alibaba’s plan to divide itself into six distinct businesses boosted the stock by 13%. This reorganization may result in many IPOs down the road. The segments would be cloud, e-commerce, global e-commerce, digital mapping, logistics, and a media arm.

5 banks investigated over $100b fraud

Five large banks in France were reportedly targeted by investigators as part of a €100 billion fraud probe. French and German  governments were involved because of a possible money laundering allegation. The banks under investigation are HSBC, Societe Generale, BNP Paribas, Exane, and Natixis.

Charles Schwab suffers losses

Charles Schwab is facing risks due to unrealized losses of over $29 billion on its balance sheet from 2022. As a result, Schwab shares have lost over a quarter of their value since March 8, with some analysts expecting earnings to suffer. The company’s CEO, Walt Bettinger, said the company is healthy and prepared to withstand the turmoil.

Hong Kong as a digital asset hub

Hong Kong still wants to become an international center for digital assets. The special administrative region’s regulators plan on getting crypto companies and bankers together. A recent Bloomberg report says that the meeting will take place at the Hong Kong Monetary Authority on April 28th.

Disney starts layoffs to save $5.5 billion

Disney CEO Bob Iger announced on Monday the start of the company’s mass layoffs. This follows the company’s plans last month to cut 7,000 workers this year in an effort to reduce costs by $5.5 billion.

News

AUD/USD falls after domestic CPI – Chinese warnings about Taiwan

It looks like the medium-term downtrend might continue for the AUD/USD pair.
Traders take the market for a red ride as risk appetite increases
SP500
-0.16%

Traders take the market for a red ride as risk appetite increases

Risk appetite dominates the market and sends the session to a red end. Commodities have been the winners of the day.
Gold jumps as stocks fall, but confidence remains weak
XAU
0.68%

Gold jumps as stocks fall, but confidence remains weak

Gold capitalized on a weaker dollar today, maintaining a bullish trend. Are we going back to $2,000?

Forex outlook: Current state of CAD/JPY, EUR/AUD, and AUD/JPY

Explore current trading situation from the forex market, which we analyzed with technical analysis amid rising volatility.