Gold with fourth weekly green close?

Gold seems to be in a relatively positive situation. As of now, it looks like the yellow metal will be able to close its fourth week in green, which would be the longest winning streak in more than 12 months. This might be due to cooling inflation, which could lead to less-aggressive-than-anticipated rate hikes by the Fed.

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WTI Crude oil recovers losses

Worries about limited global supply helped WTI crude futures rise 2% to $80, pulling away from 9-month lows at $76 earlier this week. Hurricane Ian caused a reduction in US crude output of around 190,000 barrels per day, or 11% of the Gulf’s total.

Nord Stream damaged & gas rises

Leaders in Europe thought the two explosions that destroyed the pipelines used to transport Russian natural gas to Europe were intentional. However, some officials accused the Kremlin of being behind the explosions, saying they were meant to be a warning to Europe. Meanwhile, EU gas is up 13% on Wednesday.

EU gas surges by 10%

After four straight days of losses due to concerns about future Russian supply, EU gas futures spiked 8% near €190. This may be due to the Nord Stream report of a pressure reduction at the two lines of Nord Stream and one line of Nord Stream 2.

Lumber is down 70% in 6 months

The housing sector is witnessing a dramatic slowdown and rising rates. As a result, lumber futures fell by 7% to $450, a level last seen in September 2021 and down nearly 70% from their March peak. In addition, August saw the seventh straight month of existing house sales declines, reaching their lowest level since May 2020.

EU natural gas rises repeatedly

On Wednesday, EU natural gas increased to over €200/MWh after falling by 50% in the last month to 170€/MWh. This might be because traders try to evaluate the forecast for gas supplies in winter. At the same time, President Putin signaled an expansion of the war in Ukraine by announcing a partial military mobilization in Russia.

EU natural gas continues to fall

Following a 9% fall last week—the third straight week of declines—EU natural gas prices dropped to €170 per megawatt hour, down 50% from its peak. Due to increased gas inventories and a high supply, natural gas prices have been on a downward trend since reaching record high levels in August.

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US GDP shrank by 0.6% in Q2

Following a quarterly decline of 1.6% in Q1, the US economy shrank by an annualized 0.6% in Q2 2022. This matches the second estimate and proves the US had, in fact, entered a recession. US stock indices continue to dive lower.

German inflation is sky-high

The rate of consumer price inflation in Germany increased to 10.0% year-over-year in September 2022. Inflation surpassed market predictions of 9.4% and marked the highest level since 1951 when it peaked at roughly 11.0%.

Crypto Punks NFTs traded 1m ETH

Crypto Punks, the most popular NFT project, just reached an important milestone. The total trading volume on OpenSea crossed 1 million Ethereum today, which is more than $1.3 billion at ETH’s price now. On average, a Crypto Punk NFT sells for approximately $100k, but someone bought Crypto Punk 2924 for $4.3 million today.

FTSE continues to drop

FTSE 100 stock index fell nearly 2% below 6,900, putting significant selling pressure on London’s stocks. Concerns about the interest rate hikes to control inflation continue to hurt markets. Moreover, the effect of the UK’s questionable fiscal strategy on global economic growth continued to dominate sentiment.

WTI Crude oil recovers losses

Worries about limited global supply helped WTI crude futures rise 2% to $80, pulling away from 9-month lows at $76 earlier this week. Hurricane Ian caused a reduction in US crude output of around 190,000 barrels per day, or 11% of the Gulf’s total.

GBP remains volatile

The Bank of England announced that it would start making temporary purchases of long-term UK government bonds on September 28 in order to restore orderly market conditions. The British pound remained volatile, first rising to above $1.08 before dropping to $1.05.

News

The US imposes new sanctions on Iran oil

The sanctions affected companies involved in the petrochemical and oil trade, including companies based in China.
Stanley Druckenmiller disappointed by Fed and favors crypto
BTC
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Stanley Druckenmiller disappointed by Fed and favors crypto

After Paul Tudor Jones showed sympathy for crypto, another billionaire joined him. Stanley Druckenmiller thinks cryptos will have a comeback.

DAX erases Wednesday’s gains, remains bearish

Another batch of week data and rising inflation sent EU stocks lower.

UK records highest food inflation in history

Food prices are rising globally along with energy prices. The UK is now seeing the highest rate of inflation in this category.