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Following BHP Billitons decision to abandon its acquisition bid, Anglo Americans share price rose 2.2%.Ferrari shares opened 1.4% higher after Goldman Sachs initiated coverage with a "buy" rating.On Monday, November 24th, the German DAX 30 index opened 157.01 points higher, or 0.68%, at 23253.50; the UK FTSE 100 index opened 34.39 points higher, or 0.36%, at 9574.10; and the French CAC 40 index opened 42.63 points higher, or 0.53%, at 8025.28. The Stoxx 50 index opened 32.06 points higher, or 0.58%, at 5547.15 on Monday, November 24; the Spanish IBEX 35 index opened 120.49 points higher, or 0.76%, at 15951.29 on Monday, November 24; and the Italian FTSE MIB index opened 131.67 points lower, or 0.31%, at 42530.00 on Monday, November 24.On November 24th, it was reported that the Indian government, led by Prime Minister Narendra Modi, plans to push through more than ten major bills at the upcoming parliamentary session to accelerate reforms and boost investment. Parliamentary documents show that the winter session, beginning December 1st, is expected to involve a series of important legislations covering areas ranging from insurance to nuclear energy. These bills, intended for discussion and passage, aim to improve the business environment in Asias third-largest economy. Modi hopes to make India a "developed country" by 2047, a goal requiring an economic growth rate close to 8%. Most economists and multilateral institutions believe this goal is difficult to achieve without key reforms. A survey of economists by an institution indicates that the Indian economy is expected to grow by 7.3% in the three months ending in September. This data will be released on Friday.Traders expect European defense stocks to fall by 2% to 5% due to news related to the Russia-Ukraine war.

Forecast for Gold Price: XAUUSD advances to the backside of the bull micro trend

Alina Haynes

Nov 15, 2022 16:49

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Despite a stronger US Dollar, the Gold price reached a new three-month high on Monday as US yields rose in response to Friday's disappointing US Consumer Price Index report. Friday's inflation figures prompted speculators to anticipate that the Federal Reserve would hold off on large interest rate hikes. As a result, demand for gold remains strong.

 

In spite of a hawkish Federal Reserve meeting, in which Fed Chair Jerome Powell pushed back against the market's reaction to a dovish announcement by suggesting that the terminal rate could be higher than initially anticipated, commodities prices have been staging a rebound from their year-to-date lows. A number of factors contribute to the shift in opinion, including rumors that China will relax its zero-Covid restrictions. Due to a recent string of less inflationary US data outcomes, it had been speculated that a Fed policy shift was imminent.

 

US consumer prices grew 0.4% for the month of October and 7.7% year-over-year, as reported on Friday. This was down from 8.2% year-over-year in September and 0.2 percentage points below the consensus, with the ex-food and energy estimate coming in at 6.3%. This was a positive report, and the market's response included a 5.5% increase in the S&P 500 and a 26 basis point drop in the 2-year Treasury rate, which sent gold soaring and the dollar plummeting. Gold traders were already focused on the increase in money managers' short positions over the past few months, which led to significant short covering above the $1,720 resistance level.


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