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Hong Kong-listed tech stocks fluctuated and declined, with Bilibili (09626.HK), Baidu (09888.HK), Alibaba Health (00241.HK), and many others falling by more than 5%. NetEase-S (09999.HK), Alibaba (09988.HK), Tencent Holdings (00700.HK), and JD.com (09618.HK) also followed suit.Hong Kong-listed oil giants continued to weaken, with PetroChina (00857.HK) and CNOOC (00883.HK) both falling by more than 5%, and Sinopec (00386.HK) falling by more than 3%.The UKs January Nationwide House Price Index will be released in ten minutes.February 2nd - Commodity markets declined across the board on Monday, with gold, silver, crude oil, and industrial metals leading the losses. CBA commodity strategist Vivek Dhar stated, "The markets decision to sell precious metals alongside US stocks suggests that investors perceive Warsh as more hawkish. Furthermore, a stronger dollar has also put pressure on precious metals and other commodities, including crude oil and base metals." However, he maintains his forecast that gold prices will reach $6,000 in the fourth quarter. Asian stocks followed US stock futures sharply lower, and the chaotic sell-off in precious metals added tension to the start of a week packed with corporate earnings reports, central bank meetings, and economic data. Dhar stated, "The key question is whether this marks the beginning of a structural decline in commodity prices or is merely a correction. We believe this is a correction and buying opportunity, rather than a fundamental shift."The ChiNext index fell by more than 2%, with semiconductor and memory chip concepts weakening.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

USD:CAD.png 

 

The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.


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