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NAGA Weekly Recap February 26 - 2024 – March 1 - 2024
1 March 2024
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Maxim Bohdan
US and Japanese stocks set new records this week, helped by the economies' recovery. At the same time, Bitcoin reached a record high in recent years. In our weekly recap, we have covered the most important things, from oil prices to the latest developments in the world of Forex.
S&P 500, and Nasdaq hit fresh records to cap best February
US stocks experienced a significant rally in February. The $SPX500 and Nasdaq Composite ($NAS100) had their best performances for the month since 2015, likely influenced by a positive inflation reading. The Nasdaq Composite closed 0.9% higher, reaching a record high of 16,091.92, while the S&P 500 gained 0.5% to finish at 5,095.88 – also a record.
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AMC Entertainment shares plummet amid movie industry turmoil
AMC Entertainment ($AMC) witnessed a significant drop of nearly 8%, reflecting the ongoing turmoil within the movie industry following twin Hollywood strikes. The impact of these strikes has dealt a severe blow to the theater chain, resulting in a larger-than-anticipated quarterly loss.
The aftermath of the strikes, led by writers and actors, has severely disrupted the industry, causing a slowdown in releases following the blockbuster successes of "Barbie" and "Oppenheimer" during the summer. Additionally, the postponement of the "Dune" sequel further exacerbated the box-office weakness experienced last year.
For the fourth quarter, AMC reported a loss of 83 cents per share, surpassing analysts' expectations of a loss of 70 cents, according to LSEG data.
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Oil prices inch up amid OPEC+ anticipation
Oil prices saw a modest climb, with Brent futures for May rising to $82.18 a barrel and WTI for April reaching $78.46, as markets awaited OPEC+'s crucial decision on supply agreements for the second quarter.
Supporting this uptick is the U.S. Federal Reserve's indication of manageable inflation levels, as evidenced by January's in-line-with-expectations PCE index, potentially paving the way for a June interest rate cut. This prospect could further stimulate consumer spending, including fuel purchases. However, the momentum faces resistance from a mixed bag of PMI data from China, underscoring uncertainties in demand dynamics.
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USD/JPY rebounds further toward 150.50 amid BoJ Ueda's comments
The $USDJPY pair is on the path to recovery, inching towards 150.50, bolstered by rising US Treasury bond yields following BoJ Governor Ueda's speech.
Hajime Takata's additional remarks further shape market sentiment, indicating a cautious approach from the Bank of Japan, with no concrete plans for consecutive interest rate hikes. Takata emphasized the importance of gradual adjustments in response to mixed circumstances, suggesting flexibility in dismantling the yield curve control framework.
Meanwhile, the US Dollar experienced depreciation, hovering around 103.80, while US Treasury yields on 2-year and 10-year coupons stood at 4.65% and 4.28%, respectively.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
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