This week has been eventful with several significant happenings. The Federal Reserve and Bank of England made important decisions on key interest rates. Additionally, earnings reports from major giants like Microsoft, Pfizer, AMD, and others were released. These developments impacted key assets such as Gold, Stocks, and the US Dollar.
*It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results.
US stocks open higher after Fed chair signals rate cut in September
Major stock exchanges in the US opened higher after Federal Reserve Chair Jerome Powell provided Wednesday clear signals for a possible interest rate cut in September.
The tech-heavy Nasdaq increased 99 points to 17,698 and the S&P 500 rose 34 points to 5,556.
The Dow Jones, meanwhile, increased 168 points to 41,010.
Powell said in his post-meeting press conference Wednesday that rising confidence on inflation and a solid labor market could put the September rate cut on the table for the central bank.
Apple beats Q3 expectations despite a decline in iPhone sales
Apple ($AAPL) announced its third quarter earnings after the bell on Thursday, beating analysts' expectations on the top and bottom lines despite a year-over-year decline in iPhone sales.
Apple saw revenue out of Greater China top out at $14.7 billion. Analysts surveyed by Bloomberg were anticipating revenue of $15.2 billion. Apple reported China revenue of $15.7 billion in the same quarter last year. Overall iPhone sales hit $39.2 billion versus expectations of $38.9 billion, falling short of the $39.6 billion Apple saw in Q3 2023.
Oil demand is expected to follow an upward trajectory soon, potentially stabilizing current market fluctuations, according to The Algerian Minister of Energy and Mines, Mohamed Arkab.
These comments were made after his participation via videoconference in the 55th meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, according to a statement from the ministry.
The meeting, attended by the President of the National Agency for the Valorization of Hydrocarbon Resources and other ministry officials, focused on evaluating the compliance levels with production cut commitments by OPEC+ countries for May and June 2024.
Pound dip-buyers seize on cautious Bank of England rate cut
When the Bank of England’s first interest-rate cut since 2020 finally came on Thursday, it did little to deter traders from betting on further sterling strength.
Within minutes of the decision to ease policy from the highest level in 16 years, the UK currency started clawing back gains. Down 0.8% versus the US Dollar before the decision, it erased more than half that decline after the announcement, leaving it at the top of the pack this year among its Group-of-10 peers.
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.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange | WKN: A161NR | ISIN: DE000A161NR7.
The website is operated by NAGA Capital Ltd which is authorised and regulated by the Financial Services Authority Seychelles (FSA) under licence No. SD026. The registered address of CT House, Office 9A, 2nd Floor, Providence, Mahe, Seychelles. Tel: +248 4373121
The group also includes NAGA Global (CY) Ltd, with registered address at Nikokreontos 2, NICE DREAM, 6th floor, Flat/Office 601, 1066, Nicosia, Cyprus. NAGA Global (CY) Ltd is wholly owned by The NAGA Group AG.
RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This is not investment advice. Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the Lead Traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
Restricted countries: NAGA Capital Ltd does not provide services for the residents of certain countries, such as Afghanistan, Albania, American Samoa, Anguilla, Australia, Austria, Barbados, Belarus, Belgium, Bermuda, British Indian Ocean Territory, Bulgaria, Burkina Faso, Canada, Cayman Islands, Central African Republic, Christmas Island, Cocos (Keeling) Islands, Congo, The Democratic Republic of the, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands (Malvinas), Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Iran, Islamic Republic of, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Korea, Democratic People's Republic of, Latvia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Montserrat, Mozambique, Myanmar, Netherlands, New Zealand, Norfolk Island, Norway, Palestinian Territory, Occupied, Pitcairn, Poland, Portugal, Romania, Russian Federation, Saint Helena, Ascension and Tristan Da Cunha, San Marino, Senegal, Serbia, Slovakia, Slovenia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Spain, Sri Lanka, Sweden, Switzerland, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Turks and Caicos Islands, Uganda, Ukraine, United Kingdom and any other countries where the citizens have British proof of identity (i.e. British Virgin Island, Gibraltar, Isle of Man etc.), United States, U.S. Minor Islands, Vanuatu, Virgin Islands, British, Virgin Islands, U.S., Yemen, and Zimbabwe.