- Home
- Blog
- NAGA Updates
- NAGA’s Weekly Recap 3 October – 7 October
NAGA’s Weekly Recap 3 October – 7 October
🔥 The week that ended was very hot on economic events. In recent days we have learned about:
✅ Oil rises to 3-week highs as OPEC+ agrees to deep cuts
✅ Elon Musk revives the deal to buy Twitter at the original price
✅ AUD/USD remains vulnerable around 0.6400 as hawkish Fed bets soar
And others!
But so far let’s take a look at the economic news digest of the week ⚡ After all, these events can change the vector of financial markets in the near future 🚀
Markets revive but can they survive the NFP and CPI figures?
The week has illustrated a strong “risk on” market so far with most assets in the medium and high-risk category seeing an increase. This includes stocks, oil, and cryptocurrencies. However, most economists are voicing concerns about false hopes. According to economists, for the “risk on” sentiment to continue, it would require inflation to show a strong decline next week.
Specifically, Crude oil saw the strongest spike, increasing by over 3.60% throughout Tuesday. This is mainly in response to OPEC’s meeting taking place today and the predicted cut in oil production.
At the same time, the US Dollar Index has slightly risen during this morning’s Asian session but remains relatively low compared to last week’s price range.
But what’s next?
Oil rises to 3-week highs as OPEC+ agrees to deep cuts
The Organization of Petroleum Exporting Countries and its allies (OPEC+) have agreed on the recommendation to collectively trim the output limit by 2 million barrels per day to support crude oil prices. Notably, the 2 million barrel cut will still be the largest cut by OPEC+ since 2020.
Following the news, Brent crude futures traded in London rose 2% to $87.23 a barrel, while WTI futures jumped 2.5% to $81.45 a barrel.
Nevertheless, such a significant reduction in oil production may continue to stimulate the growth of the price of "black gold.”
AUD/USD remains vulnerable around 0.6400 as hawkish Fed bets soar
The AUD/USD pair has sensed selling pressure around 0.6432 and is expected to conclude its pullback move. The asset is likely to return to the round-level support of 0.6400 as odds for a 75 basis point (bps) rate hike by the Federal Reserve (Fed) dramatically.
Meanwhile, the risk-off sentiment is getting its traction back as S&P500 has surrendered its rebound move.
Elon Musk revives the deal to buy Twitter at the original price
Elon Musk revived a bid to buy Twitter Inc. at the original price of $54.20 a share, backtracking on his effort to quit the deal and potentially avoiding a contentious courtroom fight.
Musk made the proposal in a letter to Twitter, according to a filing with the Securities and Exchange Commission. San Francisco-based Twitter said it received the letter and intends to close the deal at the agreed-upon price, without commenting specifically on how it will respond to Musk.
Twitter shares closed 22% higher at $52 in New York on Tuesday, 4 Oct.
What’s up next week?
Have a great weekend and see you next week!
Copyright © 2023 – All rights reserved.
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 owned by The NAGA Group AG and 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: +2482574498
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, Benin, 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.